Consumer complaint received 2021-11-30
Company: CREDIT ACCEPTANCE CORPORATION
State: MS
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
On XX/XX/2021, I certified mailed Credit Acceptance notice of rescind, pursuant to 12 CFR 1026.23 ( a ), Credit Acceptance received the letter on XX/XX/2021. On XX/XX/2021 @ XXXX pm XXXX from the compliance department called me regarding notice of rescind directed to XXXX XXXXXXXX XXXX XXXX asking me what my demands were or what is it that I wanted. I informed her that I was giving my notice to rescind the credit transaction due to the failure of proper disclosure upon signing the contract, as well as letting her know I have security interest in the contract, and I want to exercise my right to rescind the transaction. I also informed her that I wanted the security interested terminated 12 CFR 1026.23 ( d ) ( 1 ), as well as ALL money refunded back to me, 12 CFR 1026.23 ( d ) ( 2 ). Once the right of rescission becomes void, I will not be liable for any amount, including finance charge, pursuant to 12 CFR 1026.23 ( d ) ( 1 ). 
After the call XXXX informed me, she would get with the legal team and call me back on the following Monday, which was supposed to be, Monday XX/XX/2021, but I did not receive a call from XXXX until today XX/XX/2021 @ XXXX am. I contacted XXXX shortly have her missed, hoping Credit Acceptance would meet my demands pursuant 12 CFR 1026.23 ( d ), instead according to XXXX and the legal team, concluded after an alleged internal investigation that I was given the proper disclosures and Credit Acceptance contract met all state and federal laws. She informed me that they found through their investigation that I was given the appropriate disclosure associated with my contract and that it is bonding and lawful. When I asked her how Credit Acceptance investigated their finding that I was given proper disclosures, was it through XXXX, XXXX, or XXXX, XXXX informed me that we didnt find in our investigation that we were obligated to research that. So now the question remains How did Credit Acceptance do a thorough investigation if theyre not obligated to ensure proper disclosures were given to consumers? She stated that I signed a declaration of electronic signature than later stated I DID NOT sign a declaration of electronic signature agreement, but I actually signed a paper contract with the dealer. Which leads me believe that an alleged thorough investigation was completed, because she wouldve known that information off hand. I also informed her that I wanted to original copy of my contract with my wet signature, and she informed me that the dealership has that copy and not Credit Acceptance. 
I had to remind XXXX when I spoke with her on Friday, XX/XX/2021, that I was exercising my right to rescind my cancel transaction pursuant to 12 CFR 1026.23 ( a ) not disputing the contract, as the contract is between Credit Acceptance and XXXX XXXX not me. She then asked, what is it that I wanted or my demands and I explain to her my demands thoroughly, pursuant to 12 CFR 1026.23 ( d ), nothing additional or nothing less than what the federal law requires when such law has been exercised. Instead of Credit Acceptance acknowledging federal law she informed me that this is the ONLY way for them to respond to this alleged right of rescission. ( By doing an investigation ). After XXXX made that statement, I informed XXXX that once a consumer exercise their right of rescind the security interest is automatically negated regardless of its status and whether or not it was recorded or perfected pursuant to 12 CFR 1026.23 ( d ) ( 1 ). Nothing else was mentioned about the right of rescission besides her stating this is our finding. 

This only leaves me with several questions about Credit Acceptance. Is Credit Acceptance exempt from Federal Law? Does Credit Acceptance not have to comply with federal regulations? Does Credit Acceptance not have to follow Truth-In-Lending Regulations Z? Is Credit Acceptance exempt from complying with the effect for rescission, pursuant to 12 CFR 1026.23 ( d ) ( 1 )? 
If all of those questions are NO, then why XXXX is making such statements to me that Credit Acceptance only way to respond to an alleged right of rescind is to do a thorough investigation.

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