Consumer complaint received 2024-08-05
Product: Debt collection — Auto debt
Issue: False statements or representation — Attempted to collect wrong amount
Company: American Credit Acceptance, LLC (MD)

I cosigned a vehicle from XXXX in XXXX of XXXX, in which American Credit Acceptance " loaned '' the money. This vehicle was totaled about 2 weeks later on XX/XX/XXXX. Since this accident was NOT my fault and instead the fault of another driver, I reached out to an attorney, XXXX XXXX XXXX. I have been in contact with the attorney since the accident and they have been in contact with the insurance company of the woman at fault. There are a couple issues I am facing with American Credit Acceptance, that I will list below. 

Pursuant to the Truth in Lending Act ( TILA ), when a consumer enters into a consumer credit transaction there are required disclosures that the consumer shall receive, NO EXCEPTIONS! 
1. 15 USC 1605 ( c ) - The first disclosure should contain information about how I can get insurance against loss of or damage to property THROUGH the creditor. These charges or premiums shall be included in the finance charge. I was not notified that insurance could be obtained through the creditor. 
2. 15 USC 1635 ( a )- I did not receive a right of rescission disclosure as is required for ALL consumer credit transactions in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property. You are required to provide the appropriate forms for the obligor to exercise his right to rescind any transaction. 15 USC 1635 ( 4 ) states that this shall apply to ALL consumer credit transactions in existence or consummated on or after XX/XX/XXXX. 
3. 15 USC 1638 ( B ) - I did not receive a statement of my right to obtain a written itemization of the amount financed. The statement shall include spaces for a yes and no indication to be initialed by the consumer to indicate whether the consumer wants a written itemization of the amount financed. Itemization of the amount financed is a disclosure of the amount that is or will be paid directly to the consumer ; the amount that is or will be credited to the consumers account to discharge obligations owed to the creditor ; each amount that is or will be paid to third persons by the creditor on the consumers behalf, together with an identification of or reference to the third person ; and the total amount of any charges described in the preceding subparagraph ( A ) ( iii ). 
4. 15 USC 1637 ( a ) ( 2 ) and 15 USC 1637 ( a ) ( 3 ) - Before opening the account, American Credit Acceptance did not disclose the method determining the balance upon which a finance charge will be imposed, and the method of determining the amount of the finance charge, including any minimum or fixed amount imposed as a finance charge. 

Lastly, American Credit Acceptance have been reporting negative information on my credit report even though this case is currently under litigation. They are constantly harassing myself and my partner with constant emails, text messages and phone calls about the debt being past due while knowing we are being represented by an attorney. 

They are also trying to swindle more money than what the car is worth, which is around {$9000.00}. They are trying to get double that amount even though the vehicle is NOT worth {$18000.00}. They sent an email to me with the very first point stating, " ACA has worked with your insurance company to negotiate a payment, which is what they determined to be the actual cash value of your vehicle. '' We have already been made aware that the vehicle was worth a little over XXXX and that the bank has received this money. However they are now asking for an extra {$9000.00} which is why this process is taking so long.