- Report: #1347784
Complaint Review: CREDIT ACCEPTANCE CORPORATION - SOUTHFIELD
Reported By:
jenny tucker-pearson -
memphis, Tennessee, USA
Submitted:
Updated:
-
Author Not Confirmed
Why?
CREDIT ACCEPTANCE CORPORATION
25505 TWELVE MILE ROAD SOUTHFIELD, MICHIGAN USA
Phone:
9016281049
Web:
WWW.CREDITACCEPTANCE.COM
Categories:
Business Rating:
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CREDIT ACCEPTANCE CORPORATION POOR OR IMPROPER HANDLING OR SERVICING OF CUSTOMER ACCOUNT ISSUES SOUTHFIELD TENNESSEE
Over the last 120 days or so, I have become very dissatisfied with how Credit Acceptance corporation (CAC) has handled the servicing of my account. I had let my son use my car. He had also agreed to make the payments and obtain insurance coverage while he was using my car. He got a couple of months behind on the monthy notes and CAC reposessed the vehicle without ever notifying me that there was an issue with late or missing payments. Of course i was to blame for all this happening but a phone call or email or text or letter from CAC would have been the courteous thing to do. I could have paid the missing payment immediately
After towing the car, they damaged the car, changed the ignition/door locks, towed it to an auction yard (instead of a tow yard), charged me at least $500 tow charge, and still did not notify me where the car was. All this was done in a matter of days.
I got the car back about a month later and immediately paid the delinquent montly notes with late charges , the tow fee and took back possession of the car. I even agreed to make payments every other week. I kept my promise but because 1 or 2 full payments were 2 or 3 days late, CAC repossessed the car again. Again ,with no notification. When I called, they told me the payments i made were not considered auto payments but payments against the outstanding balance on the loan.
Needless to say, i was frustrated and disappointed. I was infuriated that they invented a new payment category without telling me, that they failed to tell me when even the first payment was a few days late ,and that they wanted to charge me an additional $1000 to get the car back ( the sum of the 3 late payments that were paid but not posted as payments).
CAC is by far the worse finance company I have ever dealt with in my life. I am hesitant to reclaim the car because i dont know what other surprises are in store for me down the road.
3 Updates & Rebuttals
Robert
Irvine,California,
USA
Sounds Like
#2Consumer Comment
Thu, January 05, 2017
It sounds like your REAL issue is your son. Why should they have to notify you that you are late, why didn't your son tell you he didn't make the payment?
YOU are the one LEGALLY responsible to make the payments it is YOUR responsibility to make sure they are being made. As such YOU should have been on your son EVERY month to make sure he made the payment. It is not the job of this or any creditor to act as the parent, that is YOUR job. And sorry to say this is YOUR failure as a parent and a responsible borrower.
Now, they are a Sub-Prime lender, that is they will finance people that couldn't get financed with a "regular" lender because they haven't proven they can handle credit. As such you are considered High Risk and with High Risk comes Higher Interest, and them being a lot stricter. So don't say you chose them and could have gone to any creditor, because no one with "perfect" or even "good" credit would take their terms unless they just like throwing money away in the higher interest.
So because of your high risk, which became even higher after the first repossession. They were done giving you "chances" and when you became late again they again repossessed the car. By the way you are lucky you got it back the first time after a month. As in just about every state it is legal for them to auction the car off 15-20 days after the repossession. Anything after that you should consider yourself lucky that they didn't.
But then we go into typical "Sub-Prime" attitude. As if you "decide" to not reclaim your car do you think the debt goes away? Nope...they will sell the car at auction and then still hold you responsible for the balance of the loan. If you fail to pay the balance they will most likely eventually file suit against you. And yes...this is what EVERY finance company would do.
If you think they are bad, just wait until you find the next lender who will finance you with 2 repossessions and an additional debt on your credit. Let me give you a hint as to what to look forward to...GPS monitor and Kill switches that will disable your car the day you are late with a payment, and makes it even easier for them to find it to repossess the car.
coast
Florida,USA
You failed to honor the terms of the financial agreement
#3Consumer Comment
Thu, January 05, 2017
“CAC is by far the worse finance company I have ever dealt with in my life.”
Credit Acceptance is a subprime lender. Your previous and current payment history indicates you will be using subprime lenders for a long time.
Jim
USAGuess What?
#4Consumer Comment
Thu, January 05, 2017
They probably don't think much of you as a customer! You were late multiple payments and they did a repo. Do you actually think they are so dumb as to alert somebody in advance so that person might hide or damage the car? You being late is enough of a warning. Since it is YOUR account, it's up to YOU to be positive the payments are made. What you are also very freely admitting here is you have no clue what's going on with your checking account! YOUR money in YOUR account and you haven't s clue! I'm impressed! When we cut thru all the other garbage here, what you're doing here is showing the very typical serial deadbeat mentality. It was YOU who failed to make payments thus causing a repo. However, it's all their fault, isn't it?
