Consumer complaint received 2025-08-04 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Bridgecrest Acceptance Corporation
State: GA

Complaint narrative:
Creditor Name : Bridgecrest Loan Type : Auto Loan Date of Origination : XX/XX/XXXX Current Balance Owed : {$9400.00} Vehicle Value : $ XXXX {$500.00} ( as of XX/XX/XXXX ) Loan Interest Rate : 23.369 % Monthly Payment : {$370.00} Vehicle Age/Condition : Extremely depreciated, high mileage, mechanical issues, currently worth a few hundred dollars Total Paid to Date : {$21000.00} Original Amount Financed : {$15000.00} Finance Charge ( per contract ) : {$13000.00} Total Sale Price ( including down payment ) : {$30000.00} Loan Term : Extended repayment over 75+ months Complaint Summary : I am filing a complaint against Bridgecrest due to what I believe are predatory lending practices, excessive interest charges, and a loan structure that has left me paying far more than the vehicle was ever worth -- with no path to ownership or equity.

I purchased a used vehicle from XXXX in XX/XX/XXXX and financed the loan through Bridgecrest. The original amount financed was {$15000.00}, with a finance charge of {$13000.00} built into the loan. This brought the total loan obligation to {$28000.00} -- for a vehicle that has now been appraised at only $ XXXX {$500.00}. 

The interest rate was 23.369 %, and I have since paid {$21000.00}, which includes my {$1500.00} down payment, regular payments, principal only payments, and late fees. Despite this, my current remaining balance is still {$9400.00} as of XX/XX/XXXX. 

That means after 4.5 years of payments -- totaling nearly {$22000.00} -- I still owe over {$9000.00}, meaning I will ultimately repay over {$30000.00} for a vehicle originally valued at far less, and one that is now functionally worthless. That is almost double the amount I originally financed, and significantly more than the car was ever worth.

Additional Factors : -I was late on payments multiple times, and Bridgecrest applied significant late fees and interest accruals that ballooned the balance.

-My credit was not strong at the time of purchase, and I now believe I was targeted due to my vulnerability and lack of other options.

-The car has had numerous mechanical issues over time, further lowering its value.

-My transportation is essential for work and daily life, and I can not simply " give the car back '' -- yet I am trapped in a loan that offers no relief, flexibility, or proportional repayment outcomes.

-Bridgecrest has been uncooperative when asked about assistance, restructuring, or settlement options.

My Request : I am requesting that the CFPB review this loan for : -Predatory or abusive lending practice -Unfair or deceptive loan structuring -Excessive interest rates and repayment terms that do not reflect the value of the vehicle -A possible audit or recalculation of the interest and fees charged -The opportunity to renegotiate or settle the loan at a more fair and just amount based on what I've already paid Conclusion : I believe that this loan should never have been offered under these terms, and that i have now paid more than enough -- both financially and emotionally -- for a car that is worth almost nothing. I am not trying to walk away from my responsibility, but I am being forced to pay well beyond what is fair, ethical, or affordable. I need transportation to survive, and this loan is keeping me in a cycle of debt that I can not escape without outside help. I request that the remaining loan balance be canceled and that I receive a refund of the excessive fees or interest charges due to the unfair, predatory nature of the loan.

I am seeking your review and assistance in holding Bridgecrest accountable and helping me find a resolution that reflects what I have already paid and endured.

Thank you for your time and consideration.

Company response to consumer: Closed with explanation