Consumer complaint received 2024-06-19 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: American Credit Acceptance, LLC
State: MD

Complaint narrative:
A fair resolution to your situation should consider the following aspects : XXXX. **Medical Hardship Accommodation : ** Given your XXXX XXXX diagnosis and the financial strain it has caused, a fair resolution would include accommodations for your medical condition. This might involve reducing or waiving the remaining debt, considering your inability to work and manage large financial obligations due to your health. 

2. **Clear and Transparent Accounting : ** The lender should provide a detailed, transparent breakdown of how the {$30000.00} debt was calculated. This includes itemizing any fees, interest, and the proceeds from the resale of the repossessed vehicle. 

3. **Debt Adjustment or Forgiveness : ** Depending on the outcome of the detailed accounting, the lender should consider adjusting the debt amount. If the debt is significantly inflated or includes unjustifiable charges, reducing it to a fair amount or forgiving it entirely would be appropriate. In many cases, the resale of the vehicle should cover a significant portion of the debt, and you should not be left with an exorbitant balance. 

XXXX. **Removal of Negative Credit Reporting : ** If the repossession and subsequent debt have negatively impacted your credit score, a fair resolution would include the removal of any adverse entries related to this incident from your credit report. This will help mitigate the long-term financial impact on your creditworthiness. 

XXXX. **Establishment of a Repayment Plan ( if necessary ) : ** If any debt remains after adjustments, a reasonable and manageable repayment plan should be established. This plan should take into account your current financial situation and medical expenses, ensuring that the monthly payments are affordable and do not further strain your finances. 

XXXX. **Improved Communication and Support : ** The lender should commit to better communication and support, particularly in situations involving medical or financial hardship. This might include providing a dedicated contact person who can assist you with any future concerns or issues. 

Incorporating these elements, here is an addendum you can include in your letter to the CFPB to outline what you consider a fair resolution : -- - Given my medical condition and the financial strain it has caused, I believe a fair resolution would involve the following : 1.American credit acceptance providing a detailed and transparent breakdown of the {$30000.00} debt. 
2. Adjustment or forgiveness of the debt based on the proceeds from the sale of the repossessed vehicle and the inclusion of any unreasonable charges. 
XXXX. Removal of any negative entries related to this repossession from my credit report. 
XXXX. If any debt remains, establishment of a manageable repayment plan that takes into account my current financial situation and medical expenses. 
XXXX. Improved communication and support from [ Lender/Company Name ], particularly in situations involving medical or financial hardship. 

I believe these measures will lead to a fair and just resolution of this matter, allowing me to focus on managing my health and finances more effectively.

Company response to consumer: Closed with explanation