Vehicle loan or lease -- Managing the loan or lease -- Complaint #4406612
Complaint Overview
Complaint ID: 4406612
Company: American Credit Acceptance, LLC
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: Florida
ZIP Code: 32003
Date Received: 2021-05-25T12:00:00-05:00
Date Sent to Company: 2021-05-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I took out a used auto loan with American Credit Acceptance LLC in XX/XX/2015. The interest rate was very high but I had terrible credit due to a divorce and bankruptcy so I was alright with that. I set up auto pay for my monthly payments which were due on the XXXX of each month. Almost immediately each statement reflected late charges and additional fees not to mention the interest charged was most times twice what was applied to the principle. This continued on for about a year and suddenly my statements only showed my payments being applied to interest only. I even paid well above the minimum payment for several months but it never went to the principle. I contacted ACA a few times but was never given a good explanation why this was happening and why the late/additional fees. I continued to make my payments for approximately another 3 1/2 years and gained very little ground on the principle. I lost my job and could no longer make payments but the vehicle should have been paid off by then. I received a repo intent letter and I jumped through hoops and was able to convince a family member to help me out with a settlement. I contacted ACA and made a fair pay off offer but they refused it. Covid hit and ACA had to pull back on the repo but they still contend that the only way I can get the title is to pay off the existing balance including all the late/additional fees that has accrued since this all began. The balance payoff is nearly as much now as the original cost of the vehicle. As soon as the Covid crisis is over and they can legally come after my vehicle they will initiate another repo attempt. I have already paid thousands of dollars over the original price and I feel that this company is heartless and predatory in nature and someone needs to stop them from continuing this way.
Frequently Asked Questions
What is Complaint #4406612 about?
Complaint #4406612 was filed against American Credit Acceptance, LLC regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2021-05-25T12:00:00-05:00.
How did American Credit Acceptance, LLC 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 American Credit Acceptance, LLC?
Yes, visit the American Credit Acceptance, LLC company profile at readthecomplaint.com/company/american-credit-acceptance-llc 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.