Consumer complaint received 2024-06-12
Product: Vehicle loan or lease — Loan
Issue: Repossession — Voluntary repossession
Company: CREDIT ACCEPTANCE CORPORATION (MS)

I purchased a car from XXXX XXXX XXXX on XX/XX/XXXX. The car I originally wanted was in the shop. I asked if I could wait on that vehicle to come out of the shop but instead was offer other vehicles. I was purchasing the vehicle for my wife as an anniversary gift. My wife saw a vehicle she liked and we was getting ready to text drive the vehicle only to be told somebody had took the keys to the vehicle home so we had to choose something else. We looked at another vehicle that was too small and wasn't what she wanted. The dealer kept showing us other vehicles but said it wasn't in our price range. I had already stated that we had no down payment because there was an advertisement on the dealer website offering vehicles with no down payment. After a long frustrating day my wife chooses a vehicle that I felt she was pressured into getting. The vehicle was financed through Credit Acceptance. The contract was done electronically. The dealer read from the computer and would tell me when to sign. He stated before starting on the contract that the monthly payment on the car would be over {$500.00} a month. I told him I couldn't afford that. He then came back with a payment of {$470.00} a month. I told him that was too much so he asked what kind of payment I was looking for. I said around {$250.00} or {$300.00}. The dealer said that is not even possible. The dealer told us if we keep the car for around 6 months we could get it refinanced through our bank. That is when I went ahead on with the deal. The dealer would read bits and pieces from the contract and I would sign on the pad. He never disclosed how much I would have paid after making all monthly payments nor the terms of the contract. I never had a paper copy of the contract until after it was signed and printed. It was handed in a stack inside a folder. 
I didn't sit and actually read the contract until maybe 2 weeks later and found it to contain a lot of false information to get me approved for the loan. I tried calling the dealership and left messages for him to call me back but never did. My first payment was due on the car XX/XX/XXXX. I tried returning the car on XXXX.Things came up in the month and I saw I couldn't afford the car and tried to take it back as a voluntary surrender. I called Credit Acceptance and informed them I couldn't pay for the car. Credit Acceptance told me to take the car back to XXXX XXXX, which I did but they wouldn't accept the car and told me it belongs to me now. I called Credit Acceptance once again. I had already informed them of the false information on the contract also. Credit Acceptance sent someone out to my home to get the car after the due date so they could list it as a repossession instead of voluntary repossession. Credit Acceptance report to the credit Bureau that my payment is late and that I owe over {$900.00}. How is that when only one payment was due. Now getting back to the false information on the contract. The dealer put that my monthly income was over {$3100.00} when I only bring home about XXXX a month. He also put on the contract that I stay with relatives and have a landlord. He even named a landlord on the contract. I'm buying my home with a mortgage of {$1300.00} a month. He didn't put that on there knowing I wouldn't get approved. The dealer also put I paid {$3500.00} as a down payment which is absolutely false. I feel like the contract should have been terminated because of the false info I had no knowledge of. The insurance company wrote me a letter saying they could not insure the car because it couldn't be verified by the state with the DMV. Credit Acceptance told me they will sell the car at an auction and whatever they get for it they will let me know and I will have to pay the difference. I said that was absurd!!