Vehicle loan or lease -- Managing the loan or lease -- Complaint #7243838
Complaint Overview
Complaint ID: 7243838
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: New Jersey
ZIP Code: 08302
Date Received: 2023-07-12T12:00:00-05:00
Date Sent to Company: 2023-07-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XX/XX/XXXX, I purchased a car from XXXX XXXX XXXX, they reached out to CREDIT ACCEPTANCE CORPORATATION for and extension of credit. The consumer credit contract interest rates are in violation of the NJSA 31:1-1 CIVIL USURY, which the maximum legal rate in NJ is 16 % per annum if there's a written contract. The contract in question has a 22.99 % interest rate. CREDIT ACCEPTANCE CORPORATATION has continuously engages in these deceptive practices as referenced in CFBP/NY Attorney general lawsuit. since XXXX CREDIT ACCEPTANCE CORPORATATION has issued consumer credit contract with an average of 22.99 % or 23.99 % interest rate, completely and willfully disregarding the individual state statutes on civil usury. Ultimately as the NY Attorney General stated setting the consumer up to fail.
Frequently Asked Questions
What is Complaint #7243838 about?
Complaint #7243838 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 2023-07-12T12:00:00-05:00.
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.