Consumer complaint received 2024-09-17 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: OH

Complaint narrative:
I purchased a car with credit acceptance corp that I was preapproved for on XXXX XXXX I went to a dealership that it sent me to XXXX XXXX XXXX XXXX. At the time I was young and didnt know any better I picked the coolest car I found a XXXX XXXX XXXX. They told me they could get me into the car no matter what and that I was approved and to just give them as much as I could down and I would be good. I was told the car was XXXX and that the payments would be a little over {$800.00} a month plus insurance which for me ended up being {$400.00} a month for the insurance they required with a {$1200.00} car note and XXXX balance I agreed and put down the XXXX that I had. I was very excited drive off that day thinking I did something good for myself. About a month later I logged into my my account portal to make a car payment and it showed I owed a balance of {$64000.00} looking up the value of the vehicle was only about XXXX and I agreed to the XXXX which I assumed was interest so I called customer service and they informed me that the actual interest rate was extremely high like 150 % and that I would actually be paying XXXX in total for the car. I explained to them that that didnt make any sense to me and that I was never informed of this at the dealership or had even heard of a number so high in talking about the vehicle. They sent me a copy of my contract and there it was the XXXX which I was completely unaware of I asked them my options and they said I could pay the vehicle off early for a discounted rate or retur n the vehicle and that if returned the car would be sold and balance eliminated. During the COVID pandemic I fell on hard times and fell behind 3 payments I decided to have the car picked up for a voluntary surrender. Upon picking up the vehicle the company auctioned the vehicle and sold it and then sent me a bill for XXXX saying I owed them that for interest. I asked them how thats possible I gave the vehicle back and at a time when the used car market was on a very good rise in prices and was promised that this would be taken off of my credit now your telling me I owe you XXXX for a car I dont even have anymore and you sold. After several months it was sent to collections I tried to call several times and figure out a solution but Everytime I call they create a new balance on my credit report and a new payment schedule that keeps showing Im missing payment every month and I have no payments even set up with them and its been several years anytime I try to get a vehicle from somewhere else they tell me that credit acceptance is flagging my account and making it look like my voluntary repossession just happened within last month I keep getting negative hits on my credit score every month from them for over the last 2 years. The numbers also keep changing to different amounts and each amount increases a small bit every month and shows as a missed payment. It now says I owe them XXXX but last time I spoke to them they said I can settle for XXXX and that nobody will approve me for a vehicle until I pay them and then if I pay them they will sell me another vehicle. I feel bullied cheated and lied to I havent been able to get another vehicle in about 3-4 years and Im finally at a spot to where my credit is getting repaired but credit acceptance is trying to do anything and everything they can to stop and destroy my credit score.

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