Consumer complaint received 2025-03-21 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Changes in terms mid-deal or after closing
Company: AUTOMOBILE ACCEPTANCE CORPORATION
State: NY

Complaint narrative:
I am filing a formal complaint against XXXX XXXX XXXX and Automobile Acceptance Corporation regarding a deceptive and predatory auto loan for a vehicle I purchased in XXXX, Georgia. This complaint is based on bait-and-switch loan tactics, hidden interest rates, vehicle overvaluation, and unfair lending practices Purchase Date XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX. 

Address : XXXX XXXX XXXX XXXX XXXX XXXX GA XXXX Phone : ( XXXX ) XXXX Email : XXXX Lender : Automobile Acceptance Corporation Address : XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, GA XXXX Loan Amount : ~ {$26000.00} Actual Vehicle Value : Far less than {$26000.00} ( per XXXX XXXX XXXX XXXX Bait-and-Switch Loan Scheme & Hidden Fees 1. Loan Misrepresentation When I agreed to buy the vehicle, I was told my loan would be 36 payments totaling approximately {$26000.00}. 

I was also told the vehicle price was {$10000.00}, which made sense based on its condition. 
The dealer forced me to purchase mandatory GAP insurance, which inflated the total loan cost.

2. Deceptive Loan Terms After two years of on-time payments, I attempted a loan payoff and discovered that due to a hidden daily interest rate, I had only paid {$5000.00} toward the actual loan balancethe rest went to interest. 

This was never disclosed when I signed the agreement. 

When I confronted the lender, I was told, Theres nothing we can do and that refinancing was not an option. 

3. Bait-and-Switch at Signing The day after agreeing to the loan, I was told I was signing the same agreement as the day before.

However, I later discovered due to my illness and inability to pay that the terms were different in the loan with the vehicles price being falsely listed as {$26000.00} instead of the {$10000.00} originally discussed. 

The lender falsely claimed {$26000.00} was the vehicles actual price, which was completely inaccurate. 



Vehicle Overvaluation & Misrepresentation The vehicle I purchased was nowhere near worth the amount financed due to the following : Excessive aftermarket alterations that devalued the vehicle, including : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Over XXXX miles at the time of purchase. 

Damaged paint and body. 

These factors significantly reduced the cars value, yet I was charged an inflated price that was never disclosed accurately. 

Unfair & Potentially Illegal Repossession and Credit Reporting After making payments for over two years, the lender repossessed my vehicle without proper notice. They never contacted me afterward to inform me of where my vehicle was located or to offer me an opportunity to retrieve it. As a result, I lost all of my personal belongings inside the vehicle. 



Despite keeping my vehicle, they reported a remaining balance of {$21000.00} on my credit report as if I still owe the debt, without properly deducting the vehicles value from the amount owed. This is a clear violation of consumer protection laws, as they repossessed the vehicle but still hold me responsible for nearly the entire loan amount. 



Potential Legal Violations The dealer and lender may have violated multiple Georgia and federal consumer protection laws, including : Georgia Fair Lending Act ( GAFLA ) Protects against predatory lending practices. 

Truth in Lending Act ( TILA ) Requires lenders to disclose all terms clearly.

Unfair and Deceptive Acts and Practices ( UDAP ) Laws Prohibits misleading pricing and loan terms. 

Fair Credit Reporting Act ( FCRA ) Requires lenders to report accurate information to credit bureaus. 

Federal Trade Commission ( FTC ) Used Car Rule Requires honest disclosure of vehicle condition.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation