Consumer complaint received 2021-10-04
Company: CREDIT ACCEPTANCE CORPORATION
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
My name is XXXX XXXX, I'm submitting this complaint on the behalf of XXXX XXXX XXXX XXXX XXXX. On XX/XX/XXXX I XXXX XXXX went down to a car dealership un the XXXX called XXXX XXXX at XXXX XXXX XXXX. I went down there because I needed a automobile & I had a coupon for {$1500.00} that the dealership put with my down payment of {$1200.00}. I was told I would need a cosigner & I asked my brother XXXX XXXX to be my cosigner & he sad yes & they asked him to send his information to a XXXX XXXX email & he did. XXXX XXXX comes into the mix by saying if you need another cosigner for her I'll give you my information & they put his name down on the intake form. XXXX XXXX the sales guy said that the car we have is a XXXX XXXX XXXX & I was like I prefer the XXXX XXXX he said we will work on that. So the loan officer came back to myself & XXXX XXXX & said this is going to be a 3 person car loan from this company called Credit Acceptance they help ppl with bad credit build it up, so I was like cool we all need to build our credit score. They said to me you can put the insurance on the XXXX XXXX XXXX & I was like what about the XXXX XXXX that's the car I came down here for. They was like you start with this car & in three months you can come back down & refinance the loan & get a different car, but you have to make payments on time. So myself & XXXX XXXX signed the paperwork they gave us & said they will have XXXX XXXX XXXX out to XXXX XXXX & have him sign his papers & after that is done we will mail you the copies. So 3 or 4 weeks passed & the car note bill came in the mail with XXXX XXXX name on it & he was like why is this car in my name I don't have a drivers license or money to make payments or pay the insurance. He calls Credit acceptance and told them what is this he said to them he didn't sign to be owner he signed to be cosigner. They mad XXXX XXXX the owner & my brother XXXX XXXX the cosigner & I wasn't on anything but the registration, insurance & the one making the payments not getting anything they said. I'm mad because the loan officer from Credit Acceptance approved this loan on false pretenses. They said they approved the loan cuz it stated he is self employed as a driver making a extra {$1900.00} a month with out documentation & XXXX submitted to them his SOCIAL SECURITY AWARD LETTER saying he only gets {$800.00} a month. They took my brother XXXX birthday & ss # and forged a signature & signed it as XXXX XXXX. The loan company didn't verify any information that was sent to them from XXXX XXXX XXXX I blame them cause nothing adds up & that loan shouldn't have happen. They refuse to address the issue all they can say is you signed it so deal with it.But they approved it and didn't verify anything so that makes them at fault also. I'm gon na send some documents that can support some fraudulent actives

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