Consumer complaint received 2024-10-12 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: CREDIT ACCEPTANCE CORPORATION
State: PA

Complaint narrative:
Here is some of concerns regarding illegal interest rates and potential fraudulent practices associated with my account. 
Upon reviewing my loan documents, I have identified interest rates that appear to exceed the legal limits set forth by the State of Delaware and Michigans/Local Laws, which raises serious concerns about the validity of this agreement. Additionally, I have reasons to believe that the terms of the contract may have been misrepresented to me at the time of signing. 
Specifically, I would like to address the following issues : 1.Illegal Interest Rates : The interest rate applied to my loan is substantially higher than the maximum allowable rate under [ PA, MI, DE or federal law ]. I request a detailed breakdown of how this rate was calculated and the justification for its application. 

Credit acceptance and XXXX 's XXXX XXXX has clearly shown to me their intentions/actions are not anywhere close to honest, ethical or legal and after constant review of the contract this week and has clearly shatter my trust in the company and dealership and in great need to of the CFPB, XXXX  and any other outside assistance with this Predatory loan that took my XXXX down payment and that didn't even touch alter what is owed on the vehicle that mean everything i have payed has been eaten by interest and late fees which begs the question If my Credit/Consumer report or income was falsely reported. Which became question when I notice the initial ( first ) credit report from Credit Acceptance was over what I was told to be the finance amount of XXXX was on two credit bureaus XXXX but reported what was to be said XXXX to XXXX. 

2.Fraudulent Practices : I believe that there have been misrepresentations made regarding the terms of my loan, including but not limited to Gap insurance that has been revealed to be completely fraudulent/fake that added charge of {$1000.00} added to the predatory loan and a service warranty for {$1900.00} which I declined and signed a form stating the vehicle was as-is no warranty with my actual written signature, yet under review of the contract I have found a fraudulent digital signature on the form for service warranty. the Vehicle itself was falsely presented to be a different trim than what it actually was and has safety recalls at a total of two that can be repaired but due to the predatory loan 's illegal interest rates and dealer & lenders deceptive/illegal actions and tactics, Im unable to leave it at the manufacturers for repairs I havent even begun to pay for the car due to the illegal interest rates violating not only my but each states laws on usury, following late fees for getting payed BI-weekly and always after the due date that they refuse to change only to take a smaller payment only to hit me with late credit report and fee and has also stated that I can promise to pay ahead but still face negative reports and even to the end of the contract Ill only be paying off the illegal interest they placed. not to mention after closer inspection of my vehicle that has hidden fees to increase the interest and dangerous hidden issues that have been known since XX/XX/XXXX ( LOAN STARTED IN XX/XX/XXXX ) The dealer/lender knew about the issues and actually just lied to my ignorant face ( her P.o.v ) saying it passed inspection its a great vehicle, unable to print XXXX. The vehicle is fixable and not my main issue my main issue is I cant take my driver test in it because it didn't pass emissions due to one a the recall issues and to send it to the shop I wouldn't have a way to work and they would most likely try to repo because I'm due and have to look for new employment with this loan I'm positive they planned to make me go Default using the issues in the vehicle to their gain. it seems like they planned for a scenario id have to make a claim to GAP get a fake denied because its literally under a company name that has nothing to do with GAP ( info on how that call went at the bottom ) and leave paying the interest off just like I am now even in the chance the vehicle survives to the end of the loan, Ill still be paying the interest leaving a debt in the end that is x2 the fabricated vehicles worth ( fabricated because undisclosed fees on the vehicle stating modifications or extra products were included ) to make XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX valued or even resold value being below XXXX ) the price is unmistakably raised to XXXX to just raise the interest because nothing was added that doesn't some included and this vehicle was sold to be a XXXX  and I didn't find out the actual Trim of my vehicle till like the third day in the week of me doing research on my vehicle because most of the Sites I searched the VIN on including XXXX XXXX searches showed me XXXX, XXXX, XXXX, and some showed me 1 OPEN recalls some showed 2 OPEN recalls and that was with a whole week of looking over information regarding my vehicles history. The title was never shown to me and after gap I'm questioning the validity of everything with these companies This also has resulted in financial hardship and has compromised my trust in Credit Acceptance, in XXXX 's XXXX XXXX. I will make it fully known my disgust and profound disappointment with the fraudulent dealings and activities in their business practices. there is no mistake this isn't buyers remorse THIS IS FRAUD because when I called to confirm my GAP insurance is active I WAS MET WITH A RECORDING TELLING ME : ITS A SCAM, THIS IS A SCAM, ITS IS A SCAM on repeat then ends the call there is no mistake this company is on the contract number listed on the contract when I called to verify it presents itself as a entity that handles GAP insurance but hit XXXX to talk to a representative and get that recorded message just confirmed everything to me and it just has me physically sick that businesses get away with stuff like this and I cant even ask for a refund because in the contract credit acceptance or the dealer will take my refund for their interest, As to that call I will gladly show that my statement is true if necessary before the courts and have a video of me calling as evidence *in person or XXXX meeting* I couldn't believe it either neither could my friend he was shocked he said in his words " If I was by myself and got in a accident and called and heard that ... .. That's scary and shook his head. I even showed my friend 's father. That being said I hope that my claim is taken seriously and with urgent attention. 

Final statements The dealer made it out like me and my gf would have to take the bus If I didn't accept this as my only option and she was doing me a favor with this contract she made it a process of fraudulence, when it should've been a negotiation. If the trim being XXXX and not as described to be XXXX  not fraud it is most defiantly and still applies to just about everything it would be Misrepresentation in its finest and broke a few laws in The Deceptive Trade Practices Act. I've been severely stressed to a point of health problems from Credit acceptances actions and XXXX 's XXXX XXXX and already going to court at risk of being falsely Imprisoned I don't deserve to have more injustice happen. 
waiting on me if worst case happens. 

( In the two files I sent with this is what I have but I also hold other pages that aren't here in the digitals, I ask again for measure that it is completely aware that I've asked in email I asked a Representative and I have yet to receive The original. and says on one of the set of copy 's that XXXX XXXX XXXX ( XXXX XXXX ) handed The originals to Credit Acceptance ) Thank you,

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