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Credit Acceptance Corp

Credit Acceptance Corp
Overall Satisfaction Rating 1.06/5
  • 5 stars
    1
  • 4 stars
    0
  • 3 stars
    0
  • 2 stars
    0
  • 1 stars
    57
Based on 58 ratings submitted in the last year

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    Credit Acceptance Corp Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: April 19, 2021

    I got a loan in Jan. 2020 for a 2009 Honda Accord 2 dr. Fast forward to March 2021, the front axle, ball joint etc, broke while I was driving. I lost control of the vehicle. After inspection of damage, it's being ruled as a mechanical failure. And is not covered by my insurance nor by my GAP. So now I am left with a $4000 balance on my loan to pay off for a vehicle that is totaled, it would cost more to fix than it's worth. NO ONE at this company will help me. It's either I pay off the loan or do a voluntary surrender, which is still considered a repo and will destroy my credit.

    I have called so many times, talked to so many reps, and have been told so much BS and lies. I am the victim in this dumpster fire. But yet, I am being punished for a situation I have ZERO control over. I cannot control the dealer being dishonest and not servicing vehicle per his responsibility before he sold it to me.

    This company does not care about customers. What happened to my vehicle is no fault of my own, as I've only had the car for a year!! The maintenance was supposed to be done by the dealer upon getting the car. Which he OBVIOUSLY did not do. I cannot go to the dealer, who incidentally went BANKRUPT, for help now either.

    He also lied to me about the cost of the car. I signed papers that differ from what show on my CA account. I cannot express my utter disgust and contempt right now. I am so angry and upset at this whole situation. Then when I call just now to arrange the Voluntary Surrender, the lady was so rude and condescending.

    I wish I could give negative stars.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 15, 2021

    So at the beginning of the pandemic, March 2020, Credit Acceptance advised that they would be working with people who were out of work due to the pandemic and set them up on a payment plans. They advised to me that I would be able to skip the month of April and they can set up a payment plan by adding 100.00 on my car note for the next 5 months. They did not advise to me, that for those 5 months I would have a late payment reported to my credit report. So when I go to pull my credit, I see 5 missed payments, and no payment made in April.

    I called them and the representative stated that she did not know why it was reporting that way, and she can mail me a form to complete and mail back. They refused to remove the late payments, even though a payment plan was set up, and they advertised being able to help during the pandemic. They are the worst company to finance a car with. If they ever extend the option for customers to jump on a class action lawsuit, I’m in.

    4 people found this review helpful

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      Rated with 1 star
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      Verified Reviewer
      Original review: April 15, 2021

      I have a delinquent account with credit acceptance from 2017 where I voluntarily turned in a dealer inspected Jeep Cherokee that I had just purchased 8 months prior. My husband was relocated out of state and we could only take the vehicle we paid for because we just didn't want the headache of paying the note on an additional vehicle and the relocation could not be avoided so we turned in the jeep and they came and picked it up and again was only 8 months into the contract with a $2000 down payment so the vehicle was not damaged mechanically or outside at all so to resale it at auction should have been $9000 per Kelly blue book I checked at that time.

      But when it was sold, they allowed it to be sold for $7000 and my contract was $15000 so debt owed should have been $8000 left but my credit report was always at $15000 even after many disputes and attempts to have it investigated, it was never correctly resolved so in 2020, I called them and they initiated an investigation because it had gone up to $25000 which was absurd. When it began, I was told that it would take 30 days and after that I would get a letter stating their findings and got one stating that not only didn't it get corrected from the auction sale but the amount keeps going up which per Michigan consumer law is not only illegal but it is an unfair business practice and not only that but credit acceptance has been violating these laws and now there is a class action lawsuit against them.

      I will be contacting the department of justice who is one of the agencies suing them to inform of my issue to see how it can be resolved. Make sure that you don't pay an old debt to them until you make sure that is what you owe and if not, do not send them any money until you are sure your balance is correct. This company has been feeding off of their customers for years and it's time they are held accountable for their manipulation, lies, unfair business practices, excessive fees, etc.

      5 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: April 14, 2021

      Last year I set up my payments to be done via Auto Pay with Credit Acceptance. Every month I would get a confirmation and when my next auto pay date would be. I received confirmation texts until Monday and on that day my car was taken. I checked my banking institution and saw that all payments were made up until December then none this year and there was never an attempt to even collect the payments by them. I was not notified of missed payments. I actually received an email the day they took my car stating that my next auto payment was scheduled for the 4/15/2021. Nothing on my account information has changed. No new card. No new expiration date. No new CRV #. No new address. No new phone number. I’m paying on a car that hasn’t run for a long time and when it does get going it’s not for long. I was told I should have filed with the DMV to report its status when it didn’t run but was unaware that doing so was an option.

      I just got forms to reinstate the registration because it was now somewhat operable. The rear end still shakes and I told the dealer that after I bought it but was ignored. I’ve been informed it may have been wrecked when I was told it had not been. The price of the car seemed fair but after all the interest and fees and mandatory gap insurance and the inflated interest rate, I have paid probably two times the car's worth. I need my car now because the transportation I used while this one wasn’t working has been sold by its owner. I was paying my loan and they decided not to play fair by doing the above. I feel this was done purposely since the last three years of payments covered their interest and now they have a car to turn around and sell again with no loss to them.

      I am trying to find another car but no one will even consider it and my credit monitoring service alerted me yesterday to a new negative change in my report (which I will check but wanted to write a quick review) which I feel is this greedy company and what should be an illegal repossession now reported. If there is a mass lawsuit count me in. I work hard for my money and this pandemic has cost me money due to job related issues but I still paid the car. I have been trying to rebuild my credit after many setbacks and used auto pay as a way to make sure the payments were timely even though the car has not run for a while.

      Today Credit Acceptance started calling. I am awaiting their call back to see what they say and will update this accordingly. No matter the outcome I still have a repossession on my credit because they can’t or won’t do basic accounts receivable protocols. We all need to come together and stop this type of predator. Things will never improve if we don’t stand up and demand to stop being treated like second class citizens because of hard times.

      Be the first one to find this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: April 11, 2021

      I bought a car in 2013. On 10/2014 I got in the car accident which the car was totaled. My insurance was unable to pay the full amount that was due because I didn’t have gap insurance. I was told to pay $3000 that day or make a payment plan which I did. I was 18, I didn’t have $3000 at hand. I paid off the car a year and a half later ON TIME. I looked at my credit report with the 3 different credit bureaus and realize that I was put into collections. When I called them to ask why they told me they put me in collections to make a payment plan. Which I was never aware of, they told me in order to make a payment plan that’s what they had to do. I asked him, "When did I agree to this?" They said over the phone which I did not do. I would never agree to be in collections as I know that would hurt my credit. Especially since I was paying them on time since I got the loan, being put in collections would reflect that I was not consistent with my payments.

      On my credit report also shows I was late months on end but when looking at the payment history on their part it shows that I was paying biweekly and I was never late. They reported me to the collections and I don’t understand why and when I asked if they could help me remove it they told me I would never win a dispute. They misinform their customers and failed to notify the credit bureaus with the correct information.

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 1, 2021

      Whomever decides to do a mass lawsuit against this company, I am all in. Just like a lot of people, I was in desperate need of a vehicle. I went down the street to a nearby car lot and purchased a 2014 Nissan Altima for $15000.00 with a down payment of $1700. That came out to $27,900.00 or something to that affect. That's $12000.00 in interest, more than half the amount for the cost of the car. I made my payments on time for almost 2 yrs. Due to the pandemic I was unable to continue paying on the car. I called the company to pick it up and when they decided to pick it up, I was not available. About 2 weeks later I called the same people back that had originally contacted me, anyway the guy came and picked up the car. Little did I know, he didn't return it. So now I have to report the car stolen because of course Credit Acceptance had no idea who they sent the contract to, later on i find out that they canceled the pick up a week or 2 later.

      This went on for almost a year. The detective I had been dealing with calls me to let me know the car was found. During this time credit acceptance continued adding late payments on my credit. They called my insurance company to try and file a claim to get the money for the car. But unfortunately by this time I did not have insurance on the car so they were unable to file a claim. The detective working on my case asked if I still had insurance on the car and I told him no and he said, "It does have insurance under your name." Which leads me to believe that Credit Acceptance had insurance on the car. In reality why wouldn't they have some kind of protection. I gave them the case # and even called them to pick the car up when it had been found. They never picked up the car or even to call the impound to ask about it. They changed the status on my credit report to natural disaster. They are still charging me late fees.

      I have paid almost $9000.00 on this car and still owe $18000 to $19000 on it, according to their payment portal. The value of this car is about $5000 to $7000. This was such a rip off and a headache at the same time. I forgot to also mention that the transmission went out on it 6 months after purchasing it. I worked very hard on my credit for them to just cause it to go down with all the late payments. It did go back up due to their note of natural disaster. I am sure they put it as a write off and still got money for it from the government. I am not 100% sure, I am just assuming. They never contacted me to try and negotiate or come up with a solution. I did all the leg work and paperwork for the auto theft, spent time and $$ for the transmission, wrote the affidavit needed to file the auto theft, whatever info I could get I would call the detective and still got screwed in the end.

      Customer service is no help at all and they didn't even write down notes or times when I called in. I had to give them the case # a few times before it actually got put in my file. And trust me I called them a lot. For all my trouble, time and the $$ I spent they should give me the title and take it off my record. Never again will I buy a car using this finance company. Lesson Learned!!!

      9 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 12, 2021

      I wish it was a half star or no star option! May of 2020 I began having issues with my car. As a Mother’s Day gift my husband decided to take the $3800 he saved and put it towards a better vehicle. Upon car shopping I came across a 2012 Mazda CX-9. I should’ve known something was up by the way the dealer was acting all excited like yeah another sucker ????. My husband and I had been working on our credit so it was decent to be able to purchase a vehicle. I was lied to from the beginning to the end. Here I am thinking I’m paying $10,000 for a car and I get home and my paperwork, which I didn’t get to see until after we signed it says $7,000 in interest was added and $18,000 if you include the $1600 that bull crap of a warranty they made sound so good.

      I needed a vehicle so I went with it. Test drove the vehicle everything seemed fine except for the tires, which seemed minor to me at the time, and here I am today with a whole LEMON!!! My car has been in the shop for over a month now and here I am still paying this $324 note and not even driving it. Not even a month after having the vehicle the air went out. 2 more months the transmission is slipping. I am a full-time wife, student, and mom so I NEED a reliable travel source. Here I am not even a year later the cost for repairs is the amount of the starting price $11,000, that’s the pay-off quote! Not to mention that $1630 bull crap of a warranty, the company found a way to wiggle their tails out of paying for the transmission by asking the service department, when they called to make a claim for the repairs, 3 questions. What is the issue with the vehicle, what failed, and what caused it to fail? Stupid!!

      That last question apparently is what allows them to wiggle their way out of paying! Since my TCM and Cooling lines are the problem they declined the claim! Still need a transmission and torque converter! Here I am with the only option according to credit acceptance is to surrender the vehicle or trade it in! $1630 warranty and not worth a crap! I asked where it was in the contract that states this and all she had to say was “It’s not in there because it’s not covered” WTH!!! Somebody please do a mass lawsuit on these people I will gladly join! The is the stupidest BS I have ever heard! You should be ashamed of yourselves taking advantage of people, and you won’t be in business much longer praying on the weak!!! Y’all can’t fix my vehicle but you want my car note money???

      8 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 11, 2021

      In October of 2018 I went to Cactus Auto in Tucson, AZ and put a $4500 down payment on a truck. I needed a vehicle that would be reliable because I have a farm and needed to be able to do various farm duties, haul water weekly and haul hay. I noticed a few issues with the truck but decided they were minimal cheap issues. The only lender that would accept me based in my credit history was Credit Acceptance. I took the truck to my mechanic after purchase and paid $1500 to have the CV Axle fixed and the fuel evap canister recall done on my truck. Both of these things the dealer should have seen but that is hindsight.

      About a month after purchase my driver side headlight went out. I have been trying to fix that ever since but no one can figure out where the electrical surge is coming from that causes the headlight harness to melt and blow the bulb. In May of 2019 I had to send it in for a wheel bearing issue and then in September of 2019 the engine had a catastrophic failure. Of course I could not get the after market warranty that Credit Acceptance pushes on their customers to fix the wheel bearing so I had cancelled that back in May. I did have another after market warranty but due to various issues they refused to fix the engine.

      I attempted to get some sort of payment reduction in place with Credit Acceptance because I was not going to be able to use the vehicle for more than a few months and all I was told was "You should have expected this repair and should have had money set aside for it" and of course the infamous, "We will repo your vehicle if you fail to pay."

      My mechanic is a great guy and let the truck sit for almost a year so I could save up the money to have another engine installed. I went from September of 2019 until the end of August 2020 before I could use the truck again. A month after that the cam sensor went bad and they noticed where the wiring harness had started to melt near another sensor and fixed that issue as well.

      Now fast forward to March of 2021 and the rear differential has had a catastrophic failure and I am looking at another $3000-$4000 down the drain. I am now upside down on this truck if I decide to sell it because the vehicle is not safe to operate. Also the roof started leaking in February of 2021 and it causes water to pool in the overhead dome light, thank God we don't get a ton of rain here in AZ. So now I am stuck with a vehicle that has cost me well over $7,000 in repairs and I have only been able to use it for almost a year and a half.

      How am I supposed to run my farm with a truck that I cannot use? That dealership is well known for selling bad cars, although I did not know this at the time of purchase. You would think this company would decide not to do business with them. By the time I do get this truck paid off it will have cost me, with a 22.99% interest rate which I cannot get off of because of the age of the vehicle, over $25,000 in payments and over $7,000 on repairs (not even maintenance) for a truck that truly is worth less than $5,000.

      They prey on people like me, people who cannot get a vehicle any other way. I even put down $4200 on the truck but heck that went to dealer fee, GAP insurance, crappy auto warranty that is supposed to be reimbursed, taxes and registration. I just wish I wasn't stuck with a boat anchor, I really need another truck but still have 30 months left of paying on it.

      3 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Feb. 26, 2021

      I honestly believe this company totally takes advantage of borrowers as most, if not all of their borrowers either bad credit or no credit. Likewise, these borrowers do not have adequate cash to purchase a car with cash. Due to having poor credit, their customers are unable to secure a auto loan at reputable dealership with a reputable lender. In most of these case, both the dealership and lender, Credit Acceptance, jointly take advantage of already struggle individuals. The dealership will grossly overcharge for the vehicle with the with full knowledge and confidence that Credit Acceptance will finance the vehicle regardless of whether or not the purchase price significantly exceeds the value of the vehicle.

      Basically, it is the "already struggling" borrower who will always be at an unfortunate disadvantage. I believe that in most of these cases, the borrowers will be in debt to Credit Acceptance, years beyond the life of the financed vehicle, putting the lender at a greater disadvantage. Reputable lenders operate with more integrity and would never finance a vehicle for an amount that far exceeds its value.

      In my case, I unwittingly signed a contract for double the purchase price of the amount that I agreed to with the dealership. Coincidentally, or should I say fortunately, the vehicle was totally damage by a tow truck company and this is when I realized that I had been scammed by dealership as it related to the purchase price. Therefore, I contacted Credit Acceptance to inquire about them financing the vehicle for an amount that far exceeded the value of the vehicle, I was informed by a Credit Acceptance representative that the purchase price of a vehicle is between the dealership and the buyer.

      This clearly tells me that Credit Acceptance does not operate in the best interest of the borrower. Therefore, the buyer becomes a victim of both, the dealership and the Credit Acceptance and will ultimately be stuck holding the "damage" goods. Likewise, the lender would continue to be in debt with Credit Acceptance if they were to sell the vehicle due to the financed amounts. This is unethical and I will never finance a vehicle through Credit Acceptance, even it means I never own another vehicle. BORROWERS, BE AWARE!

      20 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Feb. 24, 2021

      Had a autoloan for 24 months, never missed a payment. But screws over customers when comes time for pay off. They wont (and has never offered this service) to 10 day hold for pay off. Nope! Interest keeps going!

      15 people found this review helpful
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      Credit Acceptance Corp Company Information

      Company Name:
      Credit Acceptance Corp
      Website:
      www.creditacceptance.com