Consumer complaint received 2018-05-31
Company: American Acceptance Co., LLC
State: VA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Denied request to lower payments

Complaint:
In XXXX of 2017 I secured a loan for a vehicle through XXXX XXXX XXXX. Almost immediately after driving the car off of the lot, I began to experience issues with it. I purchased the car at a XXXX but I wanted a thorough unbiased opinion so I took it to the dealer of the car manufacturer which is XXXX. They performed an assessment of the vehicle and advised that the issues with the car were due to lack of appropriate maintenance and poor conditioning by XXXX. The was only 1 new tire placed on a vehicle with three older tires that contributed to excessive pull, and misalignment of the vehicle. Additionally, the vehicle required additional maintenance that should have reasonably been performed by the seller. I spent a couple hundred dollars or so at the XXXX dealer getting some of the issues addressed. 
A few months passed and I continued to experience several problems with the car. The brakes were worn, and stopping was almost impossible with reasonable driving in wet environments. Even after properly turning the vehicle off, I would come back out 45 mins to an hr later and the engine would be running with an indicator light saying that the key needed to be inside the vehicle to function. At very random times while driving, the passenger seat belt alarm would began to ping loudly and rapidly and the seat belt convenience slider would push forward and backward. There would be nothing in the seat or in front of the passenger leg rest to prompt any sensors or cause the car to react that way. I was traveling and during my stop in the western states, I was driving and the dashboard panel flashed and said that the tire sensors were malfunctioning. I pulled into a service station, checked and everything was fine. I resumed driving and the issue went away. Later that evening I realized that the headlights for the vehicle were not turning on. I tried to turn them on manually and they would not work. I pulled over, turned the car off and back on again and a new error message came on saying adaptive headlights malfunctioning, please schedule service appointment. I had a friend come and pick me up out of fear of jeopardizing my safety by driving at night without visibility. I left the car parked and moved it the following day. I waited until I could have a mechanic take a look at the car and he explained that many of the issues with the car are electrical in nature and after reviewing repair costs, I was quite shocked when I researched the actual value of my car ( 14k-17k )  versus my loan amount ( XXXX ) and saddled with a lemon and having payments to make I immediately contacted American Credit Acceptance on XXXX XXXX at XXXX and explained to the representative on their recorded line that I was not able to deal with the issues of the car nor make the payments. I was very direct in explaining my desire to surrender the vehicle and after they provided the final assessment of charges, I would need to include it in a bankruptcy from the burden of having to pay for a car no longer in my possession. The rep advised they would prefer to keep me in the car and advised of a postponed payment plan which I reluctantly agreed to and submitted their form signed back to them via email which they acknowledged was an acceptable form of communication for the account and legal documents like the signed one I  submitted. 
As the repair estimates piled up and I was concerned about investing and having additional issues occur with the vehicle. After reviewing my contract during a consultation with a third party credit advisor regarding the loan and the issues I was having with the car, I was explained in detail the terms of my loan in a way that I could understand - and was made aware that out of the {$820.00} dollars that I was required to pay each month, XXXX XXXX XXXX applies only {$170.00} or so to the principal of the loan and applies the rest of the payment towards a predatory 29 % interest fee. The breakdown of how payments are applied are not explained appropriately during the process because no person of sound mind would agree to pay {$650.00} or so in pure interest every single month. That is over {$47000.00} in interest fees alone over a 72 month term not counting the principal owed. When I first contacted them early in the process I pleaded for them to review the loan and apply a reasonable interest rate because I noticed that I had made payments but the amount of the loan balance never changed at all. I didnt fully understand until I had a third party break down all the components of my loan piece by piece to me. 
On XX/XX/XXXX I contacted them at XXXX and was not able to reach a representative. 
On XX/XX/XXXX I learned that no lender would offer a refinance on a car with so many issues and over 10,000 worth of overinflated value in the loan on top of the actual value of the car itself. 
On XX/XX/XXXX I contacted them via their online portal message tool while logged into my account and explained I was requesting a pick-up of the vehicle/voluntary surrender and that I needed them to contact me ideally in writing via email ( which based on my experience with them they had set the expectation that email is an acceptable form of account communication ) so that everything could be settled out and that I would file for bankruptcy for whatever the remaining balance owed. I received no contact from the company. I only have an email record from them that day confirming that I confirmed my email address in the online portal account center. 
XX/XX/XXXX I sent a copy of the loan documents and the car key to XXXX XXXX XXXX XXXX XXXX, SC XXXX requesting that they pick up the car. I was not able to leave it at the police station in the town where I was visiting but it is parked in a rear parking lot adjacent to the police station. There was no damage to the exterior nor to the interior of the car itself but I have read several reports that the asset recovery team employed by XXXX XXXX XXXX routinely drives the vehicles and damages them. I have taken every precaution and photographed the entire exterior, and interior of the vehicle and I made sure to photograph the warning messages from the dash screens as well. I can see on my cell phone locator that the car is still in its position and has not been retrieved by XXXX. I have exhausted every opportunity and have tried to resolve this with them. They were not willing to provide a reasonable interest rate closer in line with having {$170.00} or so principal being applied out of an {$820.00} payment, and the issues that the vehicle has are likely to be on going. If the car is still there at the end of 15 days from receipt of this complaint, I intend to have the state pick it up for abandoned property and given their cavalier disregard for addressing this issue I intend to file suit against XXXX for predatory lending practices, accusation of concealment of property and harassment of known associates without communicating with me. To date, I have not been emailed related to the loan or vehicle itself. I am not going to allow their company to bully or berate me as they have done to countless others. Given that I am not able to resolve this with them directly, prior to filing suit, I am very earnestly requesting a thorough review of their business practices along with other loans that are structured like mine and into the abuses of their customers like me. I can be contacted by XXXX, or CFPB representative via email. Thank you in advance.

Company response to consumer: Untimely response