Consumer complaint received 2024-01-03
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — High-pressure sales tactics
Company: American Credit Acceptance, LLC (GA)

On XX/XX/2018, I purchased a vehicle from XXXX XXXX XXXX XXXX in XXXXXXXX Florida. What I was unaware of were my rights as a consumer, that protect the surety and consumers from illegal strategies creditors and dealers use to sale vehicles to consumers. I spoke with both the creditor AMERICAN CREDIT ACCEPTANCE and the dealer XXXX XXXX XXXX XXXX in regard to my complaint and rights and both companies turned a def ear. The creditor even threatened to reposes my vehicle if I refused to pay. 

So Id like to elaborate on why Im at odds with the transaction made with both the dealer and creditor. I explained to the dealer, I understand that AMERICAN CREDIT ACCEPTANCE is the parent company, a devision of a third party management team XXXX XXXX XXXX, that specializes in XXXX XXXX, business knowledge, operating and compliance expertise and market intelligence. This includes creative approach to structuring deals, support SUPERIOR UNDERWRITING and EXECUTION! These strategies are used for the solutions for investors, dealers to CAPITALIZE in investment opportunities within a party transaction. These underwriters understand the risks and create pricing structures to protect and compensate against the risk challenges. Regardless, on how adept companies are in capitalizing on returns your still are in the legal boundaries of Consumer Law, TILA, Equity Law and etc. 

I added, I noticed the original price for the collateral was {$11000.00}, including a XXXX warranty deal for {$3200.00} as a package deal. This launched the priced of a used XXXX mile, XXXX XXXX XXXX in 2018 at {$14000.00}. The warranty was presented as an act of good faith, that there were no other options due to my PROFILE status. In addition, AMERICAN CREDIT ACCEPTANCE hit me with a whopping 26 % APR that put me at a total cost of {$29000.00}. I didnt understand all of this until years later. The MSRP for an XXXX XXXXXXXX XXXX in 2018 range anywhere between 6-7k USD so the vehicle has already been marked up close to 5K USD totaling {$11000.00}. 

The finance representative instructed me that there are no inexplicable information on the contract youre unaware of, which is why you ( me ) signed to comply to the contract, which is false. I responded, indeed I did sign but the problem is that you-the dealer- are obligated under the TILA act, section 5 of the Federal Trade Commission Act ( FTC Act ) ( 15 USC 45 ) Prohibits unfair or deceptive act or affecting commerce. The prohibition applies to all persons engaged in commerce, including banks. Your in violation by practice of predatory acts pushing high fees and interests rates, stripping me the Surety ( me ), the Borrower of equity or place credit worthy in a lower credit rated and more expensive loan, which all benefits the lender and creditor. How do I purchase a vehicle for {$29000.00} thats worth no more then $ XXXX USD MSRP and its not considered predatory lending? The dealer makes {$14000.00}, the lender makes {$15000.00}, including the collateral being recycled to make more money off the security if the debtor defaults on payments, in addition an extra added 5 % interest for late fees. 


So what do I get out of the deal? Ill tell you what I get out of the dealat the time I purchased the vehicle, I was making $ XXXX less the the contract is worth so that puts my at risk of default and my credit worthiness at a negative. All these thing shouldve been brought to my attention as a novice consumer vs the big renowned dealership per TILA. They also didnt tell me under 15 U.S code 1601, 15 U.S code 1602, 15 U.S code 1605, 15 U.S code 1615, 15 U.S code 1611, 15 U.S code 1640 that down payments were illegal under TILA. A down payment that clearly shows on the contract priced at {$1000.00}. They didnt tell me that no banks can deny me credit under the Equal Opportunity ACT and TILA ( Truth In Lending Act ). They didnt tell me that consumer report isnt mandatory for financing under FCRA ( Fair Credit Reporting Act ). They failed to mention that insurance is included in the finance charge. 

Understand that the Dealership and Finance Company ultimately took advantage of me, gained information based on their faulted representation and omission of legal disclosure. These are the abandoned details that Im entitled to know within a transaction. To wittingly act in intent to conspire and conceal information to blindly lead a consumer to default or debt to capitalize on securities for an outrageous financial return is truly an act of Predatory Lending