Consumer complaint received 2022-09-08
Company: CREDIT ACCEPTANCE CORPORATION
State: AL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with fees charged

Complaint:
Me ( XXXX XXXX ) and my husband are victims of predatory lending. We financed our XXXX XXXX XXXX back on XX/XX/XXXX through Credit Acceptance a month after our bankruptcy was discharged. Both the dealership XXXX XXXX XXXX and Credit Acceptance were aware of the bankruptcy because we told them plus it was on our credit reports. The price of the vehicle, and Credit Acceptance expert knowledge of knowing statically we would not be able to pay the loan back and loan terms are grounds for predatory lending plus the odometer disclosure is not filled out which is a federal crime this is a fraudulent contract. The cost of the loan totaled {$21000.00} even though the sales ticket priced advertised XXXX XXXX XXXX was {$9900.00} which is {$11000.00} more than what we thought we were buying the car for. Credit Acceptance pulled both me and my husband 's credit one month after we filed for bankruptcy. My husband at the time was working per diem meaning whenever his job needed him with no set hours XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX which is deceptive, both me and my husband explained this to XXXX XXXX XXXX. The way this contract is written and for Credit Acceptance to accept and approve this loan is faulty practices. It is my belief that credit acceptance approves loans that they know consumers will default on in an effort to reprocesses and profit off of a resale. At the time of the contract we trusted the car dealership agent as well as Credit Acceptance as experts in their realm of practice. I will say this again, Credit Acceptance knew that my husband 's job status was per diem ( no guaranteed hours at his place of employment at the time of purchase XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Our bankruptcy was discharged XXXX  XX/XX/XXXX a month before the purchase date. Which was strategically done because we went to the car dealership XXXX XXXX XXXX XXXX weeks after the bankruptcy with both Credit Acceptance and XXXX XXXX XXXX knowing we had a bankruptcy 2 weeks prior and they gave us the car to drive home that day and asked us to come back 2 weeks later on XX/XX/XXXX without explaining why. Today we understand that we were victims of deceptive, abusive practices and suffer from predatory lending. Credit Acceptance provided an over priced loan, Sticker Price on XXXX was {$9900.00} which motivated us to buy not knowing of all the hidden fees from Credit Acceptance. Predatory lending practices, broadly defined, are the fraudulent, deceptive, and unfair tactics used to dupe us into a car loan that we can't afford. Burdened with high car debt, we are straining just to keep up the monthly payments and Credit Acceptance is unwillingly to forgive debt even though they are experts in the lending industry and knew statistically that we would not be able to make off our car loan. This is unfair and deceptive marketing practices, and we deserve restitution as customers. This is a violation of our rights 15 us code 45c states ( b ) Enforcement by the Federal Trade Commission ( 1 ) Unfair or deceptive acts or practices A violation of subsection ( a ) shall be treated as a violation of a rule defining an unfair or a deceptive act or practice under section 18 ( a ) ( 1 ) ( B ) of the Federal Trade Commission Act ( 15 U.S.C. 57a ( a ) ( 1 ) ( B ) ). The Odometer Disclosure Statement is not filled out although in Credit Acceptance last response via CFPB they stated that everything was completely filled out. At the time we just came out of a bankruptcy and did not read through the contract putting full confidence in what we thought were company 's with ethical practices especially since we did not understand the contract the same way that the Car Dealership and Credit Acceptance does. I was accepted as a co-signer even though both me and my husband just went through a bankruptcy and my husband made way more than me that year XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XX/XX/XXXX. Furthermore Credit Acceptance did not place me and my husband in their Covid Protection Program and kept us struggling to pay the car throughout the pandemic from XXXX to XXXX for me and my husband 's credit is still not covid protected. This has made it hard for me to establish any type of residency since we struggled to make payments each month and were unable to establish any type of housing because of bad payment history. I got behind on all of my other bills trying to keep up with Credit Acceptance payments for a loan that should have never been originated in the first place. Credit Acceptance finally placed me in their Covid protection program but still reported to credit agencies that that the history reported was accurate per XXXX response on XX/XX/XXXX. XXXX stated that they reached out to credit acceptance who advised that the past due history was correct and accurate even though Credit Acceptance told me in a response from the CFPB that they inadvertently removed my account from their covid protected status. I noticed that the three credit agencies were still reporting a negative payment history long after Credit Acceptance agreed to fix the 2 year discrepancy. I disputed with the three credit agencies and Credit Acceptance. Credit Acceptance responded that " Unfortunately they can not control when the credit bureaus will process and report our updates '' ( The document with this response is provided ) XXXX responded to my dispute stating that they reached out to Credit Acceptance who advised them that the account is to remain as is that was back on XX/XX/XXXX per the CFPB investigation number XXXX. I had to provide follow up with another dispute with XXXX and provide evidence of credit acceptance stating that they will put me in the covid protected status in order to get my credit report payment history updated to a protected status. Credit Acceptance has been completely deceptive to me and my husband with my husband payment history still not covid protected. Credit Acceptance needs to be shutdown for deceiving it's consumers.

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