Vehicle loan or lease -- Managing the loan or lease -- Complaint #6614144
Complaint Overview
Complaint ID: 6614144
Company: Credit Acceptance Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with the interest rate
State: Wyoming
ZIP Code: 825XX
Date Received: 2023-02-24T12:00:00-05:00
Date Sent to Company: 2023-02-24T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have an auto loan with Credit Acceptance that was approved in XX/XX/XXXX. I was making payments, and fell behind when the Covid hit and the community was, and still is on a stay at home mandate. The main concern is that I feel that the payment, interest rate isn't accurate. Maybe my interest rate isn't correct? There was an error on the odometer also when I initially purchased the vehicle. The Credit Acceptance was sending me letters for non-payment, even during covid, to pay the balance in full, then suddenly they wanted to settle for {$5000.00} I believe in XXXX, and at the beginning of XXXX they sent me a settlement letter that they would settle the debt for a little over {$6200.00}, reporting to the Credit Bureaus as settlement plaid less than full. The total payoff balance is {$33000.00} and the car is a XXXX XXXX XXXX.
Frequently Asked Questions
What is Complaint #6614144 about?
Complaint #6614144 was filed against Credit Acceptance Corporation regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2023-02-24T12:00:00-05:00.
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.