Consumer complaint received 2021-07-13
Company: CREDIT ACCEPTANCE CORPORATION
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Denied request to lower payments

Complaint:
I got sold into this loan and did not really understand the loan. I was told by the representative that I could refinance in a year which on my credit report it shows I was in good standing, but they make it impossible for you to do that. I did not understand how much of a predatory loan it was. My car started to break down shortly after I bought it and the wrong size battery was put in the car which in time causes more problems. I contacted a company about refinancing the loan and they said that credit acceptance sold me the car for way more than it was worth and that i would have to pay the difference of {$7000.00} before I could refinance the loan. I was told that during covid they put me on disaster relief which put my payments on hold but then I see that they put a mark on my credit for more than 150 days late after I told them I was refinancing the loan with someone else. Due to them doing this I was not able to refinance. Everytime I try to pay online it tells me I can not pay online due to past due balance so I am forced to pay with a representative which they charge you to pay over the phone. Usually the representatives are rude and do not want to give you any payment options they just want to take the car. i bought this car a couple years ago at {$14000.00} and now I still owe {$11000.00}. I asked for copies of my payments and other paperwork showing how much I paid and how much I still owe because that information is not online and I was denied. When you tell them you are financially not able to make the payments they ask you why and then they want to put you on a payment plan that is even more than what you pay monthly. I pay XXXX a month and fell behind on bills. My only options are to pay {$400.00} to start the payment agreement and {$300.00} everytime i get paid. So they want to me to pay {$1000.00} a month roughly when I expressed I am in a financial hardship. I would of been happier spending {$6000.00} on this car as there is one down my street selling for that much but instead if I am not able to pay this car loan off within 6 years I will have paid {$23000.00}. I would be okay with this if I had a newer car and paid {$400.00} for. That is not what I am paying for. I have a 2014 chevy cruze. I tried tp trade this car in fopr another car and the delaership told me that I should have never signed a car loan through credit acceptance because it ruins peoples credit and now that is exactly what I am dealing with. I have XXXX children and another one on the way so you could imagine how hard it is going to be for me to have a XXXX XXXX with XXXX kids but now I feel like there is absolutely nothing I can do and on top of that credit acceptance ruined my chances of getting a home because of the damage that has been done to my credit. I have been very communitive with them on my financial hardships and am left to suffer with the fact that I was sold into such a bad company that does not care at all for their customers.

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