Consumer complaint received 2023-02-21
Company: Bridgecrest Acceptance Corporation
State: CO
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Lender trying to repossess or disable the vehicle

Complaint:
On XX/XX/XXXX my son had found a car through XXXX XXXX. It was a XXXX XXXX XXXX. He wasnt able to qualify for a loan on his own so I got the loan in my name. We inquired about the vehicle and had a few email exchanges. The XXXX XXXX salesperson had emailed over the finance terms to us! The interest rates alone would cost almost double what the car was worth in the end. We informed XXXX the terms were not good and we were going to pass. He emailed back saying because of my credit score the interest rates would be higher but the good news is that with the lender Bridgecrest which is also XXXX XXXX, if we made on time payments for 6 months the company would give us better terms for the loan. Or I could refinance with a lender of my choosing! In the end we thought 6 months wasnt that long and agreed. The car they sold us was defective. Within 35 days of owning it, the car was disabled and required {$4300.00} out of pocket to get working again! XXXX XXXX refereed us to the warranty we purchased and they didnt cover the repairs! Since XX/XX/XXXX the total out of pocket cost for repairs to keep this car running has been {$11000.00}. None of the repairs were covered by the warranty and it was a total of 5 times I was without my car for over a month! This past time it was being serviced for 3 months! XXXX XXXX passes the buck and offer no real solution! The repairs on the car have been major repairs that affected the safety of the car. To think a warranty wouldnt cover it is insane and a representative from XXXXXXXX XXXX told me in her exact words we dont pull out and check every nut and bolt given the safety of the car with the Suspension and engine, they should check it. XXXX XXXX refused to take the car back because it was over the return time and Bridgecrest says I could voluntarily surrender it, but I would be responsible for the balance left over on the loan! So Im sold a defective car, and I should ruin my credit to get out of it and they take no accountability! Thats my options. The car is worth {$8300.00} XXXX XXXX XXXX XXXX and Ive paid that much already in payments! But having to pay {$11000.00} Ive fallen behind on the payments! Hoping given all the circumstances they would work with me on the Payments but they didnt and they put my car in for repossession. Bridgecrest is a predatory lender! For two reasons! When the 6 month mark hit with all on time payments! I reached out to Bridgecrest to negotiate the terms, and they told me they do not do that at all. I agreed to the loan because of deceptive practices by the dealership and two Ive paid {$8700.00} in payments {$370.00} in fees and I still owe {$17000.00} on the loan with interest still accumulating. They are trying to get 3x the value of the car from me. They wont help in any way with suspension of payments, no one will refinance the loan because the loan to value ratio is so high. They need to be held accountable for what they do.

Company response to consumer: Closed with explanation