Consumer complaint received 2018-04-19 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: American Credit Acceptance, LLC
State: UT

Complaint narrative:
American Credit Acceptance LLC. XXXX XXXX XXXX XXXX Fl XXXX XXXX, SC XXXX, And ACA XXXX XXXX XXXX XXXX XXXX, Business Manager XXXX XXXX and XXXX rates this crooked high interest Company A+ is very vag..Phone XXXX This company we got loan from them in XX/XX/XXXX as of XXXX XXXX in XXXX Utah supposed had us finance in XX/XX/XXXX ... We thought that we least got 8 % rate..Because XXXX   Dealership had us sign Blank contract saying they get us finance from 3 % -30 %, well ACA hit us with 28 % on 5 year loan ... We made complaints because we send off 2-checks one for payment other for Principal only..We been paying {$480.00} Check # XXXX, plus {$69.00} check # XXXX = $ XXXX.every month from our XXXX XXXX XXXX..We been sending out payment on XXXX of every month because due on XXXX.Our Balance {$16000.00} but XXXX we sent two checks on XXXX USPS like always, due XXXX is Sunday.Well Monday XXXX they said we are late, and as of today XXXX late Daily % 12.39 now balance owe {$16000.00} 4days late.They must have checks and Holding on them..Because I made FTC, XXXX, Complaint.Now they want me to pay {$770.00} for being late ... My account # XXXX Office code : XXXX my user name : XXXX for XXXX XXXX XXXX had XXXX miles worth only {$5500.00} XXXX  told us this month they XXXX never gave us XXXX say it was never wreck.Now they told us its been wreck twice.We tried trading it in for Newer auto the finance guy said that's all the car is worth.Thousands of Massachusetts Drivers to Receive {$7.00} XXXX in Relief on High-Interest Auto Loans from Two Lenders AGs Office Has Now Recovered More Than {$12.00} Million for Consumers Relating to High-Interest Auto Loans XXXX Two national auto lenders have agreed to provide a total of {$7.00} XXXX in relief to thousands of Massachusetts consumers over allegations they charged excessive interest rates on their subprime auto loans, Attorney General XXXX XXXX announced today. The AGs Office has now recovered more than {$12.00} million for consumers in the last several months in settlements relating to high-interest auto loans. 

There are protections in place to ensure that consumers who take out auto loans are treated fairly and not forced to pay illegal and excessive interest rates, AG XXXX said. Our office will continue to make sure that these protections under state law are applied properly so that consumers are not exploited by predatory practices. 

Under the terms of the assurances of discontinuance, filed Tuesday in XXXX Superior Court, American Credit Acceptance , LLC ( ACA ) and XXXX XXXX XXXX XXXX ( XXXX ) have agreed to eliminate interest on certain loans they purchased that allegedly included excessive interest rates due to the inclusion of so-called GAP coverage. The lenders have also agreed to forgive outstanding interest on the loans and reimburse consumers for the interest they have already paid on the debts. 

The Attorney Generals Office has identified approximately {$1.00} million in relief for ACA loans, and approximately {$5.00} million in relief relating to XXXX loans. Under the settlements, additional audit work will determine if other loans are also subject to refunds. More than two thousand Massachusetts consumers will benefit from the settlements. On average, the  settlement will provide each consumer with approximately {$3000.00} in relief. 

Under the settlements, the lenders will also pay {$220000.00} to pay for implementation of the agreements. 

Consumers in these cases were overcharged because of GAP fees. These fees caused the effective interest rates on the loans to exceed the 21 percent state interest cap. GAP is a product that is intended to limit the shortfall between the payment on an auto insurance claim and the amount the borrower owes on a car loan in the event the financed vehicle is totaled. GAP is sold by car dealers as an add-on product and is often financed in the auto loan. 

This case is part of an ongoing subprime loan review initiative by the Attorney Generals Office.  Previously, as part of this initiative, the Attorney General announced a {$5.00} XXXX settlement with XXXX XXXX XXXX XXXX also relating to GAP fees and excessive interest.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation