Consumer complaint received 2024-09-30 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Loan opened without my consent or knowledge
Company: CREDIT ACCEPTANCE CORPORATION
State: RI

Complaint narrative:
I am filing this formal complaint against XXXX XXXX XXXX and Credit Acceptance Corporation due to their involvement in deceptive practices, dealership fraud, and predatory lending that have caused financial harm and significant distress. Below are the key issues related to my case : XXXX. Deceptive Loan Terms and Down Payment Misrepresentation I was informed by XXXX XXXX XXXX that I qualified for an auto loan through Credit Acceptance Corporation, but I would need to provide a {$5500.00} down payment to secure the loan. However, after making the down payment, I discovered that a significant portion of this payment was applied to undisclosed service contracts and other charges that were never explained to me during the loan application process. Specifically : - The dealership bundled unspoken contracts, including a XXXX XXXXXXXX XXXXXXXX XXXX contract priced at {$1600.00}, without my prior knowledge or consent. 
- Additional registration and miscellaneous charges were added without disclosure, effectively reducing the actual amount of my down payment applied to the vehicle purchase. 

XXXX. Forged Documents and Loan Misrepresentation During the loan process, I was shown a virtual contract that I could not view properly or sign. The dealership misrepresented the loan terms, and I suspect that documents may have been forged or altered after the fact. I was not given the opportunity to review or sign a physical contract in person, raising concerns about document integrity and potential forgery. 

XXXX. Predatory Lending Practices by Credit Acceptance Corporation Credit Acceptance Corporation financed the vehicle loan for {$22000.00} with excessively high interest rates and predatory terms that were not clearly explained to me. The loan included hidden fees, exorbitant interest rates, and unnecessary add-ons such as the service contract mentioned above. Additionally : - Credit Acceptance has consistently misreported my payment history to credit agencies, damaging my credit score. 
- I believe Credit Acceptance engaged in unethical lending practices by manipulating loan documents and imposing unfair terms that have caused undue financial burden. 

XXXX. Violation of Consumer Rights The actions of XXXX XXXX XXXX and Credit Acceptance Corporation constitute violations of my rights as a consumer. These practices reflect a blatant disregard for transparency, honesty, and fair dealing, which are essential in financial transactions. I was misled about the loan terms and subjected to predatory lending that has left me in a difficult financial position. 

XXXX. Legal Action Intent Due to the severity of the fraudulent practices and financial harm Ive endured, I am in the process of pursuing legal action against both XXXX XXXX XXXX and Credit Acceptance Corporation for their deceptive and unethical behavior. I am seeking full accountability and restitution for the damages caused. 

XXXX. Supporting Documents I am providing the following documentation to support my claims : - Copy of the XXXX XXXXXXXX XXXX XXXX contract showing undisclosed charges applied to my loan. 
- All communications and loan documents related to the transaction. 
- Records of payments and communication with Credit Acceptance Corporation showing discrepancies in reported payment history.

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