Consumer complaint received 2020-01-27
Company: CREDIT ACCEPTANCE CORPORATION
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
This is a complaint for violating several Florida Statutes and demand for damages. The loan is usurious, as I have been charged an Annual Percentage Rate ( APR ) of over 18.49 %, which violates Florida Statute 687 INTEREST AND USURY ; LENDING PRACTICES : F.S. 687.02 ( 1 ) All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious. However, if such loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds {$500000.00} in amount or value, then no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s. 687.071.

F.S. 687.03 ( 2 ) Except as provided herein, it shall be usury and unlawful for any person, or for any agent, officer, or other representative of any person, to reserve, charge, or take for any loan, advance of money, line of credit, forbearance to enforce the collection of any sum of money, or other obligation a rate of interest greater than the equivalent of 18 percent per annum simple interest, either directly or indirectly, by way of commission for advances, discounts, or exchange, or by any contract, contrivance, or device whatever whereby the debtor is required or obligated to pay a sum of money greater than the actual principal sum received, together with interest at the rate of the equivalent of 18 percent per annum simple interest. However, if any loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds {$500000.00} in amount or value, it shall not be usury or unlawful to reserve, charge, or take interest thereon unless the rate of interest exceeds the rate prescribed in s. 687.071.

F.S. 687.147Actions for damages : ( 1 ) Any borrower injured by a violation of this act may bring an action for recovery of damages. Judgment shall be entered for actual damages, but in no case less than the amount paid by the borrower to the loan broker, plus reasonable attorneys fees and costs. An award may also be entered for punitive damages.

( 2 ) Any borrower injured by a violation of this act may bring an action against the surety bond or trust account, if any, of the loan broker.

( 3 ) The remedies provided under this act are in addition to any other procedures or remedies for any violation or conduct provided for in any other law. 

The letter from your company dated XX/XX/2017 regarding the cancellation and credit for the GAP   insurance in the amount of {$1100.00} should have been removed from the purchase price and the contract restructured to reflect the removal of the GAP insurance. Although the GAP insurance was purportedly canceled and credited to my account, the payments, interest, and duration of payments all remained the same so I would have still paid the same amount in the end. This is a violation of the Florida Deceptive and Unfair Trade Practices Act ( FDUTPA ). Also, I was constantly being harassed with robo-calls to my cell phone, which is a TCPA violation. 

Violation of F.S. 537.012Repossession, disposal of pledged property ; excess proceeds. 
( 2 ) Prior to engaging a repossession agent, the lender shall afford the debtor an opportunity to make the titled personal property available to the lender at a place, date, and time reasonably convenient to the lender and the borrower. Prior to taking possession of titled personal property, the lender shall afford the borrower a reasonable opportunity to remove from the titled personal property any personal belongings without charge or additional cost to the borrower. After the lender takes possession of the titled personal property, the lender, at the lenders sole expense and risk, may authorize a third party to retain physical possession of the titled personal property. 

On Sunday, XX/XX/XXXX just prior to midnight, I was awoken from sleep with a banging at my door by a repossession agent who had my truck attached to his tow truck in the road. There was no notice given and I had to collect my personal belongings from the truck before they left while the neighbors watched. I called the police, but they did not help. I had a payment arrangement with Credit Acceptance and if given notice I would have borrowed the money to get caught up with the payments, as these payments have been a tremendous financial burden. I borrowed the money and paid to catch-up the payments and the repossession fees the following morning.

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