Consumer complaint received 2025-01-15 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Notice to repossess
Company: CREDIT ACCEPTANCE CORPORATION
State: IN

Complaint narrative:
Formal Complaint Against Credit Acceptance Corporation for Breach of Fiduciary Duty, TILA Violations, and Unlawful Practices To Whom It May Concern, I am filing this formal complaint against Credit Acceptance Corporation ( CAC ) for violations of federal and state laws, including but not limited to the Truth in Lending Act ( TILA ), breach of fiduciary duty, breach of contract, and violations of UCC laws on tender of payment, the Federal Trade Commission

Act ( FTC Act ), Consumer Leasing Act, and the Consumer Protection Act. The companys actions have caused significant harm to me as a consumer, and I am requesting an investigation and resolution of the following issues : Complaint Details 1. Failure to Apply Down Payment : I paid a {$750.00} down payment when financing my vehicle through Credit Acceptance Corporation. However, this payment was never reflected on my credit report or loan account. This omission demonstrates a lack of transparency and breaches their contractual obligations.

2. Mishandling of Negotiable Instruments and Bonds : I lawfully tendered payment for this securitized debt using negotiable instruments and bonds under UCC 3-603. I sent three such instruments to Credit Acceptance Corporation to satisfy the debt in full, but they : Accepted all instruments and bonds.

Failed to credit my account accordingly.

Defaulted on their fiduciary obligations by refusing to recognize lawful tender.

This is not a gift ; these are valid forms of payment that CAC has misappropriated. Their actions constitute a breach of fiduciary duty and breach of contract.

3. Misrepresentation and Default Reporting : Despite their obligations under TILA and their indenture agreements, CAC has : Misrepresented their intent to report my account to credit bureaus.

Placed my account in repossession status, despite my lawful tender of payment.

Refused to proceed to arbitration as agreed upon in the loan contract, thereby obstructing dispute resolution.

4. Securitization and Full Disclosure Violations : CAC bundled and pledged my loan to Credit Acceptance Corporation Auto Loan Trust without proper disclosure to me. Additionally : I obtained a UCC search in Delaware that shows CAC pledged my loan to their trust.

They monetized the loan, profiting significantly by securitizing it, while continuing to demand payment from me.

The dealership, XXXX  XXXX, was paid for transferring and assigning me the debt without full disclosure of these actions.

These practices violate TILA and their fiduciary duty to act in good faith and provide transparent terms.

Legal and Regulatory Breaches 1. Truth in Lending Act ( TILA ) : CAC failed to disclose the full terms of the loan, including its securitization and their intent to monetize it.

2. UCC 3-603 ( Tender of Payment ) : Under UCC 3-603 , my lawful tender of payment discharged the obligation, yet CAC failed to honor this.

3. Breach of Fiduciary Duty : By accepting my instruments and failing to apply them, CAC violated their fiduciary obligations.

4. Breach of Contract : CAC has breached the contract by refusing to credit my payments, misreporting my account, and evading arbitration.

5. Unfair and Deceptive Practices ( UDAP ) : CAC engaged in deceptive practices by pledging my loan to a trust and profiting from securitization without my knowledge or consent.

Actions Taken So Far 1. FTC Complaint : I have filed a complaint with the Federal Trade Commission ( FTC ) under report number XXXX.

2. Upcoming IRS Filings : I will be filing Forms 211 and 3949-A once I receive my CAF number from the IRS to address identity theft and tax violations related to the securitization of this debt.

3. UCC Delaware Search : I have obtained a UCC filing from Delaware showing that CAC pledged my loan to their trust.

4, Also type of letter to send dealer to request the POA they used to transfer over the title which they did not present to me and failed to disclose this as well also it more than likely dont have a notary on it.

Specific Requests for Resolution 1. Immediate Account Credit : Apply the {$750.00} down payment and the three negotiable instruments I sent, totaling {$56000.00}, to my account.

2. Correction of Credit Reporting : Remove all false repossession status entries from my credit report.

3. Full Disclosure : Provide complete documentation of the following : The securitization and sale of my loan. 
The revenue CAC received from securitizing my loan. 
The dealerships compensation for transferring the loan.

4. Fiduciary Duty Restoration : CAC has been revoked from their fiduciary role for defaulting on their duties. Any further filings or actions in my name will be treated as identity theft.

5. Settlement or Forgiveness : Given the securitization and monetization of this loan, I request : Full discharge of the loan balance.

Reimbursement for overpayments made.

Conclusion I am enforcing my rights as a holder in due course in this contract & putting all parties on notice for for breach of securities exchange act of 1933 Anti-Fraud Provisions : The Act prohibits any fraudulent activities or misrepresentations in the offering or sale of securities. This includes deceitful practices such as misleading statements, omissions of material facts, or fraudulent schemes to manipulate the market. 
The SEC has enforcement powers to pursue legal action against violators. After irs confirmation in the cusip I obtain then I will be forced to report this company to the SEC or arbitration after my legal proceedings are done 4. Civil Liabilities : The Act imposes civil liabilities on those who engage in fraudulent activities or fail to disclose material facts required by the Act. These liabilities can include financial penalties and compensation to harmed investors.

CAC has profited immensely from my loan while violating consumer protection laws and my rights. Their actions have caused undue financial harm and stress. I request the CFPB conduct a thorough investigation into these practices and ensure that justice is served. Below is a list of forms and letters Im in process of sending out. The irs is going to audit this non compliant company & I will do my due diligence for. Foia the 1099s that they are not providing but hiding from me. I become a investor once they securitized my loan.. these are not all the forms Im sending in I hire a CPA to correct the tax filling they have filed on my behalf Thank you for your attention to this matter.

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