Date Received: 2020-02-10
Issue: Managing the loan or lease
Subissue: Problem with the interest rate
Consumer Complaint: When I purchased this vehicle on XX/XX/2016 I was told my loan would be for 60 months and that my annual percentage rate would be approx 20 %. The amount I financed is {$12000.00}. They are charging me almost 70 %! of the amount financed as a " finance charge ''. That is a ridiculous amount and I feel I was taken advantage of by this company at that rate. My vehicle is now worth only {$2000.00} and I still owe over {$8000.00} on this loan. XXXX XXXX and Credit Acceptance took advantage of me when I was desperate for a vehicle to continue commuting to work. XXXX XXXX also did not let me see the contract and just clicked through themselves with a digital signature with my name listed. I want answers as to how a company can charge you almost 70 % on a vehicle loan at that time the vehicle being used and 8 years old. This loan should not have been approved knowing that the vehicle wasn't even worth the amount of the sale PLUS the finance charge.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 804XX
Submitted Via: Web
Date Sent: 2020-02-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-02-08
Issue: Attempts to collect debt not owed
Subissue: Debt was paid
Consumer Complaint: Credit Acceptance Corporation had a lien placed against our home. The debt was placed with an attorney. The debt was paid via wired funds to the attorney from the closing of my home. I emailed, and requested multiple times to the attorney to please have it removed and documented through the courts and they took weeks to document it. I just reviewed my credit and my wife 's credit and found out every month Credit Acceptance is posting to our credit " repossession '' and " no payment made ''. They do this every month. This debt is from XX/XX/2015. I would like to have all of the reporting removed from my credit. It has been paid in full.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 338XX
Submitted Via: Web
Date Sent: 2020-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-02-05
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: I have never had a vehicle loan from this company! they have the wrong person ( identity theft ) SMH
Company Response:
State: MI
Zip: 480XX
Submitted Via: Web
Date Sent: 2020-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-02-03
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: while login on to my credit monitoring site I notice a few accounts on my report that does not belong to me I would like for these fraudulent accounts removed asap these accounts or on my XXXX, XXXX, and my XXXX as well 1.credit acceptance {$31000.00} date open XX/XX/XXXX 2.XXXX XXXX XXXX XXXX {$2100.00} date open XX/XX/XXXX 3. XXXX XXXX XXXX {$910.00} date open XX/XX/XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11550
Submitted Via: Web
Date Sent: 2020-02-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-02-02
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: I purchased a used XXXX XXXX XXXX from XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX, FL. XXXX on XX/XX/XXXX, this vehicle was financed by Credit Acceptance Beginning XX/XX/XXXX. I have made payments as agreed and after the car was involved in an automobile accident on XX/XX/XXXX and was declared a total loss. They have repeatedly called me and sent letters to settle the account with no amounts they claim that I owe even listed and claims of a settlement savings of 60 % and I feel they have not credited all the prepaid finance charge that they should have and I FIRMLY believe I do not owe them anything. In my opinion, The contract is paid in FULL and I'm owed a REFUND. Even MORE disturbing is that the contract that I have signed for the original purchase and the contract issued to me from Credit Acceptance when I requested a settlement statement, what I received is a different contract with DIFFERENT numbers. This development I have discovered is highly suspect and in simple language to me, should be considered CONSUMER FRAUD. There is absolutely NO remedy I will accept OTHER than to be reimbursed in full for the overage payment, which by my calculations is {$1000.00} Furthermore, Credit acceptance has not updated any of the Credit Reporting Agencies ( CRA 's ) since XXXX XXXX, XXXX. There are no references to the payments that have been paid since XX/XX/XXXX which also includes the XXXX insurance payout of {$9300.00}.
Company Response:
State: FL
Zip: 32819
Submitted Via: Web
Date Sent: 2020-02-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-29
Issue: Managing the loan or lease
Subissue: Billing problem
Consumer Complaint: Every time I am contacted by credit acceptance or call them. They use abusive debt collection practices. Demanding I make a payment immediately and then continue to ask why I am late. After, I have called and explained why several times. They refused to accept my card information until I tell them why I am late every time. I have asked them to stop using these tactics and they continue to refuse. This violated the fair debt collection practices laws. I have offered to pay them. Asked the rep. to please stop asking me every time she will not. Then refused to take my payment information. Making it a violation again.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AL
Zip: 350XX
Submitted Via: Web
Date Sent: 2020-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-27
Issue: Managing the loan or lease
Subissue: Problem with fees charged
Consumer Complaint: Request for Accounting under Article 9, Section 210. since XX/XX/XXXX my Balance does not seem right XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX as to XXXX they call on sundays and throughout the week until I complained to the federal telephone. The fees they charge {$25.00} per month from XX/XX/XXXX was unfair as they never sent the coupon or statement where to mail the check. The care dealer sold the cheapest and oldest cars in their inventory at the highest markups and was never listed or out in the car park it was just brought to the front and I was told this is it and I was in real need of a car. The markups from the dealers ( XXXX XXXX ) was based on my credit. They are trying to put me into a borrower defaults. By Adding the missing XXXX payment. According my credit report I have paid every month. Credit acceptance is in a practice with dealer to hold false advertising, fraud, deception and violations of the Truth in Lending Act. and misrepresnted my mileage on the car when I bought it and lack of disclosure, and overcharged and spiked the interest rate.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 14223
Submitted Via: Web
Date Sent: 2020-01-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-27
Issue: Getting a loan or lease
Subissue: Fraudulent loan
Consumer Complaint: This is a complaint for violating several Florida Statutes and demand for damages. The loan is usurious, as I have been charged an Annual Percentage Rate ( APR ) of over 18.49 %, which violates Florida Statute 687 INTEREST AND USURY ; LENDING PRACTICES : F.S. 687.02 ( 1 ) All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious. However, if such loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds {$500000.00} in amount or value, then no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s. 687.071. F.S. 687.03 ( 2 ) Except as provided herein, it shall be usury and unlawful for any person, or for any agent, officer, or other representative of any person, to reserve, charge, or take for any loan, advance of money, line of credit, forbearance to enforce the collection of any sum of money, or other obligation a rate of interest greater than the equivalent of 18 percent per annum simple interest, either directly or indirectly, by way of commission for advances, discounts, or exchange, or by any contract, contrivance, or device whatever whereby the debtor is required or obligated to pay a sum of money greater than the actual principal sum received, together with interest at the rate of the equivalent of 18 percent per annum simple interest. However, if any loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds {$500000.00} in amount or value, it shall not be usury or unlawful to reserve, charge, or take interest thereon unless the rate of interest exceeds the rate prescribed in s. 687.071. F.S. 687.147Actions for damages : ( 1 ) Any borrower injured by a violation of this act may bring an action for recovery of damages. Judgment shall be entered for actual damages, but in no case less than the amount paid by the borrower to the loan broker, plus reasonable attorneys fees and costs. An award may also be entered for punitive damages. ( 2 ) Any borrower injured by a violation of this act may bring an action against the surety bond or trust account, if any, of the loan broker. ( 3 ) The remedies provided under this act are in addition to any other procedures or remedies for any violation or conduct provided for in any other law. The letter from your company dated XX/XX/2017 regarding the cancellation and credit for the GAP insurance in the amount of {$1100.00} should have been removed from the purchase price and the contract restructured to reflect the removal of the GAP insurance. Although the GAP insurance was purportedly canceled and credited to my account, the payments, interest, and duration of payments all remained the same so I would have still paid the same amount in the end. This is a violation of the Florida Deceptive and Unfair Trade Practices Act ( FDUTPA ). Also, I was constantly being harassed with robo-calls to my cell phone, which is a TCPA violation. Violation of F.S. 537.012Repossession, disposal of pledged property ; excess proceeds. ( 2 ) Prior to engaging a repossession agent, the lender shall afford the debtor an opportunity to make the titled personal property available to the lender at a place, date, and time reasonably convenient to the lender and the borrower. Prior to taking possession of titled personal property, the lender shall afford the borrower a reasonable opportunity to remove from the titled personal property any personal belongings without charge or additional cost to the borrower. After the lender takes possession of the titled personal property, the lender, at the lenders sole expense and risk, may authorize a third party to retain physical possession of the titled personal property. On Sunday, XX/XX/XXXX just prior to midnight, I was awoken from sleep with a banging at my door by a repossession agent who had my truck attached to his tow truck in the road. There was no notice given and I had to collect my personal belongings from the truck before they left while the neighbors watched. I called the police, but they did not help. I had a payment arrangement with Credit Acceptance and if given notice I would have borrowed the money to get caught up with the payments, as these payments have been a tremendous financial burden. I borrowed the money and paid to catch-up the payments and the repossession fees the following morning.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 327XX
Submitted Via: Web
Date Sent: 2020-01-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-25
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: The lender for my vehicle loan reported that my account was 30-59 days late TWICE. The two months that Credit Acceptance ( the finance company ) indicated that my payments were 30-59 days late are : XX/XX/2018 and XX/XX/2018. This is INCORRECT information on my credit reports. I made an agreement with Credit Acceptance Corporation for my monthly car payments to be withdrawn automatically on the XXXX day of each month. In XX/XX/2018, my payment ( admittedly ) could not be taken on the XX/XX/XXXX but instead it WAS successfully withdrawn out of my bank account by Credit Acceptance Corporation and paid on XX/XX/XXXX which is EIGHT days late - NOT thirty days late. The payment for XX/XX/2018 was not able to be withdrawn on the XXXX XXXX XXXX XXXXr but WAS successfully withdrawn by Credit Acceptance Corporation on XX/XX/2018 which made the payment for XX/XX/2018 24 days late, NOT thirty. Technically, I have not EVER made a car payment 30 days or longer late. Credit acceptance has reported FALSE information to the credit bureaus indicating that my payments for those two months ( XX/XX/2018 and XX/XX/2018 ) were 30-59 days late. That information needs to be CORRECTED IMMEDIATELY since Federal law states that a late payment can not be reported until it is at least 30 days past due as long as you pay BEFORE the thirtieth day mark which I in FACT DID do for ALL of the months since I first obtained the vehicle.
Company Response:
State: NY
Zip: 12180
Submitted Via: Web
Date Sent: 2020-01-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-24
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: I was shocked when I reviewed my credit report and found late payment on the dates below : CREDITACPT XX/XX/XXXX AND XX/XX/XXXX / XX/XX/XXXX XXXX XXXX XXXX XX/XX/XXXX I am not sure how this happened, I believe that I had made my payments to you when I received my statements. My only thought is that my monthly statement did not get to me, or the payment was not applied as fast as expected. I check my bank account and noticed that you deducted the money out of my checking account that on the month that you marked me late on my credit report.
Company Response:
State: MA
Zip: 02126
Submitted Via: Web
Date Sent: 2020-01-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A