Consumer complaint received 2020-06-25
Company: CREDIT ACCEPTANCE CORPORATION
State: NY
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:
After buying the car in XX/XX/XXXX, I later found that the car had electrical malfunctions, dealer recalls and countless issues. In the summer of XXXX, a few months later the dealer replaced my battery because the electrical issue. In XXXX of XXXX, I decided with the above issues to trade in my car for a newer vehicle. In XX/XX/XXXX, I then applied for a new car loan at the dealership where I purchased the car, which allowed me to trade in the car. They gave me a conditional approval. I then returned to the dealership early XXXX with the deposit and conditions to finalize the approval. The dealership ran my credit a second time. It wasn't until I met with the finance manager I learned that the terms and conditions they gave me could not be upheld. THAT MEANT I WAS STUCK WITH THE CAR, WHICH WAS UPSIDE DOWN DUE TO SUBPRIME LENDING RATE, NEGATIVE EQUITY AND ITS VALUE BEING WELL BELOW THE LOAN AMOUNT. On XX/XX/XXXX, I called Credit Acceptance Corporation and advised them that I was requesting a voluntary repossession. I provided the location of the vehicle, which was the dealership that I purchased the XXXX XXXX XXXX and where the loan was originated. After confirming the information over the phone on the XXXX of XXXX, I was told that the car would be picked up. I called several times on the XXXX and XXXX of XXXX and they confirmed that the vehicle was in process of being picked up by the tow truck. The dealership, XXXX XXXX on XX/XX/XXXX asked that I come and drop off the vehicle 's keys because they had received confirmation that the vehicle was being picked up by Credit Acceptance. So I had good faith that everything was going to be taken care of as promised by Credit Acceptance. During the Covid pandemic, there was no communication by mail, electronically or phone by Credit Acceptance. Thereafter, in early XX/XX/XXXX I called Credit Acceptance after noticing on my credit report that the balance was increasing and reporting further delinquency. When I called I spoke to several representatives including a supervisor named XXXX on XX/XX/XXXX. She told me that the vehicle was scheduled to be picked up on XX/XX/XXXX and XX/XX/XXXX for whatever reason it wasn't. I did my due diligence and Credit Acceptance failed to do theirs. She told me that she will schedule a pick-up. Then I called again on XX/XX/XXXX to follow up and spoke to a XXXX with ID # XXXX. She said that a decision was made not to pick up the car, without any explanation. No explanation and wanted a full payment for the car. I then asked for a supervisor and she scheduled a call back. A supervisor named XXXX called me and then left a message. I called back and left a message for XXXX and asked for a return call. She never called me. So I called again on XX/XX/XXXX, and spoke to a rep. XXXX and confirmed my account information to file a complaint. I AM VERY DISAPPOINTED AND DISGUSTED that Credit Acceptance will be this negligent. In the meantime, my credit is continuously being adversely affected, which is can prevent me from getting employment, another car or residence post Covid-19. This is egregious and predatory that financial institutions can take advantage of a consumer in this way. I have had a loan with the Credit Acceptance in XXXX and paid it in full. I am a returning customer that has been treated very badly and unfairly due to circumstances outside of my control.

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