Vehicle loan or lease -- Managing the loan or lease -- Complaint #10877142
Complaint Overview
Complaint ID: 10877142
Company: Credit Acceptance Corporation
Product: Vehicle loan or lease
Sub-Product: Lease
Issue: Managing the loan or lease
Sub-Issue: Problem with the interest rate
State: Michigan
ZIP Code: 483XX
Date Received: 2024-11-20T12:00:00-05:00
Date Sent to Company: 2024-11-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
To Whom It May Concern, I am filing a complaint against XXXX XXXX regarding an auto loan for a XXXX XXXX XXXX that I began leasing in XXXX. I believe the loan terms are predatory, the vehicle was significantly overpriced, and the annual percentage rate ( APR ) is excessively high. When I entered into this agreement, I was not adequately informed about the financial consequences of the high APR and extended loan term. The original price of the vehicle ( {$34000.00} ) was significantly inflated, far exceeding its fair market value at the time. I believe the lender engaged in unfair practices by approving the loan at such an exorbitant cost and interest rate, despite the cars actual worth and my financial capacity. The APR of 22.99 % is extremely high, making it nearly impossible to pay off the loan without incurring significant financial hardship. I believe Credit Acceptance took advantage of my financial vulnerability by approving a loan under these unreasonable terms, which may violate consumer protection laws. Thank you for your attention to this matter. Please contact me if additional details or documentation are required.
Frequently Asked Questions
What is Complaint #10877142 about?
Complaint #10877142 was filed against Credit Acceptance Corporation regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2024-11-20T12:00:00-05:00.
How did Credit Acceptance Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Credit Acceptance Corporation?
Yes, visit the Credit Acceptance Corporation company profile at readthecomplaint.com/company/credit-acceptance-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.