Vehicle loan or lease -- Getting a loan or lease -- Complaint #8426126
Complaint Overview
Complaint ID: 8426126
Company: Credit Acceptance Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Confusing or misleading advertising or marketing
State: Tennessee
ZIP Code: 37217
Date Received: 2024-02-26T12:00:00-05:00
Date Sent to Company: 2024-02-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I incepted this loan with Credit Acceptance Corp last XXXX of XXXX. I made 10 payments on time with the assurance that I would be able to refinance the loan with a cheaper interest rate. The purchase price of my XXXX XXXX XXXX XXXX was XXXX dollars. It was sold to me as original with very low miles. However, the truck is not original and has been modified and the vehicle history report does not reflect that. Also the dealer is misrepresenting 'limited warranty ' from this lender when it is in fact a very limited 'vehicle service contract '. 'Gap insurance ' was also placed onto the loan with other unknown products and the actual value of the loan is about 195 % of the purchase price. I have attempted to refinance the truck but because of the modifications and its age no other 3rd party lender will touch it. As such I am having to surrender the truck to Credit Acceptance Corp under threat, duress and coercion. Upon researching Credit Acceptance Corp I have discovered that this company has several active cases in other states, and has settled an action in the state of Massachusetts with CFPB, therefore I contacted you via this portal.
Frequently Asked Questions
What is Complaint #8426126 about?
Complaint #8426126 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 2024-02-26T12:00:00-05:00.
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.