GMAC / Lease

I used the GM roll forward program to turn in my Escalade Lease 9 months

early and purchased a 2006 Chevy Silverado. The first thing that happened

was they took an automatic payment out for $685 two weeks after I traded the

vehicle in. Then they told me they couldn't return the money until the

vehicle was sold at auction. I ended up getting them to send it to me a

couple of weeks ago, (1.5 months after the vehicle was turned in) after they

inspected the Escalade. Now I am in the process of purchasing a new house

and GMAC is still reporting a balance to the credit bureaus. I was on the

phone all day yesterday and they said it is policy to not report 0 balance

even though all the bank was looking for was verbal confirmation. They did

state there was no way I could possibly owe any more money and that there

were no payments do but they could still not report zero balance. They

faxed me a note saying the above customer no longer has possession of the

vehicle described above and has no remaining interest in the vehicle. I

don't believe my bank will take this as proof of zero balance and I may lose

my security deposit on the house I am purchasing. I asked when the vehicle

would be sold and they said they had no idea, it just depends. I spoke with

three supervisors and still all the same thing. I will contact an attorney

Monday, have already contacted the attorney generals office, and will

probably contact some media oufits. The problem is I was scheduled to close

on this house next Friday. How can this be legal. The worst part when I

explained I had no choice but take legal action they couldn't even tell me

who to have a lawyer contact.

Neal Binkley

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Comment On This

I turned in 2 leases to GMAC and am having thesame problem getting them off my credit report. I did everything I was supposed to do and I have photographs and documentation on everything, but they just keep saying that we will not report a zero balance until the vehicle is sold at auction, which could take up to 60 days. It is downright wrong, I have upheld my end of the bargain but GMAC won't. I am taking my paperwork to my attorney on friday and will be pusuing a class action lawsuit.