Consumer complaint received 2022-11-14
Company: CREDIT ACCEPTANCE CORPORATION
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Denied request to lower payments

Complaint:
I purchased my vehicle on XX/XX/XXXX and financed it with Credit Acceptance Corporation, essentially right at the beginning of the pandemic. I financed {$16000.00} on a 51 month note at 23 % with my first payment due on XX/XX/XXXX. My monthly payment amount is {$510.00}. I made my first ( 3 ) payments timely ( XXXX - XX/XX/XXXX ) and fell a little behind in XXXX - XX/XX/XXXX, however, was able to catch my payments up entirely in XX/XX/XXXX. Throughout XXXX, I typically made payments in full or payments bi-weekly. Unfortunately, however, Credit Acceptance, is not accurately reporting my payment history on my credit. From XXXX, they did not report any information at all to my credit! It literally states " no data ''. XX/XX/XXXX reflects my payment made on-time, then beginning XXXX XXXX XXXX, which is what has been reported to date, it reflects my payments as not current. This is not accurate whatsoever. In XX/XX/XXXX, my wife and I both contracted XXXX and I was out of work for 3 weeks from XXXX. Then, on XX/XX/XXXX, I was diagnosed with XXXX and had to have XXXX to remove the XXXX on XX/XX/XXXX and was out of work for another two weeks ; through XX/XX/XXXX. I contacted Credit Acceptance about this situation and asked if I could obtain some sort of relief via a forbearance, deferment, etc. and I was advised that they were not offering any help whatsoever relative to XXXX relief. Who wouldn't be respectful to a national pandemic and offer some sort of relief? 

However, in XX/XX/XXXX, they had me set up weekly payments to auto draft every Friday in the amount of {$150.00}, over the next 6 months and advised me that once those 6 months arrangement was up, my account would be current, and they would report it as such. Mind you, {$150.00} weekly at 4 = {$600.00} / month and is {$83.00} more than what my monthly payment is at {$510.00}. The weekly payments have continued to be drafted from my bank account to date, yet my account status with my credit and according to their records reflect that I owe {$3700.00}, not including my upcoming payment, due XX/XX/XXXX. This would reflect that I am 7.25 months behind on my payments, despite making weekly payments of {$150.00} per week since XX/XX/XXXX, XXXX. Credit Acceptance is also reporting that my current payoff is {$14000.00}. If my payoff was {$14000.00}, that would reflect that I have only made 11 monthly payments on my vehicle since I purchased it 31 months ago. 31 months of a 51-month contract. Even going with the alleged 7.25 months behind on my payments, per their records, my current payoff would be {$11000.00}. There is absolutely no way I am 7+ months behind. I have not received a single statement from Credit Acceptance, EVER. I can not pull up my payment history on their website at all. And have no idea what my true status is! What are they hiding? 

Credit Acceptance is RUINING my credit. Not accurately tracking my payments and has horrible reviews by many customers! They have 1 star out of 5 stars on XXXX with 73 customers reviewed. 1.15 out of 5 stars with XXXX with 244 customers reviewed. Have had 737 complaints with the XXXX in the last 3 years! As well as 1.7 out of 5 stars with XXXX XXXX out of 101 reviews. With that many negative reviews, it can't all be the customers! This is not right and needs to be corrected before I lose my vehicle that I have invested so much money into, am paying 23 % interest on and have added {$10000.00} in upgrades to.

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