Vehicle loan or lease -- Getting a loan or lease -- Complaint #9952020
Complaint Overview
Complaint ID: 9952020
Company: Credit Acceptance Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: High-pressure sales tactics
State: Michigan
ZIP Code: 48310
Date Received: 2024-08-27T12:00:00-05:00
Date Sent to Company: 2024-08-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Well to start I came to review my car options and how they operate I had to apply before I could know which car I qualified for. I explained to the sales person I was looking at other options for cars but the sales person told me dont get a car from them just get this car I told them I wanted time to think about this but she convinced me this was a nice car and I stupidly trusted them. All I was told was how much I need down for the car and when I asked what the total amount of the car was I was told I am in a credit building program and this would help my credit misleading me. I was not given paperwork break down of what the apr was or even the finance charge when I signed my initials on the lease agreement I was given some blank command prompt to add my signature and this transferred over to the paperwork I was never given the printed paperwork until after it was already signed. The very next day of riding the vehicle there was an engine light coming on I go get it checked they say the car had a bad catylac converter and this is when after reading my car loan paperwork I was told that I have been completely overcharged for the vehicle I was financed that came with major problems. The cars value is only about XXXX in good condition unlike mine but I was sold the car for double that at XXXX the vehicle isnt even worth this price and had cosmetic damage. Then on top of this additional XXXX over the car value I was being charged a high interest rate for no reason 24.49 % and my credit was about a XXXX when I applied adding a XXXX interest on top. So monthly it says my bill is XXXX only XXXX of that goes towards the payment on my loan which they have been fluctuating monthly and the interest off XXXX goes to them which I dont understand how the interest amount changes monthly I believe I am being scammed corrupted and robbed by this company and they need to be stopped. From the car lot charging double of value to this car to the loan company having sketchy tactics since I payed my first bill the amount it went down to {$16000.00} then now two months later my balance is XXXX which I dont see how it is going up after I made payments. The signatures I made you can clearly seen were done from a computer not by hand.
Frequently Asked Questions
What is Complaint #9952020 about?
Complaint #9952020 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 2024-08-27T12:00:00-05:00.
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.