Consumer complaint received 2016-09-15
Company: CREDIT ACCEPTANCE CORPORATION
State: WI
Product: Consumer Loan
Sub-product: Installment loan
Issue: Taking out the loan or lease

Complaint:
This complaint is to accompany my previous complaint regarding XXXX XXXX XXXX here in Wi. In addition to the loan packing and material misrepresentations made during the transaction, I want to make it clear that when I gave my financial information I thought I would have opportunity to do my own application for the auto loan so I could read the terms. 
Everything was printed up, filled out and decided before I ever entered the finance office. 
I DID object to the ancillary products but was told the warranty and gap insurance were required by the lender. POINT BLANK. This is evidenced by the fact that I called the next day to discuss cancellation with the dealership. Also, I have a witness to the conversation with the GM at which time he said he was so " sorry '' that the business manager told me I had to have the products to get a loan. That contract should have been re written immediately. XXXX XXXX ( GM ) clearly encourages employees to commit fraud. In addition, the salesman, the GM, the " closer '' ( I do not know his name ) and the business manager all told me they would refinance me after a few on time payments because I balked at the interest rate of 22 % ( which was actually 22.9 % ). While my credit is poor, it 's not like I was in the XXXX. Between the XXXX bureaus the lowest was XXXX and highest was XXXX. I now know that refinancing will only cost more. My loan is based on the rule of XXXX which is outlawed in many states. Apparently the loan was funded immediately which prevented me from payment amounts I had previously calculated, under XXXX per month. It is this type of predatory conduct that put me in this position in the first place. I was XXXX of the first in 2007 to lose everything due to XXXX XXXX, XXXX, etc. My issues with Credit Acceptance Corporation are the following : 1. Ignoring their duty to investigate dealerships they work with 2. They refuse to give me a recalculation after refunds 3. Possible pre payment penalties for products I objected to 3. Added fees for cancellation 4. I was sent a payment booklet with payment and terms as if nothing was cancelled. I was told " It aint gon na happen '' to get an honest recalculation. The rule of XXXX is so confusing even accountants rarely understand it. 
Everybody lied about everything said and document execution was very shady to say the least. There are only e signatures except for two things ... and those two things were hidden by a hand. I was under extreme duress because the dealership asked to see my check from my insurance company ( XXXX ) and REFUSED to give it back. I did absolutely ask the right questions, I am not an XXXX! My check was misapproppriated and " processed '' before the papers were even signed. This is what I was told and the lender does NOT CARE. It is my opinion that the dealership and this lender are making back door deals that harm consumers. This will put me right back into bankruptcy. I also want to know if there is a disabling device in my vehicle, the lender will not disclose this. How do they get away with this? If this is not conspiracy to defraud I do n't know what is. Please for the love of XXXX investigate Credit Acceptance Corp and XXXX XXXX XXXX. By the way, XXXX XXXX is on a feeding frenzy for people with poor credit according to all the ads and flyers. I found them on a XXXX link and their website calls for people that can qualify with NO CREDIT CHECK. I put myself into the computation ( after my car purchase ) and it seems with no credit check I should have under 12 % interest rate. Hmmm. The salesman told me they had " special loans '' for people on XXXX. That is why I went there in the first place. This is crime after crime and somebody needs to move on it. My loan is bad enough, however, if it is sold into securities who will care that nearly XXXX was refunded to the lender??? My payment book is the same.

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 monetary relief