Vehicle loan or lease -- Managing the loan or lease -- Complaint #7888401
Complaint Overview
Complaint ID: 7888401
Company: American Credit Acceptance, LLC
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with the interest rate
State: South Carolina
ZIP Code: 29418
Date Received: 2023-11-21T12:00:00-05:00
Date Sent to Company: 2023-11-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I purchased my car four years ago with American credit acceptance it was my first time financing a car and I had no idea about interest rate mine was 28 % which is now 29 %. Ive been paying on my car for four years and my principal balance is currently still the same. I could call and ask how much do I owe no one can tell me besides the fact that Im currently paying interest. When I asked when will I be done paying interest I get no answer because they tell me they dont know the interest doesnt go away. So for four years Ive been paying on a car with no real time as to when Ill be done so Im pretty much stuck in this situation with no way out. Either Ill lose my car in the money i put into it or Ill forever being paying on a auto loan because I was took advantage of by dealerships and finance companies whos agenda wasnt to help me finance cheaper and have a opportunity to get a car but to keep me stuck with my back against the wall with a auto loan Im never able to get out of.
Frequently Asked Questions
What is Complaint #7888401 about?
Complaint #7888401 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 2023-11-21T12:00:00-05:00.
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.