Vehicle loan or lease -- Struggling to pay your loan -- Complaint #7353711
Complaint Overview
Complaint ID: 7353711
Company: American Credit Acceptance, LLC
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Struggling to pay your loan
Sub-Issue: Denied request to lower payments
State: North Carolina
ZIP Code: 28216
Date Received: 2023-08-04T12:00:00-05:00
Date Sent to Company: 2023-08-04T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
On XX/XX/XXXX, American Credit Acceptance repossessed my vehicle. They have refused to lower my payments or work with me to bring the loan current. The payments I have made included extra funds however American credit acceptance has never applied the extra monies to any late fees or NSF fees. I have made 51 payments on this vehicle and I still owe {$22000.00}. The last Cure letter was sent to me on XX/XX/XXXX, and my loan was brought current. This load was doomed from the beginning. I have paid over {$39000.00} on this vehicle that is now in the hands of ACA. In order to reinstate and get the vehicle back I must pay {$2600.00}, which doesn't include repo fees. My loan was never properly serviced and I have paid over the vehicle sale amount. I requested a settlement prior to this repo action and they never got back with me. I never received any correspondence by mail letting me know that the vehicle would repossed. I was not offered any assistance. Credit Acceptance obscured the true cost of the loan leading to severe financial distress and subject me to aggressive debt collection tactics on my loan knowing I can't afford to keep up the payments. They are predatory lender and they prey on hard working people like me. I have lost my transportation and means to go to work. I never received a repo letter and the status shows opened. I just made a payment of on XX/XX/XXXX, and my care was repos. on XX/XX/XXXX. On the website you can not see how the payments are being applied
Frequently Asked Questions
What is Complaint #7353711 about?
Complaint #7353711 was filed against American Credit Acceptance, LLC regarding Vehicle loan or lease specifically about Struggling to pay your loan. It was received by the CFPB on 2023-08-04T12:00:00-05:00.
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.