Consumer complaint received 2019-07-26
Company: Bridgecrest Acceptance Corporation
State: GA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem with paying off the loan

Complaint:
On numerous of different occasions, I've contacted Bridgecrest formally known as XXXX XXXX about my XXXX XXXX XXXX. Between XXXX- current, I've spoken to several different representatives about how we could get the loan paid off. After speaking with several representatives there they informed me that our maturity date was XX/XX/2019 and we have 90 days after that to get the final payment made to gain ownership of the vehicle. My husband and I worked out a payment plan that fit our budget to get this vehicle paid off. Our final payment date should be no later than XX/XX/2019 from what the last rep provided us with. Not until I received an XXXX alert stating that my credit had been updated with a new alert around mid XXXX is when I begin to worry again. Once I got the alert I contacted the company again asking why was it a mark on our credit? The rep then stated well yes we give you 90 days after the maturity date but every month after XXXX you will have a derogatory mark on your credit and when the final payment is posted it will show paid off in a delinquent status due to not paying it off on the XXXX maturity date. After expressing how frustrated I was with the company and the lack of information being given all they could say is they understand and apologize for no one telling us if the car wasn't paid off by the maturity date it will show late every month for the following 90 days. These lines are supposed to be recorded so us a customers have to suffer with the negative impacts on our credit due to the company employees not telling us what to expect for us not paying it off by the maturity date and using their next option of paying it off within 90 days afterwards. This doesn't impact anyone credit other than my husband and I, this was a very bad business practice and I will never want to do business with them ever again. I'm glad I know this now because I have another veh due to mature early next year and I now know to work to get it paid off before the maturity date and not use the 90 days after that they advertise so they can collect more money and ruin our credit more. We are working to purchase a home and I've told the company this is on several occasions, it's sad how they can treat people and not be held responsible for their actions but they want us to pay on time and penalize us for taking advantage of their 90 day after maturity date pay off option not knowing that this would be reflected on our credit negatively. We've dealt with them over 5 years and this isn't the first time that we have received incorrect or inaccurate information. If something like this is offered the company and its employees should have to tell you that it will show negative on the credit for you needed the additional time that they allow to pay on the loan.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation