Consumer complaint received 2023-01-08 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Fraudulent loan
Company: Bridgecrest Acceptance Corporation
State: AZ

Complaint narrative:
Bridgecrest/XXXX repeatedly violated our payment agreement and misrepresented the Truth in Lending Disclosures in our signed contract to furnish an amount lower owed than what actually would be paid in full by the end of our agreement. In XXXX XXXX XXXX our vehicle was repossessed in the midst of the XXXX outbreak. We were so confused as to how we had allowed this to happen and believed it was our fault. Due to this repossession newly reporting on our credit files, we lost our ability to rent, we lost our only form of transportation as a working family of six, we loss our ability to take out loans, buy a home, finance another vehicle, or keep up with the added cost and loss opportunities as a result of the repossession. XXXX, after a year and some months of trying to afford to build and repair the damage caused to our credit score by the repossession, we learn that Bridgecrest/XXXX failed to provide us with a complete and signed copy of the above mentioned contract during the entire length of our agreement. I reached out to them to obtain a copy to further investigate the accuracy of the amount being reported as owed to the credit reporting agencies. I was extremely distressed to learn that Bridgecrest/XXXX had intentionally or neglectfully misrepresented multiple aspects in regards to our signed agreement beginning with the Truth in Lending Disclosures amounts. Bridgecrest/XXXX misrepresented our simple interest 62 month term agreement by formulating the Finance Charge amount, Annual Percentage Rate and the Total of Payments based on 3 year simple interest terms rather than 62 months. This furnished a lower amount on the signed contract than what we would actually be paying in interest over the course of 62 months. After calculating the simple interest loan over 62 months we were making more than double the amount in interest payments each month and less towards the principle amount than what our agreement portrays we would pay. During this transaction, Bridgecrest/XXXX  failed to disclose to us our credit score and failed to disclose the determining factors in the interest rate, so that we could make an informed decision and shop around. The " Notice to Vehicle Credit Applicant '' under the California 's Car Buyer 's Bill of Rights. Which led us to understand that we could only go with their high interest offer. Bridgecrest/XXXXXXXX also violated our agreed payment terms by misrepresenting future scheduled payment due dates and altering/duplicating transaction dates resulting in multiple account inaccuracies, unwarranted late fees and added interest being accumulated between payment dates. This tactic is used so when you make a payment, the payment portal and monthly statement reflect a next due date that is scheduled later than it should be, resulting in the customer unknowingly missing a payment or making a payment late. When the " error '' is corrected, late fees and interest cost have already been added to the customers account and no one informs or acknowledges the transaction alterations and the account just appears to have fallen behind. This results in the accrued late fees, interest and ultimately larger payments being made by the customer in an effort to " catch up ''. Bridgecrest/XXXX repeatedly used our payments to over pay the interest and under paid the principal balance. Bridgecrest/XXXX altered financial records in regards to transaction events, amounts paid, dates paid and backdating documents. Furthermore, Bridgecrest/XXXX  used a computed generated signature to forge our signatures onto additional contract documents a day after the original agreement was signed, without us present and without our knowledge or informed consent. Bridgecrest/XXXX added unwanted options and accessories to the Agreement and failed to disclose in a clear and conspicuous location on the Purchase Agreement that these additions were optional. Bridgecrest/XXXX provided personal and private financial documents to non-affiliated third parities via mail. Bridgecrest/XXXX provided us with copies of financial records that are inconsistent and inadequate, resulting in inaccurate amounts being calculated and claimed as owed. Bridgecrest/XXXX 's actions resulted in inaccurate reporting in our transaction history and credit reports. Bridgecrest/XXXX continues to report ongoing monthly delinquencies to manipulate the statute of limitations under the Fair Credit Reporting Act so that their negative reporting remains on our consumer files longer. Furthermore, Bridgecrest/XXXX  's actions resulted in deferral requests, added financial cost, bounced payments and ultimately the wrongful repossession of our only vehicle. These action directly resulted in our family 's distress and financial harm with cost and loss opportunity and has harmed our reputation and livelihood. We strongly believe we are not the only ones who have fallen victim to these type of practices by companies such as Bridgecrest/XXXX who prey on unknowing and desperate lower credit individuals, who trust these companies when making such large purchases and trust that they will not be defrauded. We are devastated and are determined to ensure that Bridgecrest/XXXX is held accountable.

Company response to consumer: Closed with explanation