Consumer complaint received 2025-03-14 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Bridgecrest Acceptance Corporation
State: TX

Complaint narrative:
Subject : XXXX XXXX XXXX Bridgecrest for XXXX XXXX and XXXX XXXX XXXX Dear Consumer Financial Protection Bureau ( CFPB ), I am filing a formal complaint against Bridgecrest Acceptance Corporation for predatory lending practices, excessive interest charges, and deceptive loan terms related to my auto loan. Below are the details of my case : Loan and Vehicle Details : Vehicle : XXXX XXXX XXXX & XXXX ( XXXX miles at purchase ) Original Loan Amount : {$18000.00} Total Amount Paid to Date : {$21000.00} Outstanding Balance Claimed by Bridgecrest : {$17000.00} Issue : Despite paying more than the original loan amount, Bridgecrest continues to demand an additional {$17000.00}, far exceeding the car 's value. 


Allegations Against Bridgecrest : 1. Excessive and Unlawful Interest Charges : My payments have been structured in a way that primarily applies funds to interest rather than the principal balance, making it nearly impossible to pay off the loan.

I suspect that the interest rate applied to my loan exceeds state usury laws.

2. Deceptive Loan Terms and Hidden Fees : I was not informed that my payments would barely reduce the principal loan balance, keeping me trapped in a cycle of debt.

Bridgecrest has refused to provide a clear and detailed breakdown of payments, making it difficult to track how my payments are applied.

3. Unlawful Debt Collection Practices : After my vehicle was declared a total loss, Bridgecrest still claims I owe an additional {$17000.00}, despite already paying $ XXXX exceeding the original financed amount. 

This suggests unlawful deficiency balance practices, as the amount they claim I owe does not align with the vehicle 's actual value or fair lending practices. 




Additional Evidence of Wrongdoing : Numerous Complaints Against Bridgecrest : Hundreds of consumers have filed similar complaints regarding excessive interest, misapplied payments, and illegal debt collection tactics.

Class Action Lawsuit : A 2023 lawsuit in Pennsylvania accuses Bridgecrest of charging illegal " pay-to-pay '' fees and violating consumer protection laws.

Possible Violations of Federal and State Laws : I believe Bridgecrests actions violate the Truth in Lending Act ( TILA ), the Fair Debt Collection Practices Act ( FDCPA ), and state usury laws.

Requested Action by the CFPB : I request that the CFPB investigate Bridgecrests lending and collection practices and provide guidance on how I can seek resolution or legal recourse. Specifically, I would like : 1. A formal review of my loan contract and payment history to ensure compliance with consumer lending laws.

2. A determination on whether Bridgecrest has engaged in predatory lending, unfair collection tactics, or violations of federal lending regulations.

3. Enforcement action if Bridgecrest is found to be violating TILA, FDCPA, or state lending laws.

I appreciate your time in reviewing my complaint and look forward to your response. Please let me know if you require additional documentation or information. 

Sincerely, [ XXXX XXXX XXXX XXXX ] [ XXXX XXXX XXXX XXXX XXXX ] [ XXXX ] [ XXXX ] ---

Company response to consumer: Closed with explanation