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Credit Acceptance Corp
Overall Satisfaction Rating
1.56/5
  • 5 stars
    9
  • 4 stars
    1
  • 3 stars
    2
  • 2 stars
    2
  • 1 stars
    91
Based on 105 ratings submitted in the last year
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    Credit Acceptance Corp

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      Credit Acceptance Corp Reviews

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      Page 1 Reviews 1 - 10
      Rated with 5 stars
      Verified Reviewer
      Original review: July 8, 2019

      I don't understand some of the negative reviews that I have read. One individual talked about being called relentlessly for being one day late; my note is due on the 9th but, I get paid on the 10th and send my payment automatically then. I have never gotten a phone call, email or anything from them about being late. Another complained about the interest rate being high; I was working with a conventional bank and was quoted an interest rate way higher than what I am paying now.

      I actually think that these individuals who are complaining got behind and instead of calling and letting them know figured it would get better on its own. Another talked about being denied a second loan; something obviously happened during the previous loan that triggered the response you received or the company may have looked at your credit and tried to help you get a lower rate from a bank or something because your credit was better. You will never know anything until you're willing to ask.

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      Rated with 5 stars
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      Verified Reviewer
      Original review: June 24, 2019

      My husband and I are now financing our third vehicle since 2007 with Credit Acceptance Corporation and we have had nothing but an extremely positive experience with them every time. Like many other people these days, we have a few blemishes on our credit (nothing major, but they are there and do lower our scores); however, we have always been able to obtain auto financing through Credit Acceptance with a low, affordable down payment, for which we are very grateful.

      We just recently purchased a gorgeous new to us 2015 Nissan Xterra Pro-4X, which we were able to get with only $1000 down thanks to Credit Acceptance. It's been about 8 years since we've utilized this finance company (we paid off our last vehicle through them in 2011), but it sure is nice to be back with a lender who we know and trust and have a very good history with. I would highly recommend them to anyone who needs an auto loan, but may have difficulty getting approved through traditional banks. Credit Acceptance has always treated us very well and their customer service has never failed to be anything but friendly and helpful on the rare occasions when we've needed to call them. We will not hesitate to use them again in the future, and we probably will! Thank you, Credit Acceptance, for always being there when we need you!

      To the absolutely ridiculous people who are writing negative reviews and complaining about the high interest rates, HELLOOOO???? Wake up!!! This is a SUBPRIME LENDER. You are clearly financed through this company because you either have poor credit or no credit and nobody else would finance you, so OBVIOUSLY the interest rates are going to be high. Goodness, people. Get a clue. You are literally embarrassing yourselves by whining and complaining about loan terms that YOU agreed to! Credit Acceptance is taking a chance on you, even though your credit history makes you a high risk customer, and giving you the loan that you need to get into a nice, safe, and reliable vehicle.

      Here's a brilliant idea: Try actually reading your loan documents BEFORE signing them next time. Stop pretending to be all shocked by the interest rate AFTER you've already signed the documents and purchased the vehicle and acting like you're a victim, because you're not. It was YOUR responsibility to read through all of the paperwork and make yourself aware of the interest rate BEFORE signing. If you didn't like the interest rate or any of the other loan terms, then you shouldn't have accepted the loan, plain and simple. Instead of complaining, you should be thankful that you're even able to get auto financing with your credit history. Credit Acceptance is giving you the opportunity to rebuild and IMPROVE your credit or establish credit if you don't have any, so maybe the next time around you won't have such a high interest rate.

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      16 people found this review helpful
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      Rated with 5 stars
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      Verified Reviewer
      Original review: June 4, 2019

      I will admit, I became a deadbeat on time bill payer out from a depression from some loss love ones. I shopped and shopped and shopped....and shopped and became irresponsible. No excuse for ruining my credit world, but needed a car and chose a fancy car that no other bank was willing to finance, but then came Credit Acceptance, yes the APR was sky high, but I know why. This company worked with me throughout because my Car Insurance rates seemed unfixed and would make my world almost unliveable financially.

      Credit Acceptance worked with me, but when you make a promise to pay with them just do so please. You will see them trust that you will do your part if you are late a payment. If you promise to pay on said date and don't call to update them you let days go by and your ride will as well go by. Be on the good ending. My car is now paid off and is why I am sharing an Honest experience with you. Take Care.

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      10 people found this review helpful
      Rated with 5 stars
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      Verified Reviewer
      Original review: March 12, 2019

      I am so thankful for this company. They financed my car with NO DOWN PAYMENT. Interest rates are high, but it's a fair trade off for not needing anything down. All the bad reviews on here had me thinking I made a mistake, but turns out people are looking to blame a company that helped you get a car when no one else would. If a company makes a mistake on a payment be respectful when you call to complain about it.

      I have had cable, phone, internet companies all shut off service for non payment some by mistake and others because I slipped up and did not manage my money right. Either way I cannot fault them for it completely as if my non payment was somehow their doing. Giving negative feedback is not going to help anything or make C.A. change their policies. It states in my contract as it probably does in yours too that if you miss one payment without notice they can repo your car. Read your contract before you sign so there are no mix ups. I have had great experience with this company so far and am so thankful to have a car.

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      21 people found this review helpful
      Rated with 5 stars
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      Verified Reviewer
      Original review: Jan. 17, 2019

      If you are writing a bad review about Credit Acceptance that means you were or are in a position where no one else would finance you. I am not here to judge anyone although if you have gotten a loan from this company that means that for whatever reason your credit sucks. You know why. Not for me to point it out. For me I am so grateful for this company. At 51 I am semi-retired and moved to Mexico about a year ago. Shortly after moving there was hit head-on by a wrong way driver right at the boarder. My 2007 Camry Hybrid was totaled. I was ok and the people who left the California plated car fled the scene. My insurance was supposed to be in line but although I had Mexico Liability coverage My insurer failed to put an endorsement on my policy. Found out the car that hit me was reported stolen by its owner 3 days later. Their insurance company denied any claim as well.

      My income is from driving Uber and Lyft. So no car no income. In addition I had a balance that was unpaid on the totaled Camry. Now to get financed with a lower than 500 credit score and income from Uber until I found a dealer who was able to get me financed through Credit Acceptance. I had 200 bucks and the dealer took a partial down payment, paid off 800 additional deferred and that was a year ago. The payment is high at 400 a month. Interest is high as well. I am able to drive for Uber and Lyft once again.

      Got sick before Christmas and fell behind in two payments. Have another coming due. Think I can get it caught up in a week or two but they did work with me. Everyone who is writing all bad reviews well You're Financed and have a car from this company. Your credit sucks for a reason. Sometimes not your fault even. Mine was from bad life choices and some things I could not control.

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      31 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 9, 2019

      1. Crap one the owner has no clue as to what's about to happen. 2. He will learn that this is his last chance to do right. 3. For the only reason I'm on this is to make it very clear. 4. You will know the dirt that you think you have is gold. 5. I will personally hand your ** to you. No court no paper will help you. 6. Yes you seen right. It will happen. Money will not help in this matter. 7. Your company killed my engine on the highway at 75. Damn near killed a bus of kids because of this. 8. You're done. Your company is done. I'm going to do the same to you.

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      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 4, 2019

      I called to make a payment and used my debit card with $600.00 dollars and tried to use my credit card but they don't accept credit cards. I got someone on the phone and made a payment with my mother's card but forgot 86 cents. That's when the rep told if I don't make that 86 cents my car would up for repossession. So went to dealership and told them what kind of bank you got me into. They said they would talk to bank rep. I would think twice before get a loan with this bank.

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      Rated with 1 star
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      Verified Reviewer Verified Buyer
      Original review: Oct. 2, 2019

      My credit score is in low 500s and I am self-employed, trickier to prove income. Current vehicle costs up to $300 a month in gas and needs at least $1K in repairs. So it makes financial sense to get a new pre-owned vehicle even at over 20% interest - it's the cost of bad credit (my fault) and I need a new vehicle.

      1) Go to a bigger established dealer that "guarantees financing" not a smaller used lot that is more sketchy.

      2) At the dealer, ask if any other lender approved you. They said I had other options but I didn't have the paperwork needed or size deposit they wanted. Internet search "Credit Acceptance" - only go with them when you have no other option (you can't use ride sharing or public transit, etc.).

      3) Do not fall for the sales tricks - "you can refinance", "you can pay the loan off early", "we can not hold the car for a week for you to pay a bigger deposit", etc. (FYI, you usually can't refinance a car older than 10 years or more than 120K miles. Also, just assume you will NOT be able to refinance and only take a deal you can live with without any changes).

      4) Do not trade in your old vehicle, make a deposit and/or get new insurance before they give you the terms of the deal. A sales tactic is to create momentum of you investing time and money, and then telling you the interest rate, payment amount, add-ons at the very last minute - with it all written out and ready for you to sign.

      5) Do NOT get the extra warranty. This really increases the cost of the loan required; the odds of the car needing repair is likely not in the first two years and there are many reviews of the warranty not paying auto shops/or helping actually covering repairs.

      6) Save as much money as you can and make the biggest deposit you can. This too will reduce the amount of money you have to borrow.

      7) Buy the newest, low miles, best MPG, reliable, strongest resale value vehicle you can. Obviously, the cheaper cars are more likely to blow an engine or transmission - but you want to borrow the least amount you have to.

      8) With no warranty, a bigger deposit, and with the lowest price point for a decent car, you can then get a loan for a fewer number of years - saving more money.

      9) On a 2013 car with only 30K miles, I was first offered a loan of $31K with $1K down with $3K warranty for 6 years at $450 a month. After I said that is too much, and negotiating, for the same car, the loan is for $16.5K with $3K down, NO warranty for 3 years at $450 a month. Both loans have GAP insurance but for the shorter period it is under $700, cut in half (less you have to borrow again). The better package means 3 years off of monthly payments and going from $17K in finance costs to $4.5K. I will also cut my fuel expense in a least half immediately ($150 a month) in new car.

      10) I plan to treat the car loan as a PAY FIRST expense. Your landlord, utilities, cell phone, will be OK with a waiting a couple days to get paid. CAP will not. Protect yourself and pay the car note all the time on time never late no matter what. Otherwise they have the right to take the car.

      11) Get like a mobile payment account phone app and store at least ONE car payment in there. This is in case your bank account gets garnished or levied or you lose your job. I know this is tough if you are living paycheck to paycheck but you don't want to mess with CAP.

      12) Do the bi-weekly option right after your paycheck. This will cut the payment in half and will fall when you mostly like have the most money.

      13) Pay online with automatic withdraws so you don't have to talk to customer service. You can manage your account through their website.

      14) Keep records of all your payments. You can search likely online in your bank account to highlight the car payments. Monitor your credit report to ensure they are positively reporting to the bureaus.

      15) Maintain 100% perfection on paying to protect myself - if you can show you are not behind and if CAP is giving you trouble (saying you are in arrears when you show you paid, or not taking lien off title after payoff, or any number of issues they seem to have), go to the dealer you bought the car and say look, I want to buy a new car from you eventually and trade this one in - I have paid on time on the loan you set me up in (here's the receipts), please use your dealer connection with them to resolve this.

      If you have health issues or inconsistent income / an industry with layoff potential, etc. I would never go with CAP. While there are some accounts that they will work with you on a payment plan if you get behind, there are many stories where CAP had zero tolerance, repo and auction the car, and then take you to court to garnish / sue you for the remaining balance.

      Only go with CAP if you are not going to be upside on the loan the whole time e.g. (finance cost of $4.5 for a $13K car is not to bad; $17K in finance cost for $13K care is a predatory rip-off), where you are pretty confident you will have steady income and if you can be disciplined enough to pay them first AND if you have no other options (co-signer, etc.). Wish me luck with CAP - it scares the heck out of me. It should scare you too.

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      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 25, 2019

      Worst finance company ever. I really wish I could have a better company. They won’t let you put payment at the end of your loan. I had a heart attack soon as I purchased the car. I was off work for 3 months. They said well pay 200$ every two weeks. When I went back to work I said ok. But they report to credit company late payments making my credit worst than it was. I asked "can you change it?" "No we can’t do that." So why I’m on payment plan just should have paid when I was ready. I wish I could give no stars.

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      Rated with 1 star
      Verified Reviewer Verified Buyer
      Original review: Sept. 14, 2019

      My daughter purchased a 2014 VW from a local dealership. She didn’t know her interest with Credit Acceptance was 22.99 percent. When I found out, three years after, I paid it off. Just received the discharge of lien but all blank, no signature that DMV won’t even release the original title. So I called customer service to send me a signed notarized discharge of lien. Per customer service she doesn’t know why they sent out without any signatures and she will call them to send another one. Is this company scamming a lot of younger individuals out there that just sign documents without asking reading before they sign? 22.99 percent is so insane.

      11 people found this review helpful
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      Credit Acceptance Corp Company Information

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