Consumer complaint received 2025-01-10 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: CREDIT ACCEPTANCE CORPORATION
State: NY

Complaint narrative:
Sent a Formal Demand letter via certified mail on XX/XX/XXXX2024, I did not receive a letter back- I received an email I could not access due to it being encrypted. 

formally demand compensation for the significant. financial and emotional harm caused by XXXXCredit Acceptance Corporation 's ( XXXX ) unfair and deceptive practices in connection with my auto loan ( Account XXXXNumber : ( XXXX ). This. letter serves as my attempt to resolve this matter amicably without further legal or regulatory action. 


Grievance : 1. Predatory Lending Practice - XXXX  misrepresented the actual costs associated with my loan, failing to disclose the full terms in a transparent and understandable manner. As a consumer, I had the right to be informed of all fees, interest rates, and conditions before entering into the loan agreement. This lack of clarity misled me into accepting a high-cost loan for a used vehicle. 

2. Structuring Loans to Fail - The loan I received from XXXX was structured with terms that were designed to set me up for failure. The monthly payment of {$340.00}, beginning on XXXX. 
XXXX, 2010, was beyond what I could realistically afford over the duration of the loan. Despite my good-faith efforts to meet these terms, the financial burden was excessive, resulting in the repossession of my vehicle on XX/XX/XXXX2013. 

3. Harassment through excessive phone calls and emails 4. Fraudulent Misrepresentation - The dealership engaged in deceptive practices by promising XXXX deal and switching it at the time of purchase. 

5. Breach of Contract - The terms of the final agreement signed differed from what was agreed upon verbally or advertised. 

6. Unconscionable Practices - The dealership charged fees or imposed terms that were excessive, unfair, or unexpected. The cost of the car ended up being far more than what was originally agreed to. 

7. Violation of Consumer Protection Laws - Bait-and-switch sales tactics. The dealership misled me about the cost, financing terms, or vehicle condition. 

8. Breach of Good Faith and Fair Dealing -The dealership had an obligation to act in good faith during the sales process. Using deceptive tactics to push into a more expensive vehicle or deal breaches this legal duty.

9. Financial Hardship Due to Predatory Lending - hidden fees were added after the deal 10. Emotional and Financial Damages -emotional distress, financial harm, or loss of transportation due to the dealerships deceptive practices and subsequent repossession.

11. Targeting Vulnerable Customers - XXXX appeared to specifically target vulnerable consumers, including myself, with predatory practices. These tactics took advantage of my financial situation, locking me into an unfavorable loan agreement with terms that were nearly impossible to meet.

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