Vehicle loan or lease -- Struggling to pay your loan -- Complaint #13707388
Complaint Overview
Complaint ID: 13707388
Company: Credit Acceptance Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Struggling to pay your loan
Sub-Issue: Denied request to lower payments
State: Maryland
ZIP Code: 20743
Date Received: 2025-05-25T12:00:00-05:00
Date Sent to Company: 2025-05-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am writing to file a formal complaint regarding what I believe to be a predatory auto loan I entered into on XX/XX/XXXX, with Credit Acceptance Corporation, through the dealership XXXX XXXX XXXX XXXX, for a XXXX XXXX XXXX XXXX. I was told during the sale process that I was approved regardless of credit, and the loan was presented as if it were a fair opportunity. However, after signing the documents, I discovered several key terms and charges that were not explained clearly or honestly. As someone without professional experience in car financing, I relied on the dealers word, and unfortunately, it turned out to be misleading. I later discovered that I was forced to finance an extended warranty costing {$1900.00} without my full understanding or consent. Additionally, I was encouraged to purchase XXXX insurance that was unnecessary and added to the overall cost. These add-ons inflated the total loan burden significantly. Since taking out this loan, I have struggled severely to make the monthly payments due to the high interest rate and additional charges. At one point, the vehicle was even repossessed, although I was able to recover it. My credit has been damaged, and I am experiencing ongoing financial and emotional stress as a result of this situation. I believe this loan constitutes predatory lending because : The interest rate was excessively high, especially for a used vehicle. Add-on products were included deceptively or without clear consent. The sales process involved pressure and misleading assurances. The terms were not explained in a way a reasonable consumer could understand. I respectfully request that your office investigate this matter and hold Credit Acceptance and the selling dealership accountable for any violations of lending laws or deceptive practices. I am also seeking any remedies or relief available, including potential cancellation or adjustment of the loan, refund of unfair charges, or credit correction. I am happy to provide further documentation upon request. Thank you for your attention to this matter.
Frequently Asked Questions
What is Complaint #13707388 about?
Complaint #13707388 was filed against Credit Acceptance Corporation regarding Vehicle loan or lease specifically about Struggling to pay your loan. It was received by the CFPB on 2025-05-25T12:00:00-05:00.
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.