Consumer complaint received 2026-04-09 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with additional products or services purchased with the loan
Company: Bridgecrest Acceptance Corporation
State: FL

Complaint narrative:
COMPANY : XXXX, XXXX and Bridgecrest Credit Company , LLC ( XXXX XXXX XXXX ) PRODUCT : Vehicle loan or lease ISSUE : Problem with the loan or lease SUB-ISSUE : Loan balance remaining after the vehicle is repossessed and sold / Billing disputes or issues SUMMARY : This complaint concerns the same corporate family that was the subject of the CFPB 's XXXX {$8.00} XXXX enforcement action against XXXX for deceptive auto lending practices. XXXX and Bridgecrest are controlled by XXXX XXXX XXXX ( XXXX founder ) and his son XXXX XXXX XXXX ( XXXX XXXX ), and operate an integrated dealer-captive lender structure that the CFPB has previously identified as presenting significant risk of consumer harm. I am filing this complaint to : ( 1 ) report a specific transaction exhibiting the same pattern the CFPB previously enforced against, and ( 2 ) request CFPB investigation into whether this pattern constitutes an ongoing unfair, deceptive, or abusive act or practice under the Consumer Financial Protection Act, 12 U.S.C. 5531. DETAILS OF THE TRANSACTION : On XX/XX/XXXX, XXXX sold me a used XXXX XXXX XXXXXXXX XXXX XXXX XXXX ( VIN : XXXX, XXXX miles ) for {$95000.00} a 20 % premium above the vehicle 's original new MSRP of approximately {$79000.00}. XXXX charged more for a XXXX-year-old used vehicle than the same vehicle cost when it was brand new. The purchase was financed at XXXX % APR through Bridgecrest, XXXXXXXX XXXX affiliated captive lender. The Amount Financed was {$95000.00} over XXXX months, producing approximately {$31000.00} in finance charges on the inflated principal. I have made XXXX consecutive on-time payments via AutoPay totaling {$76000.00} ( {$9000.00} down payment plus {$67000.00} in monthly payments ). I still owe {$50000.00} on a vehicle currently worth {$30000.00} {$33000.00}. I have been approximately {$18000.00} {$21000.00} underwater throughout the life of this loan despite a perfect payment history. THE PATTERN THE CFPB SHOULD INVESTIGATE : The CFPB 's own Data Spotlight on Negative Equity found that only XXXX % of auto loans industry-wide are originated with negative equity. Independent analysis of XXXXXXXX XXXX XXXX XXXX ( XXXX XXXX, XX/XX/XXXX ) found that approximately one-third of XXXX loans were underwater at origination XXXX to 4 times the industry rate. XXXX XXXX ( XX/XX/XXXX ) found that approximately 44 % of vehicles financed through XXXX since XXXX are underwater. The CFPB 's own data further shows that consumers who finance negative equity are more than twice as likely to face repossession within XXXX years. This is not an isolated incident. It is the predictable output of a business model that : 1. Prices vehicles above fair market value ( in my case, above the original new MSRP ) ; 2. Originates the financing through an affiliated captive lender that profits from interest on the inflated principal ; 3. Eliminates the independent lender underwriting check that normally protects consumers in arm's-length transactions ; 4. Bundles add-on products such as XXXX coverage into the financed principal, where they accrue interest at the loan rate ( in my case, {$1000.00} in XXXX coverage that accrues to approximately {$1500.00} with interest and which, by its own terms, does not cover the negative equity situation the transaction structure guaranteed at origination ). THE CORPORATE FAMILY 'S ENFORCEMENT HISTORY : In XXXX, the CFPB brought an {$8.00} XXXX enforcement action against XXXX for deceptive auto lending practices. XXXX is the parent entity controlled by XXXX XXXX XXXX. His son, XXXX XXXX XXXX, founded and serves as XXXX of XXXX. Bridgecrest was established as the captive financing arm for both XXXX and XXXX. The structure the CFPB previously sanctioned has been replicated and scaled through XXXX. In XXXX, the CFPB sued XXXX XXXX XXXX, which operates the same integrated dealer-lender model, alleging that the company " misrepresented costs in loan agreements and tricked customers into high-cost loans on used cars '' by incentivizing dealers to inflate vehicle prices to increase loan principal balances. The parallels to XXXXBridgecrest 's operations are direct. CURRENT REGULATORY AND MARKET CONTEXT : XXXX is currently the subject of significant independent scrutiny : the XXXX XXXX XXXX report ( XX/XX/XXXX ) raised concerns about XXXX 's lending and accounting practices, and the XXXX XXXX report ( XX/XX/XXXX ) documented alleged accounting irregularities and {$800.00} XXXX in loan sales to a suspected undisclosed related party. The XXXX XXXX law firm has initiated a mass arbitration campaign against XXXX on behalf of consumers alleging similar unfair lending practices. PRE-ARBITRATION CONDUCT : On XX/XX/XXXX, I served a formal Claim Notice under Section XXXX of XXXX 's Arbitration Agreement. XXXXXXXX XXXX XXXX XXXX team acknowledged receipt in writing and responded : " we are unable to modify or restructure financing terms. '' XXXX refused to engage in good-faith resolution of my claim. On XX/XX/XXXX, I filed a Demand for Arbitration with the XXXX XXXX XXXX under Case No. XXXX. VIOLATIONS ALLEGED : 1. Unfair, Deceptive, and Abusive Acts or Practices under CFPA, 12 U.S.C. 5531, by structuring a transaction that eliminates independent market discipline and systematically originates negative-equity loans at XXXX times the industry rate. 2. Deceptive pricing practices by offering a " discount '' relative to current new-vehicle MSRP while concealing that the price exceeded the vehicle 's own original new MSRP. 3. Deceptive sale of GAP coverage financed into the loan principal, where the coverage by its own terms can not address the negative-equity situation that the transaction was structured to create. DESIRED RESOLUTION : 1. CFPB investigation of XXXXBridgecrest lending practices, including the systemic origination of negative-equity loans at rates substantially exceeding industry norms ; 2. Principal reduction of my loan balance to align with the vehicle 's current fair market value ; 3. Reduction of the XXXX % APR to a competitive rate ; 4. Disgorgement of the interest collected on the inflated portion of the principal ; 5. Such other relief as the CFPB deems appropriate. I have attached ( or will provide upon request ) : the AAA Demand for Arbitration, Supplemental Evidentiary Brief, Retail Installment Contract, and XXXX XXXX Resolution correspondence documenting XXXX 's refusal to engage in pre-arbitration resolution.

Company response to consumer: Closed with explanation