Date Received: 2023-12-28
Issue: Getting a loan or lease
Subissue: Problem with additional add-on products or services purchased with the loan
Consumer Complaint: Subject : Urgent Matter Regarding Recent Vehicle Purchase - Seeking Resolution Dear [ Dealer 's Name ], I hope this message finds you well. I am writing to bring to your attention some concerns I have regarding the recent purchase of a XXXX XXXX XXXX from XXXX XXXX on XX/XX/XXXX. While I appreciate the opportunity to do business with Credit Acceptance, I have encountered a few issues that require your immediate attention. Upon reviewing the contract, I noticed a statement on Page 1 that declares my acknowledgment of the " delivery and acceptance of this vehicle in good condition. '' However, during the completion of the contract, neither Credit Acceptance nor XXXX XXXX conducted a thorough inspection of the vehicle 's condition. The XXXX XXXX I purchased had XXXX miles, and I believe it's only fair to ensure that a car valued at {$20000.00} is indeed in good condition. Furthermore, I observed that according to 15 USC 1605, the finance charge can include insurances. However, I was not provided with any insurance coverage and was instead encouraged to sign up for an optional warranty or service contract. The service contract offered only covers 24 months, which is half of the minimum 48 months my contract would last if all payments were made on time. Given the high mileage of the vehicle, I am concerned about potential repair costs that may arise after the service contract expires, leaving me responsible for any damages. During the paperwork process, I felt rushed and not given adequate time to thoroughly review the terms and conditions. This has left me feeling misled and deceived, and I believe these concerns need immediate attention to ensure a fair and transparent resolution. I kindly request your assistance in addressing these issues promptly and finding a resolution that ensures fairness and transparency in this transaction. I am open to discussing this matter further and appreciate your attention to my concerns. Thank you for your understanding and cooperation.
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: 2023-12-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-28
Issue: Repossession
Subissue: Damage caused or loss of personal items in vehicle during the actual repossession
Consumer Complaint: I trust this letter finds you well. I am writing to address significant concerns and seek clarification regarding my recent experience with Credit Acceptance. Since the commencement of our contract, I have encountered multiple instances of confusing and misleading information, prompting my need for regular communication with your team. On XX/XX/XXXX, my XXXX XXXX XXXX was repossessed, and I subsequently paid {$740.00} for its release. To ensure the lawful security interest in my vehicle, I conducted a XXXX XXXX search with the Secretary of State in New Jersey, where I reside and acquired the vehicle. The results of this search revealed no liens on any of my property, including the aforementioned vehicle. I have enclosed a certified copy of this report for your reference. As stipulated in our contract, Credit Acceptance is supposed to have a security interest in my vehicle until the debt is fully paid. However, the absence of a lawful security interest, as indicated by the XXXX XXXX search, raises serious concerns about the accuracy and transparency of the information provided in the contract. Additionally, I believe Credit Acceptance may have engaged in unfair practices, possibly violating 15 USC 1692 ( f ) regarding nonjudicial action to effect dispossession or disablement of property. Subsection ( A ) of this regulation explicitly states that taking such action is impermissible if there is no present right to possession of the property claimed as collateral through an enforceable security interest. Given the results of my XXXX XXXX search, it appears Credit Acceptance may have violated this provision. I am committed to resolving this matter amicably and seek your prompt attention and cooperation. I kindly request a comprehensive response addressing the following : Verification of Credit Acceptance 's lawful security interest in my vehicle. An explanation of the discrepancies identified in the XXXX XXXX search results. Clarification on the amount paid for the release of my vehicle and any associated charges. Confirmation of the steps taken to rectify any potential violations of consumer protection laws. I value a fair and transparent resolution to these concerns and trust that Credit Acceptance shares this commitment. Your prompt attention to this matter is appreciated. Thank you for your understanding and cooperation.
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: 2023-12-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-27
Issue: Repossession
Subissue: Deficiency balance after repossession
Consumer Complaint: 1. Credit Acceptance Corporation makes predatory loans to millions of financially vulnerable consumers trying to buy a used vehicle. 2. Credit Acceptance sets the interest rates affiliated dealers must charge on it loanstypically about 22 %, which is at or near the maximum rate allowed in many states. 3. The true cost of CAC credit is higher than what is disclosed on the CAC loan agreements, so many of the loans actually exceed state usury caps. 4. CAC engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act of 2010 ( the CFPA ), 12 U.S.C. 5531 ( a ), 5536 ( a ) ( 1 ), 5536 ( a ) ( 3 ), by obscuring the cost of credit for auto loans and taking unreasonable advantage of consumers lack of understanding of the risk of default and the severity of the consequences, as well as their inability to protect their interests, and for providing substantial assistance to dealers, even though CAC knew or should have known the dealers were misrepresenting the voluntary nature of add-on products. 5. From XX/XX/XXXX2015 to XXXX XXXX, 2021 ( the Covered Period ), approximately 1.9 million consumers obtained loans from CAC and its affiliated used-car dealers. In 2020 alone, consumers obtained more than {$4.00} billion in CAC-financed loans. 6. CAC claims that it caps the degree to which its dealers can inflate the price of vehicles. For example, since XXXX 2019, CAC has restricted dealers from increasing the price beyond 115 % of the highest XXXX XXXXXXXX XXXX XXXX XXXX value ( i.e., best condition ) for the make and model in question. But such a cap is far too high to provide meaningful protection to CAC borrowers ; CAC does not check on the condition of the vehicle, and many CAC borrowers are in fact financing vehicles worth much less than the highest XXXX XXXX XXXX XXXX XXXX XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 07108
Submitted Via: Web
Date Sent: 2023-12-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-28
Issue: Repossession
Subissue: Notice to repossess
Consumer Complaint: I hope this letter finds you well. I am writing to bring to your attention a serious matter concerning the repossession of my vehicle, a XXXX XXXX XXXX on XX/XX/XXXX. The circumstances surrounding the repossession have raised significant concerns regarding the handling of my personal information. My vehicle was repossessed from an address where I do not currently reside, and this action was carried out by a non-affiliated third party. To my knowledge, I did not receive any communication providing information about or obtaining my consent for the release of my private information to this third party. Moreover, I want to draw your attention to the provisions of 15 U.S. Code 6802, which outlines obligations with respect to disclosures of personal information by financial institutions. According to 6802 ( b ), a financial institution must follow specific procedures before disclosing nonpublic personal information to a nonaffiliated third party : Clearly and Conspicuously Disclose : The financial institution must clearly and conspicuously disclose to the consumer, in writing or electronic form, that such information may be disclosed to a third party. Provide Opt-Out Opportunity : The consumer must be given the opportunity, before the initial disclosure, to direct that such information not be disclosed to the third party. Explanation of Nondisclosure Option : The consumer must be given an explanation of how to exercise the option to prevent the disclosure of their information. To the best of my knowledge, Credit Acceptance did not provide me with any written notice offering an opportunity to opt-out of the disclosure of my information. Furthermore, my private information was provided to a non-affiliated third party with whom I have had no prior association or contractual agreement. I am deeply concerned about the violation of privacy and the potential mishandling of my personal information. I kindly request a thorough investigation into this matter, an explanation of the circumstances surrounding the release of my information, and immediate steps to rectify any breach of privacy. Your prompt attention to this issue is appreciated, and I expect a swift and comprehensive resolution. Thank you for your understanding and cooperation.
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: 2023-12-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-28
Issue: Getting a loan or lease
Subissue: Confusing or misleading advertising or marketing
Consumer Complaint: I hope all is well. I purchase my vechle from a dealership working with credit acceptance XX/XX/XXXX. I choose to finance the vehicle through a consumer credit transaction. On my contract it says I can either buy the vehicle ( XXXX XXXX XXXX ), for cash or credit. It does not tell me that Iam rquired to do both. This statement also alings with 15 usc 1605 in the truth in lending it. 15 usc 1605 states the finance charge is the sum of all charges not comparable to a cash transaction. When I was at the dealership they told me a down payment was required and it was not optional. I felt pressursed to give a down payment of {$2000.00}. I consider this going agaisnt the contract because it clearly statres buy Upon reviewing the terms outlined in my contract, I observed that it states I have the option to either " buy the vehicle for cash or credit. '' It is crucial to note that the contract does not specify a mandatory requirement for both cash and credit transactions. This understanding aligns with the provisions of 15 USC 1605 in the Truth in Lending Act, which defines the finance charge as the sum of all charges not comparable to a cash transaction. During my visit to the dealership, I was informed that a down payment of {$2000.00} was mandatory and not optional. This information created a sense of pressure, leading me to provide the down payment under the assumption that it was a requisite part of the credit transaction. I would appreciate your prompt attention to this matter, as the requirement for a down payment contradicts the explicit terms outlined in the contract, which allows for the option of buying for cash or credit without mandating both. I kindly request clarification on the following : The necessity of the down payment in light of the contract 's terms. Confirmation of the contract 's intent regarding the optional nature of a down payment. I believe addressing these concerns will contribute to a transparent understanding of our contractual agreement and ensure that the transaction aligns with the principles outlined in the Truth in Lending Act. Thank you for your attention and cooperation. I look forward to a prompt resolution of this matter.for cash or credit, not buy for credit and pay cash for down payment or vice versa.
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: 2023-12-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-25
Issue: Repossession
Subissue: Company explaining amount owed
Consumer Complaint: I have requested the application interest to be paid to the order of the > Bearer XXXX XXXX XXXX. The Bill of Exchange and Federal Reserve allows > The drawer to get federal notes on applications with interest section 29a > will show this as true I would like the balance to be updated within five > business days I go to XXXX XXXX XXXX University online being > Treated unfairly is not a way to do business title 16 section 1431 will > help you even more with this application interest owed in the amount of the > Face value XXXX XXXX XXXX needs this for school, and the foreign agent > Registration Act of 1938 and anti-bribery statements are also added to > Protect the student from propaganda this is requested by me to review as > The laws have given also instructions to follow as agent review title 8 > Section 1481 shows oath of office relinquishes citizenship once it is > taken and must register under the Fara Act and government website. 2. the equity was stolen XXXX collaterals put down for a collateral XXXX deposit were not explained correctly they stole XXXX vehicles the sum balance is not right automated systems parameters staff was untrained to evaluate the title of the charge 15 USC 1607e 15 USC 1601 This company failed to give the correct sum amount financed 12 CFR 1026.4 ( a ) ( 3 ) ( ll ) and ( I ) fees were not or subtracted right regulation Z, R, CFR filing fees charges by third party characterizing the charges they did not subtract the items not part of the finance charges title 15 USC 1638 and 1605 transactions other then underlined open XXXX notice finders services release info lack of training reinstallment act and the right to rescind the amount financed and the finance charges are wrong and is not the actual use gap arbitration is needed to resolve matters they stole not only the collateral cars put down as a down payment they took car seats and toys of our kids music records pictures phones XXXX of them pair of brand new bag of clothing like shoes, sock missing never returned while also repoing the truck while at work repo is not lawful nor was the XXXX XXXX XXXX it was stated that credit acceptance and the dealer worked together to do this act the dealer was to get a over priced truck for as much as they could while knowing it was over priced and then took the collateral equilty and interest owed back to the consumer in a timely manner decite because the dealer stated that credit acceptance demanded these items or no deal will be on going while knowing the need for the truck at the time was a weigh on the consumer trust as credit acceptance repoed the truck and saling the truck for a lot less then it was given to the consumer shows the act of crime and fraud by consericary with XXXX XXXX XXXX XXXX XXXX XXXX XXXX request equity back off everything and the interest due to the application transfer under the Bill of exchange act and Federal Reserve Act section 29a this is owed to the bearer principal account noted in this demand letter for compensation and report of theft to this company that has been ignoring the reporting of fraud and deceit I want justice and my life liberty and property back asap from this company I requested a brand new car and funding for pain and suffering or lets go to civil federal court to resolve this issue at hand today within five business days or else we will go forward to court to get this back and even more.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AR
Zip: 72206
Submitted Via: Web
Date Sent: 2023-12-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-24
Issue: Struggling to pay your loan
Subissue: Denied request to lower payments
Consumer Complaint: I have a loan through credit acceptance and the value of my car is extremely lower then the loan amount. The sticker amount was XXXX dollars and the total loan is more then XXXX dollars for a XXXXXXXX XXXX XXXX. I have seen in the past that credit acceptance had done the same thing to people around the same time I got my loan in XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MS
Zip: 395XX
Submitted Via: Web
Date Sent: 2023-12-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-23
Issue: Struggling to pay your loan
Subissue: Denied request to lower payments
Consumer Complaint: I cant afford to pay XXXXXXXX monthly because my finance has decreased 10 % due to COVID I can only afford to pay a monthly amount of XXXX monthly. Ive tried speaking with credit acceptance to lower my payments and they said they can only split the payment biweekly which still doesnt work for me.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11213
Submitted Via: Web
Date Sent: 2023-12-23
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-23
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: Hello, I have a loan with Credit Acceptance. I have been making my payments mostly on time. I believe this year I have fallen behind 3 or 4 times. I am even on autopay as of XX/XX/2023. This company has been reporting me making late payments because I make agreements for a lesser amount of what is owed. This is not a late payment but a payment arrangement. I have tried calling and refutting this information but they say this is a valid status. I even tried making a dispute with XXXX and they did not change the status back. This has been happening for 3 years and doesn't make sense. Can someone look into this for me?
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 122XX
Submitted Via: Web
Date Sent: 2023-12-23
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-21
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XX/XX/, Two XXXX transactions of {$1100.00}, Ref. # XXXX and {$1000.00} Ref # XXXX. Agent sent transactions to wrong vendor. Cash money transfers were supposed to go XXXX XXXX XXXX instead the transactions went to Credit Acceptance. I have contacted Customer Service at XXXX repeatedly by phone and email. I have contacted Credit Acceptances Customer Service. Transactions were made for a car payment. Since XXXX did not receive payment my vehicle has been repossessed. I have requested a refund from XXXX. I have contacted Credit Acceptance no Resolution. I am requesting my refund.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: LA
Zip: 70122
Submitted Via: Web
Date Sent: 2023-12-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A