Vehicle loan or lease -- Getting a loan or lease -- Complaint #6530417
Complaint Overview
Complaint ID: 6530417
Company: Credit Acceptance Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Fraudulent loan
State: Tennessee
ZIP Code: 38125
Date Received: 2023-02-03T12:00:00-05:00
Date Sent to Company: 2023-02-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am clear that those rights have been violated. Please see the list of violations that occurred during my consumer credit transaction to purchase the XXXX XXXX XXXX noted below. It is a fact that I provided a cash down payment in the amount of {$2300.00}, however per 15 USC 1605a no cash down payment can be collected when there is a finance charge. Pursuant to 15 USC 1662b it is illegal to require a down payment in conjunction with an extension of consumer credit. It is a fact that in the Retail Agreement It States that I have given the Dealership XXXX XXXX XXXX security interest. 15 U.S. Code 1667 ( 5 ) The terms security and security interest mean any interest in property which secures payment or performance of an obligation. It is a fact that I understand pursuant to 15 USC 1605, that the finance charge is the sum of all charges. On the 1st page of the contract the finance charge is misrepresented to be only {$10000.00} when in fact the sum of all charges would be {$27000.00}. This is a violation of 15 USC 1692e ( 2 ) ( A ). I am the Creditor. It is a Fact that I exercised my right to extend my credit. It is a Fact that I understand that Pursuant to 15 USC 1602 ( I ) ( M ) ( I ) The term credit card means any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit. ( M ) The term accepted credit card means any credit card which the cardholder has requested and received or has signed or has used, or authorized another to use, for the purpose of obtaining money, property, labor, or services on credit. Once you obtained my SSN you accepted my ( Credit Card ) as payment. SSN belongs to the SSA And anything purchased with that identifier number Is an obligation of the United States. It is a Fact that the Pursuant of 18 U.S.C. 8 Means that your are in Violation of The False Claims Act ( FCA ), 31 U.S.C. 3729 - 3733. On the 1st page of the contract the finance charge is misrepresented to be only {$10000.00} when in fact the sum of all charges would be {$27000.00}. This is a violation of 15 USC 1692e ( 2 ) ( A ) Credit Acceptance has engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act of XXXX ( the CFPA ), 12 U.S.C. 5531 ( a ), 5536 ( a ) ( 1 ), 5536 ( a ) ( 3 ), by obscuring the cost of credit for auto loans and taking unreasonable advantage of My lack of understanding of the risk of default and the severity of the consequences, as well as my inability to protect my interests. I was forced to obtain insurance misrepresenting the voluntary nature of add-on products. The members of XXXX XXXX XXXX staff did not even disclose that insurance was to be included with the finance charge, they just called XXXX insurance company on my behalf and made me contract with them separately. This is a violation of what is written in this law.
Frequently Asked Questions
What is Complaint #6530417 about?
Complaint #6530417 was filed against Credit Acceptance Corporation regarding Vehicle loan or lease specifically about Getting a loan or lease. It was received by the CFPB on 2023-02-03T12:00:00-05:00.
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.