Consumer complaint received 2022-12-27
Company: CREDIT ACCEPTANCE CORPORATION
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
Me and My husband XXXX XXXX are victims of predatory lending by XXXX XXXX XXXX, XXXX and Credit Acceptance Corporation. XXXX XXXX XXXX, XXXX and Credit Acceptance Corporation capitalized on our lack of knowledge within the auto industry as it has done other minorities by offering higher interest loans and hidden fees. XXXX XXXX XXXX, XXXX XXXXXXXX XXXX, NJ XXXX and Credit Acceptance Corporation need to be investigated for their faulty practices with minorities and low income consumers. XXXX XXXX XXXX markets themselves as being quote " friendly and knowledgeable staff that will aid in finding the perfect price that fits the consumers budget '' I have provided an image from their website to prove their deceptive ways. XXXX XXXX XXXX, XXXX knew that me and my husband had just experienced XXXX 2 weeks XX/XX/XXXX prior to us receiving the car. The rep XXXX XXXX said that we can drive the car but to come back in 2 weeks on XX/XX/XXXX to sign the papers. The rep lied on the contract and said I was hired as self employed and that I made {$4100.00} to imply that it was a monthly gross income which is not true I made {$4000.00} that month and had been a real estate agent since the prior year XXXX. The rep placed me as the cosigner without explaining what I was signing, I thought I was signing up to also be an owner of the vehicle mind you it was late in the day and we were the only one 's there signing paperwork so there was a feeling of being rushed. The rep also put my husbands pay at {$2500.00} a month which was a lie. At the time my husband was working per diem for the XXXX XXXX which meant as needed he only went in when they needed him no set hours. This lead anyone who has the contract to believe that I made more than double the amount as my husband as the co-signer which I did not know that I was signing the paperwork to be a co-signer. We trusted XXXX XXXX XXXX, XXXX as being friendly which means trusted and knowledgeable which means they knew more but cared enough to take our situation into consideration. We did not want to pay more than {$10000.00} the van was advertised as {$9000.00} it was never explained to us that since we had low credits and a XXXX that the interest rate would be so high that we would be paying back around {$20000.00}. Credit Acceptance Corporation markets themselves off of being knowledgeable with educating consumers and helping build credit. Both companies are capitalizing off of low income communities which are mainly minorities that dont have the proper knowledge and rely on the sales professionals to handle their situations with care and ease. We were completely taken advantage of and this violates our rights as consumers. Credit Acceptance should have picked up these gaps in the contract but instead they were just as deceptive with hidden fees including tacking on fees and percentages that were supposed to be forgiven during Covid-19. After careful research I now know that we should have never been presented with a contract that we could not afford which all the professionals should have been aware of this is completely deceptive and should be brought to attention for corrective actions.

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