Consumer complaint received 2024-11-08
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Confusing or misleading advertising or marketing
Company: CREDIT ACCEPTANCE CORPORATION (PA)

My main complaint is referring to the known predatory lender Credit Acceptance, as well as XXXX 's XXXX XXXX in XXXX PA XXXX XXXX County ). The first loan was made on XX/XX/XXXX, my husband and I purchased a XXXX XXXX XXXX from XXXX XXXX XXXX XXXX XXXXhrough the lender stated above. We were required to pay a specific amount for down-payment in order to secure the loan because our credit scores were very low. The down payment was made in cash. The truck immediately had issues and some were repaired by XXXX XXXX  and some we had to cover. Fast forward to XX/XX/XXXX we once again needed to purchase a vehicle. We went back to XXXX XXXX  and used the same sales rep as before stating he would see what he could do. Once again we had to make a down-payment ( {$2000.00} cash ) and were able to secure another loan. This car also suffered failure within 29 days. I took the car back and that was fixed. A year later for inspection all XXXX tires failed with a tred of XXXX. When i was told this I called XXXX XXXX and demanded new tires and they stated " the vehicle was sold with legal tred ''. My mechanic stated otherwise. About XXXX of XXXX we realized we absolutely could not keep up on payments for the vehicles and found we were haggled. Comparing the exact same vehicles with XXXX XXXX XXXX we were way overcharged. Even our bank ( XXXX XXXX XXXX ) stated we shouldn't have even been able to secure the XXXX loan let alone a XXXX. They referred to this as predatory lending. Our debt to income ratio was extremely high after obtaining second loan and impossible to pay all of mandory bills. When told this I personally called and spoke with sales rep we went through both times and was told there's nothing I can do. Credit Acceptance made different arrangements for both vehicles and we have been continuously changing them due to not being able to afford the loans. Credit Acceptance also uses threatening and abusive language regularly regarding missing and late payments. The most recent incident was Monday XX/XX/XXXX. XXXX, the Credit Acceptance representative who answered my call started yelling and screaming at me because he was " holding me accountable '' for back balance on the account that started in XX/XX/XXXX ( my car ). I expressed I was calling to try to get help with account and also stated why I couldn't pay next arrangement. XXXX continued his rage filled and nasty rant even though I repeatedly stated I was not going to speak with him anymore and to transfer me to another agent. He then replied by saying they will hold you accountable as well and would not transfer me. I hung up and called back tp speak with a new agent. I informed her about XXXX and she made a report to his supervisor. This agent told me if I paid {$350.00} today my car wouldn't be in danger of being repossessed. I explained I didn't even have that much money in my account. Then she said if I called tomorrow she couldn't guarantee the same plan as described above. Bottom line is Credit Acceptance and XXXX XXXX XXXX XXXX  knew we couldn't afford these vehicles and still gave us the loans. Now our credit is absolutely horrible and have 2 years of " missed '' payments for both vehicles reported on our credit. We have made payments the whole time. The standard monthly payment plus additional money to lower back balance. Our bank has told us there is nothing they can even think of to do to help us. Credit Acceptance also expressed even if they did do repossessions of vehicles they will come after us for remaining balances after vehicles are taken to auction and possibly court action. Also, an arbitration agreement was included in sales but is not clear and was not explicitly explained. This is not the first case against Credit Acceptance. They need shut down for their predatory practices. Telling customers they are guaranteed to be approved for a loan every time is exactly how they got my husband and I. I would like to point out the APR is insanely high and I also was not made aware that it would make the monthly APR payments different each month. Some were {$73.00} and some I have recently discovered were in the {$300.00} range. Credit Acceptance also stated that they will not refinance your loan and upon researching refinancing options, no lender would even consider it because Credit Acceptance was the current loan holder. Included in this complaint is a copy of sale from XXXX XXXX XXXX XXXX, Credit Acceptance, my husband, and myself. Complaint also filed with Pennsylvania Office of Attorney General.