Consumer complaint received 2025-01-02 00:00:00
Product: Vehicle loan or lease — Lease
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: CREDIT ACCEPTANCE CORPORATION
State: NC

Complaint narrative:
I am writing to formally address concerns regarding an auto loan I obtained from your company, identified under loan account number [ Loan Number ]. After reviewing the loan documentation and associated charges, I believe there are discrepancies and potential overcharges related to my loan that I would like to resolve immediately. 

Under 15 U.S.C. 1601 ( Truth in Lending Act ), I am entitled to clear, accurate, and transparent disclosures regarding the terms of the loan, including the interest rate, finance charges, and total loan cost. Upon reviewing the loan agreement, I have identified the following concerns : Discrepancy in Interest Rate/Finance Charges : [ Specify the issuee.g., the interest rate charged appears higher than what was disclosed, or hidden charges were added that were not clearly outlined. ] Failure to Provide Proper Disclosure : [ Specify any instances where the lender failed to disclose required information such as APR, total cost, or other material terms. ] As you are aware, the Truth in Lending Act mandates that such terms be provided in a clear and comprehensible manner before the loan is finalized. The failure to meet these disclosure requirements could make the loan agreement invalid or subject to penalties under federal law. 

Additionally, I would like to reference the California Consumer Legal Remedies Act ( Civil Code 1750 et seq. ), which provides protections against unfair and deceptive business practices, including the misrepresentation of material facts and failure to disclose essential information to consumers. The following sections may apply to my case : Civil Code 1770 ( a ) ( 14 ) prohibits the misrepresentation of the terms of a loan, including the amount of interest or fees that will be charged, and Civil Code 1770 ( a ) ( 19 ) prohibits any false or misleading statements regarding the loans terms or costs. 
Given these violations, I request the following actions : A detailed explanation and breakdown of all charges, including interest rates, fees, and any other costs associated with the loan. 
A correction of any discrepancies, including the adjustment of any overcharges.

A review and revision of the loan agreement if it does not comply with 15 U.S.C. 1601 or Civil Code 1750.

If this matter is not resolved to my satisfaction, I reserve the right to pursue further action, including filing complaints with the Consumer Financial Protection Bureau ( CFPB ), the California Department of Business Oversight, and seeking legal remedies through appropriate channels. 

Please respond to this letter within [ e.g., 15 days ] from the date above with your resolution of this issue. 

Thank you for your prompt attention to this matter.

Heres a formal letter addressing late fees and repossession fees related to your auto loan, citing 15 U.S.C. 1601 ( Truth in Lending Act ) and California Civil Code 1750 ( California Consumer Legal Remedies Act ). You can use this letter to request clarification or dispute these charges if you believe they are excessive or incorrectly applied.

[ Your Name ] [ Your Address ] [ City, State, ZIP Code ] [ Phone Number ] [ Email Address ] [ Date ] [ Lender 's Name ] [ Company Name ] [ Company Address ] [ City, State, ZIP Code ] Subject : Discrepancy and Dispute of Late Fees and Repossession Fees Auto Loan Account I am writing to formally dispute the late fees and repossession fees that have been applied to my auto loan, account number. After reviewing my loan agreement and recent statements, I have identified several issues related to these charges that I believe require immediate 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