Date Received: 2024-01-19
Issue: Managing the loan or lease
Subissue: Problem with the interest rate
Consumer Complaint: I am writing to express my deep frustration and dissatisfaction with the recent experiences I have encountered with Credit Acceptance, specifically in relation to the repossession and subsequent release of my vehicle. On XX/XX/XXXX, I visited the Credit Acceptance website to make a payment to retrieve my repossessed vehicle. I went through the payment process on their website, received a confirmation, only to discover later that the payment was processed through a third-party service without my knowledge. This lack of transparency is unacceptable, as I intended to make a direct payment through Credit Acceptance. Despite the payment being confirmed on XX/XX/XXXX, I have been informed that I must wait until XX/XX/XXXX, well beyond the initially communicated XXXX business days, to have my vehicle released. This contradictory information and prolonged delay are causing unnecessary hardship and inconvenience. Furthermore, my account reflects a discrepancy in payments, as I have paid a total of {$9000.00} since XX/XX/XXXX, yet Credit Acceptance insists I am behind by {$3700.00}. This inconsistency raises serious concerns about the accuracy and transparency of their accounting practices. I urge the Consumer Financial Protection Bureau to investigate Credit Acceptance 's practices, specifically addressing the lack of transparency regarding third-party payments, contradictory information provided to customers, and discrepancies in account balances. I appreciate your prompt attention to this matter and hope for a swift resolution.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: DE
Zip: 19808
Submitted Via: Web
Date Sent: 2024-01-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-16
Issue: Getting a loan or lease
Subissue: Loan opened without my consent or knowledge
Consumer Complaint: I was trick into getting a car that was trash the dealer and the bank wasnt being honest with me there was even a A DOOR LATCH WITH A BROKEN PAWL that could have kill me especially on the highway if you doing business with a dealership you got ta make sure their car are actually good I return the car back to the dealer and the deal was supposed to be canceled which never happened then Amount went from {$9900.00} to & XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IN
Zip: 46254
Submitted Via: Web
Date Sent: 2024-01-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-17
Issue: Getting a loan or lease
Subissue: Loan opened without my consent or knowledge
Consumer Complaint: Credit Acceptance I never owned nor had this type of vehicle in my name or possession. I will happily appreciate if this was removed from my report.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 07107
Submitted Via: Web
Date Sent: 2024-01-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-18
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: The following unauthorized inquiries on my credit report that I would like removed. CREDIT ACCEPTANCE Inquiry date XX/XX/2022 XXXX XXXX Inquiry date XX/XX/2022 According to the FCRA these unverified and unauthorized items must be removed.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TN
Zip: 37312
Submitted Via: Web
Date Sent: 2024-01-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-17
Issue: Took or threatened to take negative or legal action
Subissue: Threatened or suggested your credit would be damaged
Consumer Complaint: Credit acceptance is on my credit and it his stopping me from a bunch of things I cant get a apartment without them they have called and threatened me many times if I dont pay they will take something from me
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 48205
Submitted Via: Web
Date Sent: 2024-01-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-17
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: There is a repossession being reported and it should not be. After reviewing my credit report I found there to be a major error. Credit Acceptance did not provide me in advance with the proper documentation prior to the repossession. I received absolutely no Notice of XXXX or any kind of XXXX Notice. This is has already caused me so many problems and now by incorrectly reporting it on my credit it is causing me more unnecessary stress.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AL
Zip: 368XX
Submitted Via: Web
Date Sent: 2024-01-17
Company Response to Consumer: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Date Received: 2024-01-16
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: Credit Acceptance Corp XXXX - closed account XX/XX/XXXX XXXX - open account original balance - {$7200.00} past due {$9200.00} - date open XXXXXXXX status update XXXX XXXXXXXX balance updated XXXX - XX/XX/XXXX the account was removed then added without proper notice of within 5 days of a reinsertion letter according to FDCPA and my credit account reported it 100 % paid off and on time XXXX - original balance - {$7200.00} past due {$9200.00} - date open XXXX status update XXXX XXXXXXXX balance updated XXXX Reporting illegal transaction history. XXXX & XXXX are saying they validated my consumer report with creditor when FDCPA 15 usc 1681 ( A ) 2 ( E ) - investigative consumer report must be obtained through neighbors ALL of these are also violations of The Privacy Act of 1974
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 07201
Submitted Via: Web
Date Sent: 2024-01-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-16
Issue: Repossession
Subissue: Lender trying to repossess or disable the vehicle
Consumer Complaint: Credit Acceptance Corporation Account # : XXXX On XX/XX/2023 I was manipulated and tricked by XXXX XXXX XXXX XXXX ( Dealership ) and Credit Acceptance Corporation ( CAC ) into purchasing a vehicle via a predatory and unaffordable loan. Firstly, XXXX XXXX XXXX illegally advertised that they could provide lower installment payments if a consumer ( myself ) paid higher down payments in cash. XXXX XXXX XXXX XXXX advertised that they had special programs with Lenders that, once approved " we will not have to make an installment payment for XXXX days. '' Additionally, The Sales associate used aggressive sales tactics, and provided me with random numbers on a piece of paper detailing the various monthly payments I could expect if I complied with the down-payment they were requesting> ( Initially requesting {$5000.00} ) I informed him that to my understanding, no cash or legal tender is to be used in a credit sale or consumer credit transaction, as this is a form of fraud. After standing my ground on my rights as a consumer, the associate stepped away and said that he was going to work a deal with the Lender ( CAC ) to which he then returned to the sales desk with another piece of paper saying that if I paid {$1000.00} down ( using cash in a consumer credit transaction ) I would receive lower interest on my Loan from Credit Acceptance Corporation and I would have a lower monthly payment. I was desperate because I needed a car for work and had been going back and forth with the representative for XXXX hours on being adamant against making any form of down-payment when I knew I was within right to be approved without it ; I requested that he simply submit my application for consumer credit extension. It was not until I processed a Payment to XXXX XXXX XXXX XXXX in the amount of {$1000.00} via my personal debit card that they went ahead and submitted my application for credit extension to Credit Acceptance, resulting in them calling me to confirm that a credit application was submitted in my name via XXXX XXXX XXXX XXXX XXXX The actual value of the Vehicle was not disclosed before or after the down-payment was made. Credit Acceptance Corporation as Well As XXXX XXXX XXXX XXXX completely failed to provide all of the legally and federally required information as it pertains to a consumer credit transaction or credit sale and as such a great deal of information was completely omitted from my consideration and decision making process, information that infringed on my right to recission based on unfavorable or outright illegal and predatory contract terms. Per the CFPB website, Section XXXX Finance Charge : as a part of a consumer credit transaction, A Truth in Lending Statement as well as a finance charge detailing the sum of all charges must be provided to a consumer before initiating a credit sale, or else proper consideration of all terms of the contract is not possible and it thus becomes an adhesion contract of some sort. This is trickery, Because Credit Acceptance as well as XXXXXXXX XXXX XXXX XXXX XXXX purposely manipulated key terms of the loan agreement or COMPLETELY OMITTED THEM, including the principal and interest amounts, and did not disclose XXXX of dollars in credit charges ( Failed to disclose the finance Charge, Late fees, Penalties, etc. ), I was told In addition, XXXX packaged this illegal loan into a security that it sold to investors and debt XXXX, including my consumer credit information, without my consent. To my understanding, it is illegal to distribute or sell consumer credit report information, without permissible purpose, especially information as it pertains to the nature of consumer credit transactions and the relations between consumer and " lender ''. These deceptive lending practices drastically lowered my credit scores, is affecting my ability to qualify for future Credit extension and negatively impacting my ability to qualify for Mortgages or Leases of any kind. I was tricked into an unaffordable, high-interest auto loan contract, while XXXX XXXX XXXX XXXX and Credit Acceptance Corporation XXXXut backroom deals s to protect their own profits. Credit Acceptance also engaged in illegal and unfair debt collection practices, they never communicated when I was to start making payments, after promising that payments were not obliged until after the " XXXX grace period ''. The initial down-payment I made was not subtracted from the principal amount due and I found out only after the first billing cycle that I owed CAC a missed payment, meaning that the XXXX day grace period that was promised at the point of the credit sale was not obliged and they breached their own terms of payment. Lastly, this brings me to Today, My Vehicle, which I have Equitable interest in and is my principle dwelling ( mobile home ) was seized without due notice of repossession, resulting in my personal belongings including SENSITIVE INFORMATION AND RECORDS causing XXXX of dollars in damages. The repossession agent was also aggressive and threatened me that if I attempted to stop him he would hurt me, which is also illegal. I have a photograph with evidence of the Down Payment made to XXXX XXXX XXXX XXXX XXXX, as well as the ONLY documentation provided to me on the day of Initiating this Credit Sale which has an amount circled and was stated to be my monthly instalment payment ( XXXX ) which was also a LIE. My Monthly installment, per CAC is {$440.00} per month. Because of the confusion, I attempted to rescind my agreement into the contract, and I was told that, I could not do so because it was considered " Buyer 's Remorse '' and I informed a credit acceptance representative that I am being affected by a Predatory and Illegal Loan, which is violating my rights as a consumer. There is also inaccurate, misleading and damaging reporting occurring on my credit report : various balances being showed that I owe, and exaggerated late payments.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 07103
Submitted Via: Web
Date Sent: 2024-01-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-16
Issue: Managing the loan or lease
Subissue: Billing problem
Consumer Complaint: CREDIT ACCEPTANCE CORP this company place a late payment on my credit file doing the The Covid 19 season when i paid the bill but my job had laid me off for XXXX months because of covid
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: 28217
Submitted Via: Web
Date Sent: 2024-01-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-16
Issue: Repossession
Subissue: Loan balance remaining after the vehicle is repossessed and sold
Consumer Complaint: The company lied in their statement my vehicle had engine failure that was never fixed XXXX XXXX will tell you that now credit acceptance is sitting on my credit stating that I owe them XXXX for a vehicle that they sold with a bad engine I didn't even drive the car for 6 months I'm sitting here with paperwork that they'll settle with me for {$2000.00} that's the amount I put down to get the car off the lot because I requested my money back or to be put in another vehicle with the same contract. At this time I want credit acceptance removed I'm on XXXX I need transportation and I feel like they totally took advantage of my situation. And currently they're the reason that I can't get a vehicle loan. I applied for a loan they told the new car dealership they'll give me a loan if I put {$8000.00} down I want them off my credit.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: OH
Zip: 44052
Submitted Via: Web
Date Sent: 2024-01-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A