Date Received: 2024-01-07
Issue: Repossession
Subissue: Account reinstatement or redemption after repossession
Consumer Complaint: My balance increased by XXXX $ And didn't close my account
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MO
Zip: 634XX
Submitted Via: Web
Date Sent: 2024-01-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-06
Issue: Repossession
Subissue: Loan balance remaining after the vehicle is repossessed and sold
Consumer Complaint: Per the FCRA XXXX federally protected consumer, I am now opting out of any and all authorization I the consumer may have given you written, unwritten, verbal or non-verbal per USC 15 6802. This car was charged off, so the company is fraudulently reporting inaccurate information and selling my information. Thanks, XXXX XXXX XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: LA
Zip: 70458
Submitted Via: Web
Date Sent: 2024-01-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-05
Issue: Managing the loan or lease
Subissue: Problem with fees charged
Consumer Complaint: On XX/XX/XXXX I purchased a XXXX XXXX XXXX by putting down {$2000.00} with a loan amount of XXXX with 48 payments on XXXX starting on XXXX,, XXXX. On my first payment a charged over {$3.00} was added, when I asked was told it internet fees, I requested to be refunded since it was not on the disclosure agreement. During the course of the loan I had a hardship due to illness with lupus. I had contacted the lender and explained my situation, I had offer the lender a possession of the vehicle.I was promised that once I will be able to pay again all the late fees will be remove on the account. Two weeks ago I requested the fees removal so I can bring the account current the lender refused, when logging to my account cant see my statement, I requested so I can see the account history was told they dont provide that. I had paid alot money since two years, but the loan still show a remaining balances of XXXX. When I started reviewing the company I find out they have been involved in bad tactics to fraud customers. Why this company still in business? misrepresenting the cost of credit and tricking its customers into high-cost loans on used cars. The car-buying experience turns into a nightmare for many of Credit Acceptances borrowers, who face unaffordable monthly payments, vehicle repossessions, and debt collection lawsuits. The joint complaint alleges that, among other things, Credit Acceptance hides costs in loan agreements and sets consumers up to fail. The complaint also alleges that Credit Acceptance violated usury limits and other consumer and investor protection laws. The lawsuit seeks to force Credit Acceptance to stop its illegal practices, reimburse harmed consumers, pay back wrongfully earned gains, and pay a penalty. Credit Acceptance obscured the true cost of its loans to car buyers, leading to severe financial distress for borrowers and subjecting them to aggressive debt collection tactics on loans its own systems predicted that borrowers cant afford to repay, said CFPB XXXX XXXX XXXXXXXX. The CFPB and the New York Attorney General seek to halt Credit Acceptance 's illegal practices and make consumers whole. XXXX claimed to help low-income New Yorkers purchase cars, but instead, drove them straight into debt, said New York Attorney General XXXX XXXX XXXX XXXX steered hardworking New Yorkers onto a path of financial ruin by tricking them into unaffordable, high-interest auto loans while cutting backroom deals with dealers to increase their own profits. These predatory actions hurt innocent people and left them with mountains of debt. I thank the CFPB for their partnership to stop this harm and protect everyday New Yorkers. Credit Acceptance ( XXXX XXXX XXXX ) is an indirect auto lender headquartered in XXXX, Michigan that funds and services used-car loans for people with low credit scores. Credit Acceptance is one of the countrys largest publicly traded auto lenders and does business with a network of more than XXXX affiliated used-car dealers. From XX/XX/XXXX to XX/XX/XXXX, approximately XXXX XXXX people obtained used car loans through Credit Acceptance and its affiliated dealers. In XXXX alone, consumers obtained more than {$4.00} XXXX in Credit Acceptance-financed loans. The companys loans typically carry very high interest rates. Specifically, the company allegedly harmed consumers by : Hiding the true cost of credit : Since XXXX, Credit Acceptances loan agreements nationwide have said that consumers would pay interest at an average 22 % APR. However, the true cost of credit offered is far higher than what borrowers are told. This is because Credit Acceptances business model pushes dealers to manipulate the prices of vehicles sold to Credit Acceptance borrowers, based on borrowers projected performance. This increases the principal balance of the loans. By hiding the true cost of the credit in inflated principal balances, Credit Acceptance evades state interest rate caps and deprives consumers of the ability to make informed decisions, to compare financing options, or to avoid high interest charges. Setting up borrowers to fail : Credit Acceptance ensured its own profits by providing loans without regard to whether borrowers could afford them. For almost 4 out of 10 loans, Credit Acceptance predicted that it would not be able to collect the full amount financed by the loan. Credit Acceptance profits even when borrowers are unable to pay their loans in full by using aggressive debt collection methods. As a result of Credit Acceptances practices, customers faced late fees, repossessions, auctions, post-repossession collection efforts, lawsuits, and ruined credit profiles. Closing its eyes to practices that harmed consumers : The company created financial incentives for dealers to add extra products to loans and then shrugged off whether customers were misled into thinking the add-on products were required. Add-on products, such as vehicle service contracts, are a profit center for Credit Acceptance. They represented about {$250.00} XXXX in revenue in XXXX alone. When borrowers default on loans, it can lead to severe consequences, including wage garnishment and an inability to borrow money in the future. A default on an auto loan can also lead to the borrower losing their means of transportation, which can cause job loss and a further spiral of damaged credit and financial distress. This is not the only action targeting Credit Acceptance for violation of consumer financial protection laws. For example, last year, the Massachusetts Attorney General secured more than {$27.00} XXXX for thousands of families harmed by Credit Acceptance. They still engage on those tactics
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: 85339
Submitted Via: Web
Date Sent: 2024-01-05
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-06
Issue: Getting a loan or lease
Subissue: Confusing or misleading advertising or marketing
Consumer Complaint: I spoke with a representative on the phone who couldnt provide too much information but that once Id agreed to the contract, that Credit Acceptance had the right to add on the original amount however much according to what they thought fit the value. And because I signed the contract, that was what was the deal. When I signed the contract, I didnt know that credit acceptance would add another {$14000.00} to the loan. The contract literally only shows the original {$12000.00} ( somewhere around this amount ) payment with proof of the few thousands I put down to drive the car off the lot. This was a used car that had a mileage initially of XXXX, not exactly but somewhere in this range. I always thought that this didnt make any sense, but it was my first time purchasing a car off the lot and I went with it. But its going on 2 and a half years and Im still paying on this car but my balance is showing {$9500.00} on other app platforms, like my credit card status from the credit bureaus and inquiries and XXXX XXXX. But when I go on the actual website to pay my balance with credit acceptance, it shows my remaining balance of {$14000.00}. I attempted to refinance my car sometime around XX/XX/ and the representative informed me over the phone that my remaining balance on their end was {$9700.00} something and I was confused because it shows otherwise with credit acceptance. Its very misleading and confusing. Im not sure if Im misunderstanding since this is a huge legal process that takes place in vehicle marketing and maybe this is how things operate, but then again Im also not sure if I'm witnessing fraud right before my eyes. There was a case on this earlier in the year of XXXX and Ive just swept over the article of the CFPB suing just now. I was encouraged to complain and share my case just now. I think that I should complain because it unethical and immoral of this and it needs to be right. Or someone to show me if Im wrong. I really hope that there is a way for compensation.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TN
Zip: 38122
Submitted Via: Web
Date Sent: 2024-01-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-05
Issue: Repossession
Subissue: Loan balance remaining after the vehicle is repossessed and sold
Consumer Complaint: I went to a dealership in XXXX, it was XXXX XXXX XXXX dealership. I was approved by Credit Acceptance Corp. For a {$13000.00} loan for a XXXX XXXX XXXX . When they approved me I was living in a XXXX XXXX house and I had just gotten a job at XXXX XXXX in XXXX Indiana. I had only been working there for 2 weeks. They asked me for direct deposit records and bank statements. I told them I did not have a bank account but I had a XXXX account. So I gave them my XXXX statements for the previous month and showed them I had only been working for 2 weeks. They approved me for {$13000.00} and some change for a used car. When I got the car within the first week all of the motor mounts broke and the rotors went bad. I took the car back to the dealership because it was under warranty. I called the warranty company and they said that all of the things broken were covered under warranty. The dealership said that these things were not covered so I ended up paying {$700.00} and some change for them to fix everything. I got the car back and it broke down 3 or 4 more times soon after and I ended up just leaving the car in a parking lot and I don't know what ever happened to the car. I just left it there and never looked back. I was over the thing breaking down all the time. Within a month I lost my job and ended up getting a court case against me for the remaining balance of {$12000.00} and some change. I was trying to see what I could do to dispute the case because I was never able to afford it in the first place and I feel they took advantage of me. I was an XXXX in XXXX and had only been working long enough to get one check and they knew all of this. I told the creditor that I was an XXXX XXXX XXXX XXXX XXXX house and was trying to turn my life around and that my work history was terrible filled with gaps in employment. I feel that I was taken advantage of and now I am trying to fix my credit score and the company took me to court and the judge filed in favor of Credit Acceptance Corp. So now I owe them almost {$13000.00} I need help dealing with this please. I am really struggling with all of this and I don't know what to do. I would appreciate any help you can provide.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: KY
Zip: 402XX
Submitted Via: Web
Date Sent: 2024-01-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-05
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I made my monthly payment on the XXXX of XXXX which I always pay on the XXXX or XXXX. I had just spoken to someone at the company to say my payment is made and now I get a XXXX point decrease in my credit because they are claiming Im XXXX delinquent. I havent been delinquent on my car since XXXX or 2023. They done offer deferments or payment assistance. When I was delinquent they always harassed me but never helped me
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AR
Zip: 72015
Submitted Via: Web
Date Sent: 2024-01-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-05
Issue: Repossession
Subissue: Lender trying to repossess or disable the vehicle
Consumer Complaint: I purchased the vehicle in XXXX XXXX XXXX i paid XXXX $ down payment my Credit was ran through 7 different companies i sent a certified letter to both parties of a letter to Rescind Contract there's been an attempt to Reposess my vehicle there are in Clear violation of the law and its statutes.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: OH
Zip: 44146
Submitted Via: Web
Date Sent: 2024-01-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-04
Issue: Incorrect information on your report
Subissue: Old information reappears or never goes away
Consumer Complaint: The company removed the account and re added it 3.5 years later the issue was settled with the original lender the vehicle was not drivable I notified them them they allegedly had nothing else available and offered to redeem the car and whipe away my dent because i was current with every payment up until issues with the vehicle not starting the company had already sold my trade in that i used to purchase the vehicle so they decided to settle so i can by a more expensive car off there lot upon returning the vehicle i disclosed i wasnt interested in doing business with them again and in turn would just like to return their vehicle and go else where and they could keep what they owe me from my trade in in exchange of clearing my debt this was discussed in length now when it hit my credit i was shocked and reached out they disclosed the company was shut down / sold off and now i was there problem they removed the debt but now years later its reaapeard this has been XXXX years the loan should not even be on my report as its far too old it seems very coincidental that it just reappeared they keep trying to convince me to settle on a amount and i refused they have all the payments i made plus my trade in plus the vehicle they sold me if thats mot a rip off i have no idea what is i litterally got robbed.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33610
Submitted Via: Web
Date Sent: 2024-01-04
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-04
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: ON THE FOLLOWING DATES XX/XX/2023 XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX MULTIPLE INSTITUIONS AND COMPANIES HAVE INQUIRED INTO MY CREDIT FILE REPEATLY WITHOUT MY EXPRESSED PERMISSION I HAVE NOT GIVEN ANY OF THESE FINANCIAL COMPANIES WRITTEN AUTHORIZATION OR PERMISSION TO INQUIRE INTO MY FILE .THESE INQUIRES ARE THE RESUALT OF FRAUD AND ID THEFT PURSUANT TO THE FAIR CREDIT REPORTING ACT 15 USC SECTION 602 THIS IS A CLAER VIOLATION MY RIGHTS AND THIS COMPANY HAS NOT CORRECTED THESE. ERRORS
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: DC
Zip: 20001
Submitted Via: Web
Date Sent: 2024-01-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-03
Issue: Problems at the end of the loan or lease
Subissue: Unable to receive car title or other problem after the loan is paid off
Consumer Complaint: XX/XX/XXXX I spoke to the company that I finance my vehicle, at this time they told me that my vehicle was paid off, that was a relief to me cause honestly I wouldn't hear from them again.. I even made a few extra payments just in cause there was those little fees A total {$600.00} more. On XX/XX/XXXX at about XXXXXXXX XXXX I saw a unmarked truck back into my driveway, and drugged it out of my driveway, ( my wheels were locked and my wheels was turned to the left ) He continued to pull it out of the driveway doing damage to the driveway. about XXXX worth plus {$1500.00} to my front end of car. The company wont give me a number to the the tow company to file charges on. Credit Acceptance Cooperation has not sent me anything between XX/XX/XXXX to XX/XX/XXXX No mail, No Emails, No Phone calls I want these people to be stopped with what they are doing, they are ripping people off with high interest rates, percentage rates are way to high at 29 % XXXX I have already paid twice has much as the car is worth over XXXX With the percentage its to high and they are taking advantage of people with this rate. IT NEEDS TO STOP Credit Acceptance Corp. is a BIG RIPE OFF
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: OK
Zip: 74136
Submitted Via: Web
Date Sent: 2024-01-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A