Consumer complaint received 2024-11-20 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: CREDIT ACCEPTANCE CORPORATION
State: MI

Complaint narrative:
Complaint to the Consumer Financial Protection Bureau ( CFPB ) Subject : Illegal Reporting and Predatory Lending Practices by Credit Acceptance Corporation ( CAC ) Complainant Information : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Respondent Information : Credit Acceptance Corporation XXXX XXXX XXXX XXXX XXXX, XXXX, MI XXXX Summary of Complaint : I am filing this complaint regarding predatory lending practices, a lack of proper notification of vehicle repossession and sale, and illegal reporting of derogatory credit information by Credit Acceptance Corporation ( CAC ). These actions violate federal consumer protection laws, including the Fair Credit Reporting Act ( FCRA ) and the Uniform Commercial Code ( UCC ). 
XXXX. Repossession and Lack of Notification : In XXXX, my vehicle was repossessed by CAC. Under federal and state law, CAC was required to provide me with notice of the repossession and subsequent sale of the vehicle. No such notice was provided, depriving me of the opportunity to redeem the vehicle or challenge its valuation before sale. 
2. Balance Remaining After Sale : Despite the sale of the vehicle, CAC continues to report a balance owed without accounting for the proceeds of the sale. This lack of transparency violates my rights under the Truth in Lending Act ( TILA ) and undermines my ability to validate or dispute the debt.

3. Derogatory Credit Reporting : Since the repossession, CAC has been reporting derogatory remarks to credit reporting agencies, causing significant harm to my financial standing. I believe this reporting is both inaccurate and unfair, violating provisions of the FCRA. Specifically : The reported balance does not reflect proceeds from the sale of the vehicle.

CAC failed to provide sufficient verification of the debt upon my request.

4. Emotional and Financial Impact : Due to these actions, I have been unable to move forward financially. The derogatory marks on my credit report have prevented me from obtaining housing, employment opportunities, and fair access to credit.

Requested Resolution : I request that the CFPB investigate Credit Acceptance Corporations predatory lending practices and noncompliance with consumer protection laws. Specifically, I ask that : All derogatory remarks associated with this account be removed from my credit report immediately.

CAC provide a detailed accounting of the sale proceeds and balance calculation for the repossessed vehicle.

Appropriate fines and penalties be levied against CAC for their noncompliance.

Restitution for financial and emotional harm caused by CACs actions.

I appreciate your immediate attention to this matter and look forward to your response.

Declaration : I declare under penalty of perjury that all the information provided in this complaint is true and accurate to the best of my knowledge. 

Sincerely, XXXX XXXX XXXX XXXX

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