Consumer complaint received 2017-12-04
Company: CREDIT ACCEPTANCE CORPORATION
State: MI
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Denied request to lower payments

Complaint:
In XXXX XXXX XXXX, I purchased a car ( XXXX XXXX XXXX XXXX-year XXXX ). I bough the car to the dealer XXXX XXXX, company located in XXXX XXXX XXXX XXXX XXXX, MI XXXX. They also processed the loan for me to purchase the vehicle with Credit Acceptance, company located in XXXX XXXX XXXX XXXX XXXX. XXXX, MI XXXX. 

Below I will explain step by step the process from the purchase of the vehicle until now. 

1. XXXX XXXX sold me a vehicle above the commercial value. The value of the car in the market is {$4500.00} dollars and they sold it to me in {$9700.00} dollars plus {$5700.00} dollars of finance Charge for a total of {$15000.00} dollars.

2. XXXX XXXX transact the loan for that car with Credit Acceptance where the monthly fees of the vehicle were going to be 60 % of my monthly income. At that time I agreed to those payments only for 2 reasons.

-They assured me that after making 3 payments or in 3 months I was going to be able to refinance the debt and my monthly payment would go down drastically. 
-And the other reason was because at that time I lived in a relative 's house and practically I did not have to many financial responsibilities. 

The problem began when at 3 months I tried to refinance the vehicle. 

The first option of course was Credit Acceptance where from the beginning they refused to help me. I insisted several times but they completely refused to change the terms of the loan.

I try to refinance with almost all the financial companies in the market and all refused to refinance the car. The main reason is that my debt with Credit Acceptance was much more of the cars value, refinance the car would be completely impossible, of course it would also be impossible to continue with monthly payments of {$300.00} dollars when my monthly salary was {$600.00} dollars. This situation has brought me tears, health problems because this has overwhelmed me with XXXX. 

In conclusion this case led me to talk with the owner of a car dealer who gave me his advice. 
The first thing he said to me is that the Company XXXX XXXX and the Company Credit Acceptance had to do something strange or illegal to qualify me for that credit, since with my monthly income it was not possible to qualify someone for the purchase of that vehicle. This is the worst part of this situation because if they made something illegal to qualify me we are talking about something very serious. 

This situation has also affected my credit score. And another thing that I wanted to mention is the Interest Rate that the company Credit Acceptance charged to me and all the Finance Charge. 

I would like to make clear that at the time of the purchased of the vehicle I did not check anything because I was innocently focused on having a car and also because of ignorance of the procedures. 

Currently, my son and I moved to an apartment and of course it is impossible for me to pay that monthly payment. As a single mother I fight hard everyday to get my XXXX XXXX XXXX son out and this situation has affected us to much. 

I believe that what these two companies have done with me is totally unfair and illegal, therefore I demand justice and I request applied all the law strongly to these 2 companies and I additional for me an indemnity for damages.

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