Consumer complaint received 2020-08-07
Company: CREDIT ACCEPTANCE CORPORATION
State: TN
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:
CREDIT ACCEPTANCE IS THE WORST! 
Tennessee law requires that your lender send you a 10-day letter after it has repossessed your car. This letter is official notice that youre entitled to redeem the vehicle by paying off the loan, plus fees and costs associated with the repossession. You then have 10 days to come up with the money, and your lender cant sell the car until after this redemption period has passed. 

Predatory lending is any lending practice that imposes unfair or abusive loan terms on a borrower. It is also any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan that a borrower doesn't need, doesn't want or can't afford. 

Prepayment penalties plus they made my note seem cheap just to add unnecessary charges and taxes when I tried to pay. 
When I extra and paid on time I was still marked as late. AND LITERALLY NOTHING WENT TO MY ACTUAL BALANCE. 
My car stopped working two days after I got it, I notified them. They wouldnt do anything about it or defer at least one payment. When I finally got it back working. The ALTERNATOR AND STARTER WENT OUT ON A 2014! 
I told them that this goes against LEMON LAWS ( literally the same week I got my car ) I WAS PAYING A NOTE ON A CAR I COULDNT USE FOR TWO MONTHS!! The MOTOR WAS BAD. They gave me the car and supposedly it had a oil change. WHY WAS BLACK TAR COMING OUT. The pieces connect to the oil container were melted on and the piece had to be broken off at XXXX. Over {$600.00} for the replacements. they wouldnt give me the info to do a LEMON LAW claim so I mailed it to them! Which is what the state says to do to claim lemon laws and they are supposed to forward it. 
They failed to notify me of selling the car ( AFTER I TRIED TO GET IT BACK the next day!! because I put a lot of money into it AND THEY WOULDNT GIVE IT BACK ) which is required BY LAW. I literally had the cash amount to pay it off from a school refund. They told me if I paid it off early I would have to pay a lot extra ( prepayment fees ) Their loans are so predatory! My interest kept changing. 
They sold my car while I was trying to get it back and literally didnt notify me that the sold it. Not even a letter in the mail! 
Not to mention, when I called to get deferred because the XXXX WAS NOT WORKING. The lady asked me why did you get a car if you dont have money to fix it then I said maam could we keep it professional and she cursed me out. I hung up and called back. Only had one nice man that I would talk to! This company is THE WORSE COMPANY I EVER EXPERIENCED. 
Now they wont settle with me or delete it off my credit when its not my fault and I tried to reconcile! YOU SOLD ME A XXXX AND WOULD NOT LET ME DO A CLAIM OR GIVE IT BACK. I lost my job messing with that car A GOOD JOB. 
I got the car on XX/XX/XXXX, it stopped on XX/XX/XXXX. Got it fixed and it stopped completely in XXXX In total I have put more than $ 2k in the car

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