Consumer complaint received 2023-01-16
Company: CREDIT ACCEPTANCE CORPORATION
State: MD
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with the interest rate

Complaint:
Now comes XXXX XXXX, pursuant to the underlying case as to the Consumer Financial Protection Bureau v. Credit Acceptance Corporation, Case No. XXXX XXXX, XXXX. The CFPB, XXXX XXXX, has brought action against CAC for obscuring the true cost of its loans to its car buying customers and cutting back room deals with its affiliate car dealerships to increase their profits. XXXX XXXX asserts that he was and currently is a recipient of these unlawful acts committed by CAC and files this complaint while adding the XXXX XXXX XXXX. As CFPB 's suit asserts regarding CAC 's New York customers, XXXX XXXX is asserting the same happening to him in Maryland with three retail installment loans, two priors and one current. The first one was a XXXX XXXX XXXX sold by XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX, XXXX ; APR 22.99 %, Finance charge {$5100.00}, Amount financed {$8800.00}, Total of payments, {$14000.00}, Total sales price $ XXXX {$15000.00}, Payments {$400.00} @ XXXX payments beginning XX/XX/XXXX. Second contract, XXXX XXXX XXXX sold by XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, XXXXXXXX XXXX ; APR 22.99 %, Finance charge, {$12000.00}, Amount financed {$15000.00}, Total of payments {$27000.00}, Total sales price $ XXXX {$29000.00}, Payments {$420.00} @ XXXX payments beginning XX/XX/XXXX. And currently, XXXX XXXX XXXX sold by XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Note : a XXXX search says this company is temporarily closed ; moreover APR 22.99 %, Finance charge {$10000.00}, Amount financed {$14000.00}, Total payments {$25000.00}, Total sales price # XXXX {$27000.00}, Payments {$410.00} @ XXXX, XX/XX/XXXX, XXXX all three contracts had XXXX XXXX XXXX  connected who did not honor their part of the contract. For example when XXXX XXXX 's current car needed his motor replaced which was totally covered by them, but they made him pay {$3000.00} and they paid the rest. This was money he did not have but had to borrow. However the results of these actions is nothing but fraud of contract which made and is making XXXX XXXX pay exorbitant cost for vehicle ( s ) beyond the dealership price and value. Moreover, CAC is making additional undisclosed money between the finance and credit sections beyond XXXX XXXX affordability thereby increasing their profits. This action violates Maryland 's usury laws. And again CAC is still doing it as XXXX XXXX continues to pay them a weekly {$120.00} toward his {$410.00} monthly payment. As a result of CAC 's fraud and deceit and other illegalities, XXXX XXXX seeks monetary relief of XXXX XXXX dollars for disgorgement of unjust gains they made and is making from all three of his Installment contracts. Additionally, he seeks to only pay the dealership cost of his current vehicle of {$10.00} and put the {$3000.00} deposit toward it which results in a balance of {$7000.00} owed and decrease his payments accordingly. Respectfully Submitted.

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