Consumer complaint received 2020-11-03
Company: Bridgecrest Acceptance Corporation
State: OH
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
On XX/XX/20, I contacted Bridgecrest ( the finance company for my auto loan ), and told them I was having trouble making my car payment which was due on XX/XX/20. I advised them I was out of work due to Co-Vid 19 and was in the process of interviewing for a new position. I asked if I could have the XXXX and XXXX payment deferred, so that I wouldn't owe anything until XXXX. I advised I'd be able to make the payments starting in XXXX. I was told they would submit the request and to call back to see if the deferment request was approved. 

On XX/XX/20, I called back and was told the request needed to be resubmitted. For some reason the first request wasn't submitted, but the information was there. I told the rep I needed to defer my XXXX and XXXX payment. I was then told to call back once the XXXX payment was due and request a deferment for both XXXX and XXXX because I couldn't request a deferment for a payment that wasn't due, and if I requested the deferment for XXXX, it would automatically reject a second deferment request for XXXX. I asked if I would be at risk for repossession or anything, and I was told no. 

On Friday XX/XX/20, I noticed my credit report reflected the incorrect amount owed for my auto loan. I checked the payoff amount on Bridgecrest 's website, and it reflected {$15000.00}. That amount didn't make sense since I'd purchased the vehicle XX/XX/20 for {$15000.00}. I put an {$1100.00} downpayment on the vehicle that day, and I've been paying {$420.00} every 2nd day of the month up until XXXX. 

I asked why my loan reflected this balance as if I hadn't been making any payments at all. They told me it was due to the daily interest which accrued from XX/XX/20 until XX/XX/20. I was advised that amount included {$600.00} additional added to my loan. I told him that it still didn't make sense due to how much was already paid into my loan. I wanted to know where the rest of my payments had gone. 

The representative told me something didn't look right with my loan and told me he'd allow me to speak with a manager. He then put another gentleman on the phone who said he was the manager. He tried to explain to me why the balance on my loan was so high. The calculations still didn't add up or make sense. He then told me he wasn't a manager. He'd actually been pretending to be one. 

I feel this company has engaged in illicit and dishonest behavior to inflate the amount owed on my loan and take advantage of the Co-Vid 19 situation we're having. I shouldn't be accruing exorbitant daily interest amounts, especially when I'm dealing with a financial crisis and already made attempts to have the payment deferred. Also, the amount owed on my loan shouldn't 've suddenly inflated to an amount that completely cancels out all of the payments I've made since purchasing the vehicle.

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