Vehicle loan or lease -- Problem with a credit reporting company's investigation into an existing problem -- Complaint #5586267
Complaint Overview
Complaint ID: 5586267
Company: Credit Acceptance Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-Issue: Investigation took more than 30 days
State: Idaho
ZIP Code: 83301
Date Received: 2022-05-20T12:00:00-05:00
Date Sent to Company: 2022-05-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
We purchased an automobile from XXXXXXXX XXXX XXXXXXXX XXXX, and financed the auto loan through Credit Acceptance Corporation. We purchased the extended warranty. After driving the vehicle only XXXX miles, the engine went out. A mechanic communicated with the warranty company on the needed repairs. The warranty company refused to authorize ( we later found out the warranty company is owned by Credit Acceptance ). We contacted Credit Acceptance to see what our options were. We could not afford to make XXXX XXXX monthly payments AND pay a very costly engine repair bill, but if we didn't fix it, the vehicle was not driveable. We continued to make our monthly payments on time for months while this all dragged on, even while not being able to drive the vehicle in question. Credit Acceptance basically told us that we could either pay for the repairs or voluntarily give up the vehicle. They offered no other recourse or alternative solution. They told us to take it up with the car dealer, but by then, they had already closed and filed for bankruptcy. We ended up doing a voluntary reposession. We had to have the vehicle towed from the mechanic shop with the dissassembled engine in the back. They immediately turned around and resold the truck at auction for much less than fair market value. They then sued us. We got a lawyer, and the lawsuit was dismissed. We have disputed this on our credit report multiple times and they are unwilling to remove this from our report, which is affecting our ability to purchase a home. We had another loan with Credit Acceptance at the same time that was paid on time every month and eventually paid off. We attempted everything we could to resolve this and they refused to work with us, refused to honor their warranty, and the auto dealer went out of business and filed bankruptcy. So now, because we were unlucky enough to buy a lemon from an unscrupulous dealer with a loan from an unscrupulous lender, we can not buy a home. We spent thousands to pay an attorney to keep them from suing us, not to mention all the months we paid for the auto loan and insurance on a vehicle we could not drive.
Frequently Asked Questions
What is Complaint #5586267 about?
Complaint #5586267 was filed against Credit Acceptance Corporation regarding Vehicle loan or lease specifically about Problem with a credit reporting company's investigation into an existing problem. It was received by the CFPB on 2022-05-20T12:00:00-05:00.
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.