How will American General prevail during the “Credit Crisis”? We speculate they will fair as they have for the last 88 years. Right now their future is unsure as far as their parent company AIG is concerned. But this article is not about AIG, or about American Generals’ Stock prognosis(we will hit a few of those elements later.) What we want is some of the ways American General has ripped you off, or stole from you using what might be considered less than ethical business practices.
AIG announced on October 3rd 2008 that ” NEW YORK, October 3, 2008 — American International Group, Inc. (AIG) today indicated its intent to refocus the company on its core property and casualty insurance businesses, generate sufficient liquidity to repay the outstanding balance of its loan from the Federal Reserve Bank of New York and address its capital structure. AIG had drawn $61 billion on the Fed credit facility as of September 30, 2008.
AIG plans to retain its U.S. property and casualty and foreign general insurance businesses, and to retain a continuing ownership interest in its foreign life insurance operations. AIG’s worldwide property and casualty businesses generated $40 billion in revenues in 2007. The company is exploring divestiture opportunities for its remaining high-quality businesses and assets.
AIG is also actively at work on a number of alternatives for its Financial Products business and its securities lending program.
AIG Chairman and Chief Executive Officer Edward M. Liddy, said, “We are refocusing on our traditional strengths in property and casualty underwriting. We have a number of remarkable businesses with leading market positions and significant competitive advantages that could not be recreated today.
“To realize our objective, we will sell a number of extraordinary businesses that are already proving to be highly attractive to buyers,” Liddy said. “We have already been contacted by numerous strong, stable parties, and we expect that buyers will recognize the value of these properties, be a good strategic fit and offer the greatest potential for growth, profitability, and continuing opportunities for employees. Our goal is to emerge from this process as a smaller but more nimble company that is solidly profitable and has good long-term growth prospects.”(
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American General is going to need to be more lucrative, so they can attract a new buyer. The question is how do you become more attractive to investors? Here is a prime example of what recourse they will take ” had taken a loan out with American General Finance and was surprised to have been told that there would be no other way to make payments for this loan other than the mail, or dropping the payment off in person! I have given my payments 9 to 10 days to arrive in the same State-Ohio, but each month I am showing that the payment is being processed on the day after the payment is due; thus, giving me a $10 late fee!”(
2) Here is another example of what you might expect if you take a loan out with American General Finance “We meet with the Company Rep. and were given misleading information. We asked two major questions, how do you handle late payments, the response was “as long as you pay buy the 15th day of the grace period their is no penaty”.(
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After looking around on American General’s site “loanfast . com” we wanted to know why there is not a general “Terms of Service” link, or a “Faq” that applies to their consumer loans. We had to contact AIG for answers. American General has yet to respond, but we do know they have been to our site, gotta love analytic’s, Here is what we wanted to know
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Message from AIG GATEWAY
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Requester : Thom Harvick
Country :
Phone Number : — — —-:
Email Address : corpabuse@gmail.com
Best time to contact : 09:00 (9:00 A.M.)
Policy or Contract Type :
Policy Number :
Question/Comment : This question is in regards to American General
Finance. On loansfast.com, reviewing the credit application. Why is there
not a loan disclosure upfront to forwarn, or educate future borrowers about
the terms of the different loans? Why is there not atleast a “FAQ” page
about your loan products. PLase reply via e-mail. Thank you for your time.
Thom Harvick
http://corporateabuse.net
We will patiently await a response.
If you are going to do business with American General take a voice recorder, and ask permission to record your conversation. Also take a witness: wife, husband, friend, anyone you can use in court if you need to.
If you have had any problems with American General we ask that either research the problem for criminal activity on their part, or send us an e-mail, and we will do what we can to help. There are alot of resources out there that are easy to use that are put in place to protect you from bad business practices.
One Comment, Comment or Ping
Andrew Munoz
These guys laid me off, without a good reason other than closing my office. And yet, they trained me to not tell consumers the correct rate they were approved for, and always go for the highest amt possible. It was the wrong way to do business, and as such, i didn’t like writing these HIGH INTEREST LOANS, like 26% for 4k??? or how about 3500 at 29.3%(agf’s most well known, and highest rate). And i spoke with people who had mortgages with us at almost 12%!!! and yet they were told they signed a 9% loan!
Nov 21st, 2009
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