Consumer complaint received 2018-04-30
Company: CREDIT ACCEPTANCE CORPORATION
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
On XX/XX/XXXX, I purchased a XX/XX/XXXX XXXX XXXX ( VIN : XXXX ) in XXXX, NY at XXXX XXXX XXXX. The list price was {$10000.00}. I put down {$4500.00} in cash and traded in a grey XX/XX/XXXX XXXX XXXX valued at {$500.00}. 

I was told that because of my credit, my total finance amount would be {$17000.00} and that I was approved. At the time I was leaving an abusive marriage, and desperately needed a vehicle my husband at the time could not recognize. My payment was set at {$480.00} month. I was told that this was due to finance charges but once I paid the {$17000.00}, Id own the vehicle. 


Since then my vehicle has been repod four times for late payment with additional fees, which Credit Acceptance said could be paid over one year at $ XXXX/monthly instead of $ XXXX/monthly. The first repossession took place after informing the company Id need an additional two weeks to pay due to being off from work for a month ( illness ). The last three repossessions occurred after informing the company that I was out on XXXX for over a year and fell behind. I was unable to make two payments of {$480.00} a month to catch up, which would mean paying {$970.00} a month. Id pay the standard {$480.00} but that did not stop my vehicle from being taken. 

I recently returned to work and informed Credit Acceptance of this. My vehicle was last taken on XX/XX/XXXX. It was a nightmare. I am a XXXX employee and almost lost my job because I was unable to get to work. I reside in XXXX, NY but work an hour and a half away in XXXX XXXX, NY. I was told that I needed to submit another standard {$480.00} payment in XX/XX/XXXX. I paid {$370.00} initially which was {$110.00} short and then submitted a payment of {$500.00} after Credit Acceptance threatened to pick my car up and auction it. 

I was told that it wasnt enough and canceled that payment, because I literally did not have anymore money to give to them for the month of XX/XX/XXXX. My vehicle was repossessed and I was told Id need to pay the total remaining {$8700.00} balance and I could have my vehicle. I then told the representative that if I couldnt make two payment of $ XXXX/monthly then I certainly couldnt pay the {$8000.00} to get the vehicle back and told them they could keep the car. I initially did not think the vehicle was repod because when the company claimed they picked the car up, it was still where I had left it. They failed to report the repo to the local police department. 

The representative then informed that Ive already paid {$25000.00} in to this vehicle ; however the vehicle was initially $ XXXX and jumped to nearly XXXX. I dont understand why Im still paying for a car that shouldve been paid off. Credit Acceptance told me to take it up with the dealership but they have since closed. 

All of a sudden I was told that I could pay {$740.00} to get the car back. I was in a rental at the time and agreed as I desperately needed to be able to get to work ( I work in the field ). I picked up my vehicle after sending them the payment via XXXX XXXX. My vehicle was more than an hour from where I live which cost me even more money. 

I have one year left to pay the new monthly payment of {$500.00}. Please assist, as I have already paid for this vehicle. I was only given the documents I signed and have attached them to the complaint. I was advised by my union that I could secure an attorney through them for this matter, as it appears that something fraudulent took place.

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