Consumer complaint received 2016-12-30
Company: American Credit Acceptance, LLC
State: FL
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Taking out the loan or lease

Complaint:
On XXXX XXXX of XXXX I was desperate to purchase a vehicle as I was starting a new job in a couple days and needed a car when I contacted XXXX XXXX from XXXX XXXX XXXX XXXX. I called and asked him cars with price up to {$4000.00}. XXXX XXXX called me back and told me he had a car for sale with a reduced price of {$4000.00} ( original price {$4600.00} ). I went to the dealer and after several hours back and forward about price and financial options, he said I only qualified for a loan if I paid {$2000.00}. He told me he had to raise the price of the car in order to qualify me to obtain a loan. The price of the car jumped from {$4000.00} to {$5900.00} plus {$690.00} dealer fee. I gave a {$2000.00} down payment ( as mandatory to obtain the loan ) being {$1000.00} with a master card I had to borrow from my girlfriend and a post dated check for {$1000.00} ( to be cashed in 30 days ). Even after the {$2000.00} down payment, the amount financed ended up being {$5600.00} with a 27.99 % interest with American Credit Acceptance LLC totaling {$12000.00} for a {$4000.00} car. I have their adds from their website showing the exactly car for sale for {$4600.00}, which proves their inflated the price. This deal demonstrated the predatory sales tactics from XXXX XXXX XXXX XXXX by inflating the price of the car, adding junk fees knowing my desperation for a vehicle and put me in a finance loan with an illegal interest rate as in the State of Florida the maximum interest rate is 18 % in loans up to {$500000.00}. After being there for six hours, I was so exhausted that I ended up signing everything they asked me as all I wanted was to be done and go home. 
The interest in my loan is 27.99 %. XXXX The XXXX Florida Statutes : " Usurious contracts '' defined. -- ( 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. XXXX. 
( 2 ) As amended by chapter XXXX, Laws of Florida, chapter XXXX, Laws of Florida, which amended subsection ( 1 ) : ( a ) Shall apply only to loans, advances of credit, or lines of credit made on or subsequent to XXXX XXXX, XXXX, and to loans, advances of credit, or lines of credit made prior to that date if the lender has the legal right to require full payment or to adjust or modify the interest rate, by renewal, assumption, reaffirmation, contract, or otherwise ; and ( b ) Shall not be construed as diminishing the force and effect of any laws applying to loans, advances of credit, or lines of credit, other than to those mentioned in paragraph ( a ), completed prior to XXXX XXXX, XXXX.

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