Consumer complaint received 2022-10-24
Company: American Credit Acceptance, LLC
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Lender trying to repossess or disable the vehicle

Complaint:
The Banking System is dependent upon the Consumers Signature, I am only stating a claim because commerce is supposed to be based upon integrity and honesty because without the consumer theres no commerce, I filed a claim because I feel my contract is unethical, such as providing individuals who lack understanding regarding contracts and how they work can lead to circumstances such as these and when you lack understanding you bind yourself to obligations that may not be best for you but because of the need and the integrity of the commerce world we do so with the understanding the banking system follows ethics and equity and the consumers best interest will be put forth, however thats not the case. 

The responding party to my claim feels as though their company has not done anything wrong, they feel even though I have made over 35 plus payments which in equitable business the obligation of the cost of the car is paid off. 

I am doing my due diligence and researched how the commerce system works on how negotiable instruments work etc. and I know there has been some unethical business practice done, I am aware there is no money, Paper Money is simply a put a promise to pay a debt. 

The banking system is created by the money bank debt which does nothing for the poorer communities while debt is only being accumulated and the bank is the only one who prospers. 

I have filled claims with Attorney General 's office of Delaware, South Carolina and Florida, I have filed claims with the BBC, FTC, FCC as well CT Corporations which is American Credit Acceptance Agent and letter sent to Executive Officer at American Credit Acceptance XXXX XXXX which should have delayed any late payments should not be reported and therefor removed due to the nature of my ongoing claim. 

American Credit Acceptance is based on FRN, so no payments have never been made only discharge of debt. 

American Credit Acceptance did not loan me money I issued a security in the form of a negotiable instrument, the bank then recorded this in an account and that accounting, the amount of funds is the amount owed to the public which is a debt from the bank not my debt, I have made numerous of requests for the bank to provide me with both on and off ledger accounting information and was advised by one of their agents that they had no idea what I was talking about which Is why I then requested information be sent to those who would have that information. 

Even under this guise the bank with these types of methods will always be in place to win because they have insurance that pay them for their losses. 

Banks have a private side and a public side I demand to see both If I am going to be held liable for this debt. 

I understand this loan is a simple interest contract, however it doesnt mean that individuals who may have to resort to subprime lenders that were not entitled to our method of contract banking should not be treated in the same manner of someone who may not need to go through a subprime lender. 

Claims have also been made and cases brought up by other low-income consumers stating These methods, according to a Consumer Reports review of regulatory filing and legal documents, sometimes start with lenders working with dealers to markup cars sold to low-income borrowers more than they do for customers with better credit, or to upsell them into pricier cars they cant afford. Lenders are also accused of structuring the loans and their arrangements with dealers in ways that all but guarantee a profit even if borrowers ' default. 

But its a perilous model for low-credit consumers. The sky-high interest rates, with terms often stretching 72 months or longer and monthly payments eating up a significant portion of their income, make default likely. 

This is not equitable banking business. This is consumers being taken advantage of which can and will affect commerce.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation