Consumer complaint received 2026-03-05 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Confusing or misleading advertising or marketing
Company: CREDIT ACCEPTANCE CORPORATION
State: NC

Complaint narrative:
I am submitting this formal complaint against Credit Acceptance Corporation regarding a misleading pre-qualification notice for automobile financing and the financial hardship it has caused me. Credit Acceptance notified me that I was pre-qualified for auto financing for up to {$650.00} per month and provided a list of participating dealers in my area. The notice represented that dealers had been informed that I was pre-qualified and ready to proceed with financing. Relying on this representation, I contacted Credit Acceptance directly to obtain the specific pre-qualified amount and financing terms. Credit Acceptance informed me that they were unable to provide the pre-qualified amount or details. I then contacted the listed dealers. None of the dealers could provide a clear financing amount. One dealer specifically informed me that Credit Acceptance would not finance the entire purchase amount of the vehicle. At no time was I provided with a clear credit limit, advance percentage, required down payment, APR, or other material financing terms. The representation of being pre-qualified appears to have been illusory. This matter has caused me financial hardship. I relied on the representation that I was pre-qualified in order to secure reliable transportation necessary to travel to work. Because the financing was not actually available as represented, I have been unable to obtain a vehicle, which has directly impacted my ability to commute and maintain income stability. This conduct appears to violate the Fair Credit Reporting Act ( FCRA ), including : 15 U.S.C. 1681b ( c ) ( 1 ) ( B ) Firm Offer of Credit Requirement If Credit Acceptance accessed my consumer report to extend this pre-qualification, the FCRA requires that it be a bona fide firm offer of credit. A firm offer must contain clear and specific terms and can not be misleading or conditional in a way that renders it meaningless. 15 U.S.C. 1681b Permissible Purpose If my consumer report was accessed without extending a legitimate firm offer of credit, this may constitute an impermissible use of my consumer report. 15 U.S.C. 1681m ( d ) Clear and Conspicuous Disclosures Any firm offer of credit must include clear disclosures of material terms. The communication I received failed to provide meaningful, actionable financing details. Under 15 U.S.C. 1681n and 1681o, I am entitled to statutory damages ( up to {$1000.00} per violation for willful noncompliance ), actual damages for financial hardship, and other appropriate relief. I respectfully request that the CFPB : 1. Investigate whether Credit Acceptance accessed my consumer report. 2. Determine whether the pre-qualification constituted a lawful firm offer of credit under the FCRA. 3. Require Credit Acceptance to provide documentation of any credit inquiry and the permissible purpose relied upon. 4. Require corrective action and compensation for financial harm and any FCRA violations. This matter has materially affected my ability to secure transportation necessary for employment, and I request prompt review and resolution.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation