Vehicle loan or lease -- Managing the loan or lease -- Complaint #5881417
Complaint Overview
Complaint ID: 5881417
Company: American Credit Acceptance, LLC
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: California
ZIP Code: 91744
Date Received: 2022-08-15T12:00:00-05:00
Date Sent to Company: 2022-08-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
When I went to try and trade my car in for a lower payment I found out that my payoff amount is higher than my remaining loan. I called to find out why and they said I was paying off the interest first before principle. I told them that they were suppose to split it and I even made an extra monthly payment and put principle only and they applied it to interest only. I looked up the contract and there is no where on it that states that they pay interest first. This is also happening to my girlfriend as well and we have the same company. My interest rate is 28 % and hers is 26 % which is very high. The company is American credit acceptance.
Frequently Asked Questions
What is Complaint #5881417 about?
Complaint #5881417 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 2022-08-15T12:00:00-05:00.
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.