Consumer complaint received 2025-02-05 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — High-pressure sales tactics
Company: CREDIT ACCEPTANCE CORPORATION
State: NJ

Complaint narrative:
To Whom It May Concern, I am filing a formal complaint against Credit Acceptance Corporation and XXXX XXXX NJ XXXX ( XXXX XXXX XXXX, XXXX, NJ XXXX ) regarding my auto loan for a 2014 XXXX XXXX XXXX. The dealership and lender engaged in deceptive and predatory lending practices, falsified my financial details, and misrepresented the loan terms. Due to fraudulent loan documentation, I am requesting a full deletion of this loan from my credit report and an immediate investigation into these deceptive practices. 

Key Issues with My Loan False Down Payment Reporting Possible Loan Fraud My Retail Installment Contract states that I paid a {$4300.00} down payment, but in reality, I only paid {$500.00}, as advertised on XXXX XXXX. ( I have proof ). 
This false down payment reporting likely influenced the loan approval and increased the amount financed unfairly. 
If XXXX XXXX believed I paid {$4300.00}, they over-financed the loan based on falsified records. 
This is a clear violation of lending laws and constitutes fraudulent loan documentation. 
XXXX XXXX & Misrepresentation of Loan Terms I was surrounded by multiple salespeople who pressured me into signing the contract without fully disclosing the loan details. I was surrounded by a woman named XXXX, a man named XXXX and two of the owners. 
They assured me that the loan was affordable and had a low interest rate, but my actual APR was 22.99 %. We didn't The total cost of the loan was {$43000.00}, which is more than double the actual value of the vehicle at the time of purchase. 
Predatory Loan Structure & Unaffordable Terms My weekly income was only {$400.00}, yet they approved me for a {$530.00} monthly payment, which was unaffordable. 
The loan balance remains {$32000.00} despite years of payments, which suggests excessive interest accrual and predatory lending. 
This violates CFPB regulations on fair and responsible lending. 
Allowed Me to Drive Off Without Proper Insurance ( Serious Negligence ) The dealership allowed me to take possession of the vehicle without insurance in my name, which is a serious consumer protection violation. 
If I had been in an accident, I would have been financially liable without proper coverage. 
This proves that the dealership was focused only on closing the deal and not following proper legal procedures. 
Failure to Disclose True Loan Costs ( TILA Violation ) The Truth in Lending Act ( TILA, 15 U.S.C. 1601 et seq. ) requires lenders to clearly disclose the full cost of financing, which was not done properly in my case.

The dealership & Credit Acceptance failed to provide a full breakdown of finance charges before I signed the contract. 
I was not informed about the total cost of the loan, interest accumulation, or how my payments would be allocated. 
Deceptive & Misleading Advertising ( Proof Provided ) I have an email from the dealership ( Luxury Vehicles NJ ) stating that they approve loans based on income, not credit. 

This confirms that they did not properly assess my financial ability to repay the loan, violating responsible lending practices. 

They also advertised XXXX down and flexible down payment options, yet falsely reported {$4300.00} down on my contract. 
This contradiction further proves deceptive lending practices.

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