Consumer complaint received 2021-12-29
Company: CREDIT ACCEPTANCE CORPORATION
State: GA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
After 1 year of automatic payment deduction from my bank for my XXXX XXXX since day 1, looked into trading in the car for another one XX/XX/2020. Upon collecting my original signed documents of the Auto Contract Loan/IntrestRate/Fees/downpayment/billofsale, I noticed that it doesnt match what the Bank just said the payoff amount was! I thoroughly investigated my entire collection of documents and all my records of monthly bills from the first. The entire Loan Contract that I have had since the day I signed them in INK is completely different from the loan contract documents that both of the bank and also the car lots records and theirs are all digitally signed documents so I dont know what exactly they have but I did not sign their documents and definitely not anything digitally signed at that! My paperwork says that my loan amount is for {$6900.00} financed with a 28 % interest rate and my monthly payment was {$240.00} for 48 months. Car purchase price was {$10000.00} plus tax/tag/title became {$11000.00} my down payment was {$4500.00} making the remaining balance {$6900.00} which was the loan amount for financing. The banks documents say that the loan amount was for {$10000.00} with a 22.7 % interest rate and monthly payment for {$320.00} car Purchase price was {$13000.00} plus tax/tag/title became {$14000.00} then subtract my down payment of {$4500.00} leaving {$10000.00} which is the financed amount they have listed on their digital records! But on my first bill I got in mail for my first payment due has listed that {$320.00} payment total and then it lists my account total balance amount at {$15000.00}!!! I was unaware I had been paying more monthly since it was automatically deducted from my bank account and for an entire years worth of that higher amount I additionally paid for 4 payments $ XXXX due to the coronavirus auto payment deferral 3 months pushed back. They said I had to make those up for doing it and was required to pay {$400.00} for 4 months after the 3 months deferral! So basically according to my calculations I have paid for over the loan amount original total by now without calculating loan interest but it is not far from complete paid off if you go based off the original contract totals with the higher monthly payments {$86.00} over the original monthly totals. I have tried discussing this with both the bank as well as the dealership owner. Both refused to accept the original signed contract documents claiming that they were not even able to believe they had anything to do with them or anything else! I have now unfortunately gotten behind on my last 3-4 months of payments and I have no conclusion that it is something I could even get caught up on as they are doing nothing to help with payments and require me to pay the entire amount thats past due of over $ XXXX with late fees and all! Otherwise theyre threatening daily to repossess the car!! Luckily theyve not been out yet to repo as they wouldnt even be able to get the car anyway as its in a million pieces having the motor rebuilt after blown major mechanical failures. Currently having the timing chain replaced/head rebuilt/balance shafts & sprocket replacements as well as also Water pump replacement!! Please help me resolve this fraudulent auto loan so I can get a better loan with lower interest rates for another car to get credit history building for the GOAL of First Time Home ownership mortgage!! I can provide you all documentation proving this. The Lender is Credit Acceptance Corp, they were recently sued for this exact type of thing in a Class Action Settlement but its just for the state the bank is located in. The dealership is XXXX XXXX located in XXXX GA. Both the bank and the seller are definitely in together with this fraudulent situation, and its not just myself claiming that they are either! XXXX the dealership you can see several people that have left reviews claiming that they stole their down payments and more!!!

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