Consumer complaint received 2022-11-01
Company: CREDIT ACCEPTANCE CORPORATION
State: MA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
On XX/XX/XXXX I went to XXXX XXXX XXXX who is an affiliate of Credit Acceptance Corporation to inquire about a car loan. I was told that if tried for a loan there would be no impact on my credit as I have low credit and been a victim of identity theft. It was a lie as my credit went down XXXX points and got XXXX different inquiries on my credit for which was not advised that this will happen. Also the dealership kept adjusting the loan amount, the deposit amount and they even added a warranty without my consent as they claimed that it would get approved for a higher loan. I was pressured into the signing for the loan even though I was asking for questions about the loan which the dealership gave mixed messages, I also didn't feel comfortable electronically signing the loan as I wanted to write all right reserved, without prejudice and without recourse. I was left with no choice but to e-sign and I signed the acknowledgment of my e-signnature with all rights reserved without recourse and without prejusdice. I was never given any disclosure about the loan and about all my rights as a consumer, especially rights to rescind the contract, right to opt-out, all that by law is included in the finance charges and that no deposit is required for a loan as it should be part of finance charges. I was never given any information about the loan, terms, finance charges, my rights as a consumer. None of the information within the contract was explained to the and when asked questions the dealership didn't have any explanation. I was asked to give a down payment of {$4600.00} which I did in cash. After asking several times for a receipt I was never given a receipt. I left the dealership without a car and without a copy of the contract I had just sign. In fact to this day I do not have a copy of this contract that I signed. The loan was immediately assigned to Credit Acceptance Corporation when I signed for the loan. I was given the car on XX/XX/XXXX and shortly after the car started shacking and making noises. I took it to my mechanic and was told it has a faulty motor, needs XXXX rear tire, both rear wheel bearing, rear shock and balance for all rear tires, the front bumper is falling off. I was deceived into buying an unsafe, mechanically unsound and faulty car. I was deceived into signing a loan for which I didn't get a copy to review prior to signing, I was rushed through the process. I was taken advantage due to my credit situation and my need for a car and the dealership and Credit acceptance bank took advantage by selling an over priced car and having high interest rates. I have sent as of today XX/XX/XXXX my recession to the contract to Credit Acceptance Corporation as I was entered into there was fraud, deceptive, unfair and coercive actions that took place in the transaction. 
it is also worth mentioning that Credit Acceptance Corporation was sued by Massachusetts attorney general due to their deceptive and unfair business practice and other violations and a settlement was reached in XXXX

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