Consumer complaint received 2020-05-08
Company: CREDIT ACCEPTANCE CORPORATION
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
On XX/XX/XXXX I filed a claim with my Insurer, XXXX, for storm related damages to the roof of my XXXX XXXX XXXX that is financed with Credit Acceptance Corporation. During the claims process I was advised that the check would include my name & Credit Acceptance Corporation name on it. 

On XX/XX/XXXX at XXXX I placed a call to XXXX for Credit Acceptance and the call lasted 9 Minutes 56 seconds. During this time, I spoke to a rep in their insurance department and advised I would NOT be repairing my vehicle and that I wanted the check to be applied as a principal payment to lower the loan balance as well as the daily interest I was paying. The representative provided me an email of XXXX to send the estimate of damages and the mailing address of XXXX XXXX XXXX XXXX XXXX, XXXX MI XXXX to send the check with my endorsed signature. 

On XX/XX/XXXX I called Credit Acceptance back at XXXX XXXX for a phone call lasting 7 Minutes 42 Seconds advising my adjuster informed me the payment after my {$100.00} deductible would be {$910.00}. I again advised that I was not going to repair the vehicle and that I wanted the payment applied as a principal ONLY payment to pay down the loan balance and lessen my daily interest. 

On XX/XX/XXXX I received the check from XXXX, signed it and went to my local XXXX XXXX to mail it. I paid {$11.00} to have the check expedited to Credit Acceptance Corporation so it could adequately reflect on my account as soon as possible. 

On XX/XX/XXXX I called Credit Acceptance Corporation for a phone call lasting 4 Minutes 50 seconds during which time I advised I had just mailed the check. I provided the representative in the insurance department with the XXXX tracking and AGAIN confirmed I wanted the check applied as a principal ONLY payment once received to lessen the balance of my loan as well as the daily interest. 

On XX/XX/XXXX Credit Acceptance received the check in their possession around XXXX according to the delivery confirmation with XXXX for tracking number # XXXX. I checked throughout the day and did not see my balance lessened. I assumed the system had a 24 hour cycle before it was updated. 

On XX/XX/XXXX I called Credit Acceptance Corporation for a call lasting 11 Minutes 55 Seconds. I advised the representative that the check was delivered on XX/XX/XXXX and still had not been applied to my loan as a principal only payment. The representative acted as if this was the first time hearing of my request. After putting me on quite an extended hold, she came back and advised she put a request to finance to have this updated. She advised it could take more than 3 business days for this to be resolved. 

On XX/XX/XXXX I logged into my account on CreditAcceptance.com and noticed that my current balance had been reduced, a payment POSTED on XX/XX/XXXX ( NOT XX/XX/XXXX WHEN THEY RECEIVED IT!!!!!!!! ) Was reflected for {$910.00}. The check also posted towards my XX/XX/XXXX bill. Prior to XX/XX/XXXX, XX/XX/XXXX showed a balance due of {$150.00} On XX/XX/XXXX I called Credit Acceptance and spoke with XXXX ( NOW I am saving the names of the reps! ) I requested a copy of my payment history from her to be emailed. Upon receiving this payment history, I noticed the the payment was not applied as a principal only payment and was not backdated to the date received. 

On XX/XX/XXXX I made a payment of {$150.00} which should have brought my principal balance down to {$5000.00}. The insurance check was received the same day, the principal should have been brought down to {$4100.00} and it should not have been applied towards any payments. With a 22.99 % interest rate, the daily rate on {$5000.00} is {$3.00} per day versus {$4100.00} which is {$2.00} per day. 

I have kept an XXXX spreadsheet of my loan balance since the day I purchased it. I used to work for XXXX XXXX XXXX XXXX as their insurance coordinator and would have never acted so negligently on behalf of one of our customers. I do not work at CAP, I should not have to invest this much energy ensuring their employees are handling my loan properly!

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