Date Received: 2023-05-19
Issue: Managing the loan or lease
Subissue: Problem with fees charged
Consumer Complaint: I am submitting this claim due to a fraudulent contract. I was not given full disclosure about : The finance charge is the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit. It does not include any charge of a type payable in a comparable cash transaction. Regulation Z, 12 C.F.R. 1026.4 ( a ) The Truth in Lending Act ( TILA ) requires creditors to disclose key information about consumer credit transactions so that the consumer will be able to compare more readily the various credit terms available and avoid the uninformed use of credit. The finance charge disclosure informs consumers about the cost of credit expressed as a dollar amount. Violations include but are not limited to : My Contract says I can pay in Cash OR Credit! They got the Credit from using my social security ACCOUNT number. My contract also says You have agreed to buy the Vehicle from us on credit for the total sale price The total sale price is : {$22000.00} According to XXXX5 USC 1662 - No advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state that a specified downpayment is required in connection with any extension of consumer credit, unless the creditor usually and customarily arranges downpayments in that amount. So They are in violation for requiring a down payment and I am entitled to compensation. My Contract also states : Security : You are giving a security interest in the goods or Vehicle being purchased SECURITY INTEREST.- The term " security interest '' means an interest ( including an interest established by a conditional sales contract, mortgage, equipment trust , or other lien or title retentio contract, or lease ) in a motor vehicle when the interest secures payment or performance of an obligation. THIS MEANS THE CAR WAS PAID IN FULL.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 49048
Submitted Via: Web
Date Sent: 2023-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-19
Issue: Struggling to pay your loan
Subissue: Denied request to lower payments
Consumer Complaint: I no long can afford the vehicle I offered many times to give it back due to me being in a car accident 2021 where the car was totaled
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11212
Submitted Via: Web
Date Sent: 2023-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-19
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: The company Credit Acceptance Corp on XX/XX/2020 I was lied to by my cousin XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Mi XXXX to co-signed for a Auto Loan to get a truck and after a couple months he can take it out of my name and take over the payments and that was all a lie he has not been making payments on this account which is affecting my credit report I also tryed to take him to court to have his money garnish to pay this off with no luck
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 48035
Submitted Via: Web
Date Sent: 2023-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-19
Issue: Managing the loan or lease
Subissue: Problem with the interest rate
Consumer Complaint: Credit Acceptance Lawsuit I financed a vehicle with credit acceptance in 2021. The price for the vehicle was {$18000.00}. I paid {$9600.00} on the vehicle so far which includes my down payment. Due to extremely high interest and late fees the balance I owe credit acceptance now is {$29000.00}! The vehicle 's value is only {$9000.00}! I have paid them almost {$10000.00} for this vehicle and they still want an additional {$29000.00} which is insane. I need help! I can not afford this, I never could afford this. I was denied by 8 other loan companies due to my low credit score and low income. Credit acceptance set me up for failure when they gave me this loan with an interest rate of 22.99 %. I make less than {$20000.00} a year. I could never afford this loan. They repossessed my vehicle 3 times already and charged me a large amount of fees for it. My credit score has decreased tremendously. I also have spent almost {$3000.00} on repairs for this vehicle. This loan is ruining my life, I need help desperately, I am a single mother with low income and I can not afford a lawyer.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 49504
Submitted Via: Web
Date Sent: 2023-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-18
Issue: Managing the loan or lease
Subissue: Billing problem
Consumer Complaint: I have contact the loan company about this car witch was sold to insurance company and this was back in XXXX they refuse to close the account and keep adding money on to the loan after the car was sold to insurance and they sent the title to the insurance company this account should not even still be open
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: VA
Zip: 230XX
Submitted Via: Web
Date Sent: 2023-05-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-17
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: This item shows inconsistent results in the amount owed I am no longer responsible for this debt the vehicle was repossessed and sold at auction It is illegal to continue to collect on an item that is no longer in my possession and was resold to another party CREDIT ACCEPTANCE CORP XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 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: NC
Zip: 28214
Submitted Via: Web
Date Sent: 2023-05-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-17
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I am writing this letter in regards to the Credit Acceptance account on my credit file # XXXX. The payment history for this XXXX XXXX # XXXX reflects the month of XX/XX/XXXX reported as 60 days late on XXXX, 30 days late on XXXX and 30 days late on XXXX. The payment history also reported the month of XX/XX/XXXX as 90 days late on XXXX, 60 days late on XXXX and 60 days late on XXXX. This is inaccurate and places into question which credit bureau is reporting the correct information, there is no way you can be late 60 days and 30 days in the same month. Also, late payments can not be legally verified without furnishing a copy of the creditors bank statements to show proof of missing or late payments. I am requesting a copy of the bank statements from Credit Acceptance for the account # XXXX for the months of XX/XX/XXXX and XX/XX/XXXX. If you can not furnish legal proof of missing or late payments via their bank statements and provide them to me, then I am requesting you update this account to paid on time, never late for the months of XX/XX/XXXX and XX/XX/XXXX due to inaccuracies and false reporting. Please keep in mind that in XXXX the New York State Office of the Attorney General and the CFPB have sued Credit Acceptance for hiding the true cost of credit, setting up borrowers to fail and closing its eyes to harmful practices against consumers.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11413
Submitted Via: Web
Date Sent: 2023-05-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-17
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: Due to my previous complaint being closed with no resolution, I am filing another complaint. Credit Acceptance is inaccurately reporting on my credit report. The vehicle was repossed ONE time, and that was the only time. I never once redeemed the vehicle after the voluntary surrender due to the predatory rates and prices. You can see in the response from Credit Acceptance, the amount they are stating is owed is not the same as reported on my credit report. I have called and asked for proof of the vehicle being redeemed. No proof is able to be giving. They have re-aged this account MULITPLE times, and re-aging is illegal. Under my rights with the FCA, this account should be removed from my credit report immediately. Until this is removed, I will continue to dispute and make complaint after complaint because no persons deserves to have this hanging over their head for 7 years ESPECIALLY with inaccurate information.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TN
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-05-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-17
Issue: Struggling to pay your loan
Subissue: Denied request to lower payments
Consumer Complaint: I am currently faced with payments for a car, financed through Credit Acceptance, that is more for the car is worth, and more importantly, more than I can afford. I've asked this company several times to refinance for a lower payment while I was in good standing because I calculated what was going to happen BEFORE IT IS NOW HAPPENING, but I was denied every time. I am highly upset because due to COVID I was only working part-time, and therefore had a lower income. This Company claims it's phone calls are recorded, but have yet been able to speak to someone who has reviewed my complaints. Every time I ask for a refinance, my claims have been denied and now I'm faced with a bill that is extremely difficult to maintain for a car that is not worth the payment! My car was repossed XXXX XXXX, XXXX, and then repossed again XX/XX/XXXX. Both repossessions I was able to get my car back, but this car has created a hardship for me to maintain it because the interest rate continues to go up, whereas I am now paying double a month for the same car. I have asked several times for this car to be refinanced to get a lower payment, but each time I was denied!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10710
Submitted Via: Web
Date Sent: 2023-05-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-16
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX FL, XXXX SSN XXXX TO XXXX XXXX XXXX XXXX XXXX XXXX XXXX CA XXXX This letter is a formal complaint that you have not maintained reasonable procedures in your operations to ensure the highest possible accuracy in the credit reports you publish. Credit reporting laws ensure that bureaus report only 100 % accurate credit information and every step must be taken to assure the information reported is completely accurate and correct. Please review the attached letter and details of the provider that I describe below Credit Acceptance Corp Contract XXXX The information must be deleted from my report as soon as possible. The information is inaccurate and misleading and as such represents a very serious error in your reporting. Under federal law, you have thirty ( 30 ) days to complete your re-investigation. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within fifteen ( 15 ) days of the completion of your re-investigation.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 32817
Submitted Via: Web
Date Sent: 2023-05-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A