Consumer complaint received 2023-09-08
Company: CREDIT ACCEPTANCE CORPORATION
State: NJ
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
Attorney General Case # XXXX XXXX Credit Acceptance Corporation Account XXXX XXXX XXXX is of the essence our vehicle was repossessed last Thursday XX/XX/XXXX between the hours of XXXX a.m. XXXX a.m. This is despite me and my husband making official complaints to Credit Acceptance via the CFPB, BBB, Attorney General 's Office etc. It is clear from the payment ledger that the payments are applied to the account incorrectly and the balance has been inflated throughout the payment history without a viable reasoning for doing so. Credit Acceptance advised in a reply through the Attorney General XXXX XXXX XXXX Consumer Affairs that the late fees were forgiven from our account starting when the account first went into XXXX protected status which they noted as being XX/XX/XXXX which is incorrect. The actual date the account retroactively went into XXXX protected status was XXXX XXXX Credit Acceptance advised back in XX/XX/XXXX that they would place our account in XXXX protected status but never did and multiple complaints via phone and a complaint through the XXXX. Credit Acceptance apologized, advising it was an error on their end and corrected the payment history from XX/XX/XXXX to XX/XX/XXXX to reflect a XXXX protected status but reported our account as late on our credit reports and did not forgive the late fees as they stated. This has caused our family pain and aggravation. Please help us before Credit Acceptance obtains an unlawful judgement that our balance and payment history is incorrect. This has been challenged for over 3 years and Credit Acceptance has done nothing but continue to not apply payments correctly and hike up our balance. They are currently demanding {$800.00} to release the vehicle from repossession before XX/XX/XXXX or else they advised it will be permanent and they will obtain a judgement to garnish our wages. They have caused my husband to lose out on his wages from not having adequate transportation. It has been over 3 years.Credit Acceptance violated TILA Regulation Z Truth and lending Act by participating in predatory lending alongside auto sales company XXXX XXXX. Credit Acceptance bribed XXXX XXXX to practice deceptive practices in turn for incentives which is against the law and also against my rights. Each violation is subject to both companies having to pay. Me and my husband purchased a vehicle from XXXX XXXX XXXX XXXX. back on XX/XX/XXXX at the time we did not have an understanding of the cost of credit " finance charge '' for the loan. We expressed that the XXXX was a good deal because we would only be paying around {$9900.00} which should've prompted the XXXX to explain the charge of borrowing money since the full cost of credit was not displayed on the window of the car. XXXX XXXX only advertised the cash cost which was {$10000.00}. This was completely deceptive ; we did not know what finance charge meant and were deceived into purchasing a vehicle that XXXX XXXX XXXX XXXX and Credit Acceptance knew we could not afford. When asked about our jobs I explained to the salesman that I did not have a regularly paying job for 8 months. I was out of work and XXXX happened to be the month that closed my XXXX and only deal making {$4100.00}. The salesman asked me to still provide proof of that check so I did. He took the check and fabricated a lie saying that I make that amount monthly. He also put me down as the co-signer without my knowledge, yes I know there were signatures but it was late in the day and we were being rushed to fill out paperwork and the salesman never explained that I would be signing as the co-signer. My husband advised that he had a per diem job the salesman asked more than once what a per diem job was my husband explained in detail that it's similar to an on-call position so there are no set hours but he works a least XXXX hours a day but the salesman put my husband down as having a monthly income of {$2500.00}. The salesman also knew that we had a bankruptcy a month ago on XX/XX/XXXX and that our XXXX XXXX - XXXX knowledge of money and financing was poor. All of this should have been reg flags to explain verbally what we are getting ourselves into but that was never done instead the salesman was deceitful placing our APR at the highest rate possible and packing on accessories/improvements and XXXX unnecessary warranties that caused the cost of credit to go up. XXXX XXXX XXXX XXXX received incentives from Credit Acceptance for originating a loan that had a probability of me and my husband not being able to pay it back. Since then Credit Acceptance has acknowledged their wrongdoing in regards to our credit report and agreed not to mark our credit report as late with no end date on the document which means indefinitely. My husband 's credit still has late charges dating back all the way to XXXX and I have late charges for a year straight Right now Credit Acceptance has marked me as late for a from XX/XX/XXXX to XX/XX/XXXX. Here is a previous complaint with all the numbers. We are paying 22.99 % percent, {$390.00} a month for a used XXXX XXXX XXXX that at the time had XXXX miles. When we brought it at the dealership we remember it saying {$9900.00}. We put down {$1000.00} and we still have to pay {$390.00} for XXXX payments. After reading complaint after complaint regarding Credit Acceptance from its customers as well as seeing that they have been sued by Mississippi and had to pay for their deceptive practices and also with New York Attorney General and CFPB for misleading consumers into loans they could not afford by practicing churning and deceptive loans. We also believe that we were wronged. Our loan is 51 months, and the interest has made the car over {$4600.00} dollars more than the value of the car {$4400.00}. We have already paid {$11000.00} which is more than the cost of the price on the car {$9900.00}. We feel misled putting down {$1000.00} still having to pay {$20000.00} for XXXX payments. And how a car that is {$4400.00} blue book value ended up being financed with a total cost {$21000.00} and We are stuck with this loan for a long time. I always thought this loan was confusing and complex with contracts hidden inside of the contract with a financed charge for each contract XXXX XXXX which is a warranty contract for {$1600.00} with a term of 24 months and WYNNs Gap {$1100.00} for 51 months are XXXX contracts hidden within a contract which makes this a complex contract that can not be understood by the common consumer. It took us years to understand our contract alone and we still dont fully understand it but we know we have been misled. But it seems like my XXXX has barely gone down even though we have paid {$11000.00}, almost 3 times the actual value of the car. I reached out to the New York XXXX XXXX who is currently suing Credit Acceptance Corporation along with the Consumer Financial Protection Bureau. I have complained several times without a real resolution and fear that Credit Acceptance Corporation will not really investigate our case but just throw out what we are saying just like they have dismissed us in the past. We would like someone else to reevaluate this loan. Credit Acceptance Corporation has destroyed our credit and we are currently unable to get a home for our family because of it.

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