Consumer complaint received 2024-10-13 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: CREDIT ACCEPTANCE CORPORATION
State: CA

Complaint narrative:
I was wrongfully taken advantage of while i was in desperate need of a vehicle! I traded in my previous vechicle a XXXX XXXXXXXX XXXX  and the dealership told me the trade in amount for my vehicle was XXXX dollars.The dealership was XXXXXXXX XXXX XXXX in XXXX XXXX. They offer me a vechile a XXXX XXXX escape at XXXX dollars! The sales person name XXXX told thats the only car I was approved for by credit acceptance he didnt let me pick any other car cause according to the sales man XXXX I was only able to get approved for the XXXX  XXXX. I ask if i could look at the vehicle prior to signing anything he said the vehicle was getting nomal maintenance done brakes, oil change etc. I was in desperate need of a vehicle as my vehicle was my main source to get to my jobs! XXXX didnt let me see the contract he just told me to give him aside of my trade in vehicle a down payment of XXXX dollars. And that he had gotte me approved for a loan for credit acceptance for XXXX a month. He didnt discusses the terms of finance terms and lengths of the terms either. After he gave me the contract maybe a few days after withe the vehicle maybe 4 days after signing i seen the terms of the loan and also the vehicle was in a bad condition brakes werent probably working and the vehicle was getting over heated. I contacted the finance company credit acceptance and the sales man to let them know i need to get my money back or cancel my contract i was told they could cancel my contract as my trade in they had sold it already.. the only solution they gave me is to keep the vehicle for a few weeks while they try to.search for another vechile for me! I waited about XXXX weeks and never got a response.after a month past i contract credit acceptance and told them how my payment was due and the sales man told me not to make the payment since i wasnt gon na keep my vehicle. 2 months past and apparently now XXXX is of the country until XX/XX/XXXX .now my vehicle was repossessed for not making the payments and had to pay XXXX dollars to recover my vehicle. Vechile has given me nothing but problems since day one an had no luck getting help from car dealer or finance company. Now im stuck on a XXXX car loan on a vehicle that the engine is in bad shape! Transmission is stalls and have put so much money on repairs withing a year and my monthly payment for my loan went up from XXXX to XXXX after repossession and my loan of XXXX has not lower at all within a year .so unfair these people take advantage of people hard working money. Try to come to a solution with both the dealership and finance company with no success. Very frustrating to have to pay XXXX monthly on a vehicle tht no longer reliable and not lowering my loan amount at at as every month after making my payment i get charged XXXX intrested charge.

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