Totally sleazy company…read more I opened a HELOC and took an initial amount. Couldn't make use of it immediately so planned to repay it. However I did not receive a statement with payment address. Called customer (dis)service and they told me they had sent it but would send another one. I had concerns about the payment date but they assured me that I had a grace period and would be ok. Well when the replacement statement finally arrived, it had a different grace period and my payment ended up being late and being assessed a late fee. Now that I need to draw against the HELOC, GMAC informs me that my account is permanently suspended due to the late payment which was their fault. So I paid fees to open the account, was unfairly assessed late fees, and cannot even make use of it.

This used to be a good outfit. They were the original lender (in 1991) on my primary residence,…read moreand I refinanced once through them in 2005 without a hitch. I'd have given them a 5 star review then. We had a good relationship, and I was a good customer, with a perfect record of on-time payments. So, in early January 2012 I contacted them again to refi my residence and my initial experience was positive: the agent (at Ally Bank) was professional, initial disclosure documents were prepared quickly, approval granted, and appraisal completed within a week. So far,so good. Then...nothing. For weeks. I emailed the agent to ask about the status and he didn't know but said he would find out. There ensued an extended period during which I exchanged dozens of emails and phone calls with four different people involved in the process, each of whom just needed "one more thing" (usually some document I had already sent but had been misplaced) and just a little more time. In between these contacts would be days and sometimes weeks of no response, which they blamed on the hectic refi market and the "complexity" of my income. Meanwhile, I watched several acquaintances who started refi's after I did close them in under six weeks. Finally, after SEVEN MONTHS, and the announcement that they would need to do another appraisal because of the delays, I'd had enough and was forced to pull the plug. I engaged a local mortgage broker in mid July and successfully closed the refi with a new lender in mid August - just over four weeks elapsed, proving GMAC's problem wasn't me or the hectic market. Maybe GMAC will get their act together and once again be a lender worthy of my business, but in the meantime I recommend avoiding them.