Consumer complaint received 2023-09-21
Company: American Credit Acceptance, LLC
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with fees charged

Complaint:
[ Your Name ] [ Your Address ] [ City, State, Zip Code ] [ Email Address ] [ Phone Number ] [ Date ] Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXXXXXX XXXX XXXXXXXX, Iowa XXXX [ Attorney General 's Office for Your State ] [ Address ] [ City, State, Zip Code ] Re : Formal Complaint Against American Credit Acceptance for Predatory Lending Practices Dear Sir/Madam , I am writing to file a formal complaint against American Credit Acceptance ( ACA ) for what I believe to be predatory lending practices that have adversely affected my financial well-being. It has come to my attention that my situation may not be isolated, and I am deeply concerned about the potential harm that ACA 's practices may be causing to other consumers. 

My account details with ACA are as follows : - Account Number : XXXX XXXX - Vehicle : XXXX XXXX - Original Loan Amount : Approximately {$15000.00} - Monthly Payment : {$350.00} - Number of Payments Made : 39 - Outstanding Balance : Approximately {$14000.00} I initiated this auto loan over five years ago with ACA, and despite making 39 monthly payments of {$350.00} each, I find myself in a perplexing situation where my outstanding balance remains nearly identical to the original loan amount. This has raised significant questions about the legitimacy of ACA 's lending practices and the allocation of my payments. 

Furthermore, I have learned that during the course of my loan, ACA may have engaged in similar practices with other consumers. This concerns me greatly, as it indicates a potential pattern of predatory lending behavior that could be harming numerous individuals. 

I am formally requesting the following actions : 1.Comprehensive Investigation I urge the CFPB and the Attorney General 's office to conduct a thorough investigation into ACA 's lending practices, specifically in cases similar to mine, where consumers have made numerous payments without seeing a substantial reduction in their loan balances. 

2 Transparency and Accountability I request that ACA be held accountable for its lending practices and that it provides a detailed account statement that clarifies how my payments have been applied. I believe this will reveal whether predatory practices are involved. 

3.Protection for Consumers It is my hope that through this investigation, consumers who have been affected by predatory lending practices can receive the assistance and protection they deserve. 

I am aware of the importance of consumer protection and fair lending practices, and I believe that my case highlights potential violations in this regard. I kindly request that both the CFPB and the Attorney General 's office thoroughly investigate my complaint and take appropriate actions to address any predatory lending practices that may be affecting consumers. 

I appreciate your attention to this matter and look forward to a prompt resolution that ensures the fair treatment of consumers in their financial transactions. 

Please feel free to contact me at ( XXXX ) XXXX or XXXX if you require any further information or documentation related to my complaint. 

Thank you for your assistance in addressing this issue. This needs to stop 200 % plus of what i was finance for. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation