Consumer complaint received 2018-08-14
Company: CREDIT ACCEPTANCE CORPORATION
State: IN
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Confusing or misleading advertising or marketing

Complaint:
Hello, Id like to file a complaint with XXXX XXXX XXXX XXXX XXXX, along with Credit Acceptance Corporation. 

On XX/XX/XXXX I started a new car loan on a XXXX XXXX XXXX. My amount financed was {$16000.00}. I was rushed through the process of buying a car, as me and my co-signer were not allowed to read what we were ( electronically ) signing. ( we were only allowed to check boxes. ) Our dealer offered brief explanations, but said we could not read it as it needed to be signed electronically before being printed out. 

We were told I was going to have a 15 % interest rate by the salesmen, as the only creditor that would finance me was Credit Acceptance Corporation. 
After signing all the paperwork and going home, I was reviewing the paperwork a few days later and saw my interest rate was 22.9 %. My total amount I have to pay back is {$29000.00} for my car. 

This information was not disclosed to me, I was not allowed to read it. I went back to the car lot to try to return my car, as there is a paper I signed for the fees of a cancelled car deal. Prior to going there, I called credit acceptance to see about canceling the deal. They said it was an option, and it was up to the dealer if I could cancel the deal. I went to the dealership ready to pay these ludicrous fees so I wouldnt be trapped in this loan. When I got there, the dealer coincidentally couldnt get ahold of credit acceptance to verify that I could cancel a deal. ( Although credit acceptance said I could cancel it. ) It got to the point where the salesmen, along with his fellow salesmen, were screaming at me and my mother and refusing to take my car back. They were literally in our face, yelling. After things calmed down, he told me I can refinance in 6 months and my interest rate will go down, along with my loan length. 

After a year of making payments on time in hopes of refinancing, I find out I will never be able to refinance. My payoff is still XXXX dollars. My car isnt even worth {$9000.00}. I was not offered gap insurance. 
If I follow my payment schedule, I will still be paying {$22000.00} until my loan is over. 
The dealer also falsified my down payment amount, to make me eligible for a extended warranty which I also had to pay for. 

Since I am unable to refinance my loan, I am unable to get out of my loan. If the information was disclosed properly, I would have never put myself in this situation. 
XXXX XXXX XXXX XXXX XXXX, but more importantly Credit Acceptance Corporation are designed to rush the car buying process, and the target people who are unaware. They also do not disclose that you barely pay any of the principal of your loan, and almost all interest until the end of your 66 month loan. There is not an option to pay extra towards the principal of your loan. Its a shady creditor for shady dealerships. On the dealer section of Credit Acceptance website, it tells them they will finance anyone. None of the information I was told, lined up with information I signed for. We were deceived, and taken advantage of. Im trapped between a rock and a hard place. 

I also just read on my paperwork for when I received my car, that I had the right to return the vehicle to the dealer if I did not receive a certificate of title within 31 days. ( It is a dealer title affidavit, will provide signed copy. ) I have yet to receive one, as after them blowing up on me and my mother we have not been in contact.

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