Vehicle loan or lease -- Struggling to pay your loan -- Complaint #12391674

Complaint Overview

Complaint ID: 12391674

Company: American Credit Acceptance, LLC

Product: Vehicle loan or lease

Sub-Product: Loan

Issue: Struggling to pay your loan

Sub-Issue: Denied request to lower payments

State: Oregon

ZIP Code: 972XX

Date Received: 2025-03-09T12:00:00-05:00

Date Sent to Company: 2025-03-09T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

So about XXXX years ago I went to a XXXX to get a car. I had heard good things about them not taking advantage of young people like me. I was a XXXX XXXX XXXX girl that had absolutely no guidance, no support and no protection going into this. Knowing my credit wasnt high I didnt think Id get approved for much. But I did. I got approved for a XXXX XXXX XXXX with XXXX miles on it. It was cute and I was happy I could even purchase a car. I was approved by XXXX XXXX XXXX at a 28 % interest rate for 74 months. Not knowing that a 10 % interest rate was considered high for a car let alone a 28 % interest rate, I signed the paperwork. I asked the young man helping me at XXXX if 28 % was high and he responded with its a little high but you can refinance no problem in 6 months. But he knew I wouldnt be able to do that. No bank, no dealership, no human being with experience in purchasing a car would buy a XXXX XXXX for more than {$16000.00}. XXXX XXXX XXXX has it listed between {$2000.00} - {$5000.00}. On XX/XX/XXXX I paid my first payment of {$490.00} of many. I had put a {$700.00} down payment on the car at the time of purchase because that was literally all I had. I was loaned by American Credit Acceptance more than {$17000.00} for this car. With a 28 % interest if I stay on this path I will have paid more than {$35000.00} towards this car. Not to mention the full coverage insurance I pay as well. I called ACA asking them how much of my {$490.00} was actually going to the principal amount of the car. Only {$190.00} a month is going to the principal amount. The rest to interest. Ive taken all the information to the bank and they wont refinance it because the percentage is too high on their end. No car dealership will do a trade/ sale because of the massive amount on negative equity. Now I could just put a down payment on another car. But every car dealership Ive gone to, corporate or local has said a minimum of {$10000.00} would need to go down just to get out of this nightmare with ACA. I dont have {$10000.00} to put down. Most people dont. Something else Id like to bring to light is the fact that American Credit Acceptance has been involved in many class action lawsuits for predatory lending practices and improper repossessions. So how could XXXX work with a company that is involved in all of these legal battles that they have admitted to wrong doing on their end sell me this car with this lender? How could they sign a XXXX XXXX XXXX girl up to pay {$35000.00} in a span of 74 months on a car that is only valued at {$5000.00} when I was only making {$3000.00} a month at the time? {$30000.00} a year after taxes if I was lucky.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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