Consumer complaint received 2023-09-08
Company: CREDIT ACCEPTANCE CORPORATION
State: SC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Repossession
Sub-issue: Voluntary repossession

Complaint:
Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX  XXXX, Iowa XXXX Re : Request for Removal of Negative Credit Report Entry - Voluntary Repossession Dear CFPB, I hope this letter finds you in good health. I am writing to file a formal complaint and request your assistance in addressing a matter of utmost importance related to a negative credit report entry resulting from a voluntary repossession. This entry is currently impacting my financial wellbeing, and I believe it necessitates your attention and intervention. 

On XX/XX/2020 i had no choice but to voluntarily surrender my vehicle financed through Credit Acceptance due to financial hardship. The loan terms were originally structured in such a way that the car 's cost was unsustainable, making it impossible for me to meet the payments. The decision to voluntarily return the vehicle was made after thorough consideration of my financial situation and the implications of continuing the loan.

I would like to bring to your attention that Credit Acceptance has a history of predatory lending practices and has faced legal actions, including lawsuits by the CFPB and the New York Attorney General 's office. These lawsuits have accused Credit Acceptance of deliberately concealing vital auto loan information from borrowers, ultimately setting them up for failure. These actions are in direct violation of various consumer protection laws and U.S. Codes, including but not limited to : The Dodd-Frank Wall Street Reform and Consumer Protection Act, specifically Sections 1031 and 1036, which prohibit unfair, deceptive, and abusive acts and practices in consumer financial services.

The Truth in Lending Act ( TILA ), which mandates transparency in lending disclosures, ensuring borrowers are fully informed about the terms and costs of their loans.

The Fair Credit Reporting Act ( FCRA ), which governs the accuracy and fairness of credit reporting, and provides consumers with the right to dispute inaccurate information on their credit reports.

Considering the ongoing legal actions against Credit Acceptance and the fact that my voluntary repossession was a direct result of their questionable lending practices, I kindly request that you investigate this matter thoroughly and take the necessary steps to have the negative credit report entry related to this repossession removed from my credit history.

I believe that by taking action to rectify this situation, you would not only be safeguarding my rights as a consumer but also sending a strong message to lenders engaging in predatory practices that such behavior will not be tolerated.

I appreciate your attention to this matter and thank you for your dedication to consumer protection. I eagerly await a resolution to this issue and request prompt communication regarding the progress of my case..

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