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After paying on this auto loan for a few years they are still saying we owe more than financed and reporting to the credit bureaus that it's a charged off account due to natural disaster! How can a vehicle say it's repossessed but still in my driveway? When I called them to correct the issues they did nothing to help!
I foolishly allowed Nissan at Southtowne talk me into buying a car and going through their "second chance" lender. Then I found out, it's not Nissan's lender. It's Credit Acceptance. They said I had to be on auto pay. I set it up. THEY failed to take the first payment, then immediately came after me for a late fee. I had it set up to take the payments twice a month every other Friday. I realized I was screwed with these guys so I paid the fee and what they claimed I owed.
I then verified that I had the payment plan set up properly. I was assured everything would be fine, that I was even $60.00 ahead. Then just this past November (2018) they only took ONE payment! AGAIN! And I have a missed payment fee and am now behind $250.00 according to them. I demanded to see my payment history and they told me they had to mail it to me because they don't keep that stuff online for their own customers to see. I hate this place. I won't even do business with Nissan anymore for suggesting them!
Please avoid this company at all cost. If you fall behind with your payment by even a couple of days they will add on so much interest that you will end up not being able to afford your payments. The customer service team will not listen to reason unless you have money to give to them. Unapproachable with no common sense. Avoid at all costs.
I purchased a car from this company in 2014. When I got close to payoff they repossessed my car the day after I made a payment. They sold my car right away without giving me an opportunity to try to get it back. This year the IRS informed me I owed a tax on this car of $440. I have no idea what information they gave the IRS to charge me anything. They never put anything on my credit report and refused to speak to me when I tried to get my car back. So if you are told by a car dealership this is the only company you can finance a car with go somewhere else. I wished I had read reviews before I got my car.
I got a vehicle on November 1st through Credit Acceptance. Three days later got a acceptance to another credit company Paramount with Credit Acceptance instead of them. On December 2nd Sunday morning by 10 a.m. they're calling question why I'm late. I told them I was going to go ahead and pay it and he continue to persist, "Why are you late?" I said, "It's Sunday morning. I thought it was the first but evidently it's the second." I finally hung up on him. That is ridiculous.
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Been dealing with them for 9 months, closer to 10 but 9 payments. Went to trade this pile off and credit shows only 4 reported payments. They charge me $4000 in fees right out of the gate. A $6000 car became close to $11000 so now I have a car Black Book valued at $3200 that I owe $9200 on for a 10 day payoff. Steer clear!
Customer service employees at Credit Acceptance is by far the rudest individuals you will ever speak to. They will always talk over you. Be snotty and act better than you. One representative will say, "Yes this is in the system", talk to the next, "No you're wrong. It's not in the system". I cannot express the disgust I have with this company's employees.
I was notified by a customer that she had recently incurred hail damage on her 2014 Chevrolet Impala. My wife and I own a small Paintless Dent Repair business and have been in business since 2010. She informed me that she had Dairyland for coverage but that her vehicle was financed through Credit Acceptance and Dairyland had issued a check for repairs directly to them. So we made the arrangements to get her vehicle in for repair. First off after contacting Credit Acceptance to find out what the original check from Dairyland totaled to see if it was anywhere in the ballpark of what my estimate would be. They wouldn’t share that information and told me that they would need an estimate from me for the damage. I thought this was rather bizarre because they had already received a check from Dairyland and all I had to do was consider what they had received and write a supplement if I felt it was not enough.
So anyway I wrote the estimate for the total damage including the labor for the hail repair, the replacement parts and labor to remove and install them. The estimate was accepted by Credit Acceptance and I began the work, ordered the parts and paid for them out of my pocket. The repairs took me five working days and as I finished my wife contacted Credit Acceptance and she was told the check would be sent out on the 7th. of November so I delivered the repaired vehicle on the 10th. By the 14th. I still had not received payment for the services I had provided so I called them and was told the check wasn’t sent out until the 9th. So I gave it another four or five days, called them back and was told the check wasn’t sent out until the 13th of November. This was the third time I had been given three different dates to which the check was supposedly sent.
Now keep in mind that this is a very small business that rendered services in a very timely manner to the customer. She was thrilled with the quality of work and expedited service. The total bill is $6,900.00 minus the $567.00 for parts and the $162.00 in labor that came right out of my own pocket. Today is the 24th of November and I still have not received a check for my services. You also should know that I had to travel 120 miles, rent and stay in a motel for 5 nights and live. We live in a very rural area of Arizona and the lady to which I performed the repairs for only had that vehicle and none other, lived 60 miles out of town in the desert with two little kids so when I was finished I released the vehicle to her.
What I’m trying to say is that I’ve been nothing but accommodating and patient in this situation and all I’ve received for that so far have been rude, snide, and very non understanding representatives from Credit Acceptance somewhere back in Michigan. They won’t even tell me exactly what city they are located in. So to make a long story short, if you're into Auto body or Paintless Dent Repair and a customer brings you a vehicle that has been financed through Credit Acceptance do not work for them! They will lie to you, treat you rudely and are very unprofessional. I will never do any work for them in the future and if I’m not paid soon and by that I mean in the next day or two they will be hearing from my attorney.
This place is crazy. My mom got a loan from them for her car. Never missed payments or anything. She finds out that she is sick and lost her job. Still found a way to work things out. The closer it was to pay her car off all of a sudden she owe this. You need to pay this. Don't know how or where this so called money was coming from. My mom has a heart condition. They was adding more and more stress. And she still paid it off and now they saying 30 days after her last payment she owes more money to get her title. They are a RIPOFF. THEY WILL ROB YOU. I will find a lawyer to look over this paperwork because things don't add up. Don't deal with them period.
I agreed to make a payment for one of my parishioners. After a couple initial attempts to reach a "real" person I made a connection through the "Dealer" number. Once I reached an attendant, they were helpful in getting to Customer Service. Twice when they transferred me to Customer Service, no one picked up the phone - I was left there hanging and listening to background noises.
Then I found out that making a payment on a car about to be repossessed was not easy. My parishioner had to be on the phone at the same time. Trying to do a conference was awkward to say the least. They only accepted debit cards. Then during the process the automated system asked if my payment was for a one-time-only or recurrent from month-to-month. I chose the one-time-payment-only, but then to automated system said that my card would be available for use in later months. I called my bank and discontinued any further service on that card! I spent most of an afternoon trying to help my parishioner. It was very frustrating. Never would I ever do business with this company - because of the rigmarole they force you to go through.
This company is a joke. They have employees who have no idea what is going on. You call for one thing and get transferred 100 times. They call you 45 times in 1 day. My payment comes from my bank and is sent electrically so it is never late. Today they called and said they didn't get my payment. My bank however said they accepted my payment the day before it was due. So where is my money??? Please do not get a car from this company! I know I will not be a returning customer!
Credit Acceptance has an option on their automatic system that you can tell them when you will make your payment that month if something came up. My car payment is due on the 5th of every month but every 5th of every month I call and tell them I will make my payment on the 20th. I have always made my payment within the month. I have never been late. This month for some reason the automated system did not put down when I was going to make my payment. I received a call on the 6th of this month with a very rude customer service representative demanding why I did not make my payment the day before. I understand it is a concern for a company to wonder where their money is. But this customer service woman talk to me like I was a piece of trash.
She wanted to know exactly why I couldn't make my payment and exactly what bills I had to pay instead. She told me that I needed to pay $50 now and I told her I didn't have the money. She then decided to tell me that I needed to figure out who to get the money from because they need paid now. Which I told her I'm not paying until the 20th. I have never had a problem paying on the 20th but just because they're automatic system didn't register that I called I now have to pay the money up front right now? Something seems a little off. I am not happy with our customer service and I do not like being spoken to the way I was. If I didn't have the credit I have now. I would never choose this company to get a loan through.
My late son and his also deceased wife bought a car which was financed by this bunch. The note went delinquent within a couple months because my son went into depression over he and his wife splitting up and stopped going to work. Both he and wife passed in a tragic incident. Here’s where the problem comes in. CAC decides to wait more than another month to finally come pick up the car. I’ve explained to them several times that there will be no estate with which to pay for this car. There’s no money, no home, no assets, no nothing. My son rented an apartment and barely had furnishings in it, and they were also financed. I received a certified letter today that stated the car would be sold and the estates of my late son and his late wife would be liable for any money over the sale amount. I sent a letter again stating there are no assets and to stop contacting us. I’m done with them. I want them to leave both families alone to grieve in peace.
I have been making faithful payments for 2 1/2 years, always made payments early, never late. BUT MY BALANCE INCREASES??? INSTEAD OF DECREASING. You guys are scammers. A $8,000 car turned into $20,000 after I signed the contract. This is MORE THAN DOUBLE WHAT THE CAR IS WORTH.
I am so so sick from this company and their attorney ripping me off. I had a pushy saleslady who I swear had the papers drawn up just waiting for a sucker to walk thru the door and runner up was me. Made on time payments of 354.00 monthly. Living on 10.00 hr wages for 1yr. Tried taking hunk of junk back 3 times in that yr to car lot. Was avoided like I had the plague so I was told by a CA rep to let it sit for 1 1/2 mo 'til I defaulted and they would come get it so I did and they did. The truck btw went from being 3,000 to 9,000 to 12,000. In the time I had it and it was just a little 2001 Dodge Dakota Sport that had been prev. wrecked. Before I got it worth maybe 1,900 at the most.
Anyway they took and auctioned it. Got 4,000 at a auction plus the 5,600 or so for the year now they took me to court and I have paid another 4,000 and when I asked the attorney when I would be done paying on it he sent me a letter stating him and his client could not tell me that due to the 20 percent interest I have to pay plus all court fees and a new suit for the attorney when he traveled down here to go to court. I have never even received one receipt from them. It goes straight out of my paycheck so what after around 15,000. If I am done by then I will have nothing to show for it but a wrecked credit score and the illness I feel to even think of life lesson.
Mind you I am single and only make min wage. And to boot they took my 2002 Dodge Stratus that was in great shape. Perfect shape. I am so ill from this... this kinda stuff could cause mental illness because some of us have already endured such great losses in life trying to pull ourselves out of a rut just to have this happen. I had it repoed because it wasn't worth the money I was gonna end up paying. I could afford my payments. I was never late... never again...
Everyone should read the following link. This company has made 40 years of business through deception and borderline illegal activities. They prey on people with less than perfect credit knowing full well that they would ultimately repo the car. I purchased a 2013 Chevy Impala in 2014 from a local dealership - my credit was mid-range not bad but not perfect. This dealership did not submit my application to any other lender other than CAC (I did not know this initially) and stated that this would be the only one available. OK. I needed a dependable car and though the interest rate was considerably higher than I would have liked it was within my budget just at the higher end.
I took delivery, made my (rounded up) payments on time every month for over 3 years. My company ended up having massive layoffs and then closing so money became tight. I contacted CAC to see if I could get a deferral for 2 weeks and they were rude and spoke to me as if I was some sort of deadbeat who always paid late and had to be tracked down. I was steamed. I asked how much the payoff would be thinking that I could go to my credit union and refinance with them and was SHOCKED to find out that my payoff was the same as the total purchase price from when I purchased 3 years earlier.
I questioned it and was spoken to as if I was a 5 year old that all interest is paid upfront for the first half of the loan term, nothing comes off principal before than EVER even if you pay extra. Wow. I contacted my Credit Union, who told me that the amount owed far exceeded the value of the car and they could not refinance the amount. I struggled for several more months, watching my credit rating drop as it was 1-4 days late then, ultimately, after I had started a new job and had a wait for my first paycheck I went 8 days late. They came to the house in the middle of the night and took the car. They will NOT work with a customer and appear to actively look for ways to make the consumer fail. I am surprised the banking commission has not gone after these people.
Back in September of 2017 I made the horrible mistake of deciding to get a new vehicle from Fox Ford of Cadillac. The dealer LUCKILY wasn't the issue. After going through 3 different vehicles which I was "Approved" for not pre-approved the salesmen then pulls out the absolute last option... a blue 2007 Ford Focus plagued with 1500 dollars worth of issues including suspension/engine issues to try and keep my job at Pizza Hut as a driver.
This car was the absolute last option they could give me as CAC would NOT approve me for anything (I had a 500+ credit score at the time) even after I drove the car off the lot. The issues became more and more pronounced over time, the check engine light came on within 3 days of purchasing the car, the code I got from the internal computer had declared the Passenger side airbag was in-operational and would probably not go off in an accident, eliminating Uber/Lyft as my side job due to that and the repairs, CAC knew what my income was and still put me into the most unsafe vehicle on that lot.
The car had a severe breakdown 2 weeks (10/8-10/10/17) later after driving to Burlington, Iowa for an airsoft game, getting robbed of my airsoft gear there as well only to have the sad drive home ruined at 4 AM by the Idler Pulley and Serpentine belt disintegrate (shown in video) on me doing 75mph on the highway Near Benton Harbor, MI.
After this I was absolutely terrified to get behind the wheel of the car due to the repairs needed (the belt/.pulley was NOT ON THE ESTIMATE) which made me nervous that the dealer didn't inspect the car properly. Credit Acceptance Corp refused to acknowledge my concerns of the vehicle's safety even after asking me to send a repair estimate to their office, which I did and they promptly shut me down. Due to the car's state of repair being unfixable with my finances I had to quit my job at Pizza Hut. I surrendered the Vehicle in December of 2017 and they refused to come get it. I had a repo man come over to help me get into the car (explained in video) and his boss contacted CAC and they refused to come get the vehicle even though my account was delinquent.
As it sits in the yard currently it needs $1500+ in repairs mechanically. Credit Acceptance Corp filed a Civil suit against me back in June/July and had a pre-trial in August leading to the non-jury trial coming up in the first week of December (Sued for christmas, what a time to be alive). I tried filing a counter against them under the grounds of a storage bill written up by my father in the amount of $6020 for the storage of the 2007 focus which CAC denies they should pay even though they ABANDONED THE CAR. Michigan Abandoned Vehicle Laws state that after 90 days of being on the property it was abandoned. They show 0 interest in retrieving this to make even the smallest amount of money back in their greedy pockets.
Credit Acceptance Corp has single-handedly ruined my life and my finances. These people are the scum of the earth and I'd rather do business with the devil himself than go through this nightmare again. At the time of writing this review the vehicle is still sitting in my yard and CAC's attorneys sent more court papers yesterday in the mail seeking near $5000 for the car THOUGH they made 0 attempts to come get it or even show any interest in wanting it. They will bully you just to get every penny out of your pocket. Young and old people beware. Avoid CAC like the plague or you may end up like me. Broke, jobless and stuck in the middle of nowhere with a useless car rotting away in the yard.
I'm not happy at all with Credit Acceptance. My boyfriend John had gotten a truck from Jenroc in Dover, Ohio last year and Credit Acceptance was the loan provider. Everything was fine till John filed bankrupt, because his wages were being garnished because of a truck he couldn’t finish paying for 15 years ago from a GMC dealer. Well, John wanted to keep the truck so he was told to sign a reaffirmation agreement so he did. Well, then Credit Acceptance had raised the amount he owed to $4000.00 more. John went back to the attorney's office.
The secretary had told him what Credit Acceptance did was illegal and the attorney could submit that to the court before the deadline. So John had time to purchase a vehicle before it was submitted to the court. After John's bankruptcy was closed, Credit Acceptance put that he owed $5,934.58 on his credit report and put closed on it. John recently got a letter from a debt collector that Credit Acceptance had sent the debt to them. So now John pays cash for vehicles since after the bankruptcy.
Well the reviews are correct, their customer service reps have major attitudes! So when I called for 2 questions 1: Why my payment haven't posted and I made it on 10/5. 2: Can I have a due date change. So she was very nice initially I must say that. My car payment is due on 10/8 and I made it 10/5 and I said it is still showing I owe for 10/8. So she explained my payment hasn't posted online yet. She said no it hasn't, I asked why because I don't want to be charged for interest because y'all haven't posted my payment.
So instead of her saying, "Ma'am you don't have to worry it is posted" or whatever, she said, "Ma'am this is an interest loan you are getting charged daily." So I said, "Ma'am I do auto loan collections and I know that I was meaning extra interest you charge because my payment haven't posted." So I asked about my due date change and she submitted that. But I never got my answer about my payment not showing posted. I think her name was Talisha something like that. But all in all I hope this company is not in business of ripping people off. I appreciate them giving me a chance is the reason for 3 stars but I'm definitely will keep an eye on my payments because I have a feeling there is something not going right. I'm definitely going to look at my next statement to make sure they are posting correctly!!! At the company I work for any payment made that day past by the end of that business day and the customer can see that online.
I purchased my vehicle in February 2015. I knew the interest rate was high. We set our payments to come out automatically from our checking account. Our payment is $281 a month. It is now October 2018. Our payments have been on time all the way until last month. My husband is self employed and a customer wrote a bad check to pay for work done. It messed up our whole checking account, returning payments and accruing fees. Yes that is not Credit Acceptance's fault. But literally every single creditor I have--our rental company, utility companies, Sprint, 2 personal loans through two different banks, my school loan and several credit card companies all made arrangements with us so we could get caught up quickly and get our accounts back on track. The only company who would not do anything to help us was Credit Acceptance.
Not only would they not make any type of arrangement with us or defer a payment (I was only asking for a 2 week extension), they also marked my credit as being late. We are trying to buy a house. I'm extremely upset. Things happen in life and yes it was our fault. But no one else mentioned above marked my credit as being paid late. I did not have an attitude as someone else in the comments mentioned would make this company not work with you. In fact I called very humble and even cried when they refused to help us at all. I even called back and spoke with several other representatives who all gave me the same answer "We are a second chance company and we don't make arrangements."
Hopefully they didn't ruin my chance to get a home loan. As soon as we close on our house I will be refinancing my loan with another company. Thankfully I have taken this time to build my credit since 2015 not on with them but other companies as well. Seems unlikely that 1 late payment will hurt my credit too much. But it does look bad. It also let me know this company doesn't care about their customers at all. I will never do business with them again.
I have had my car since November 2017. I pay 382.00 a month so I start paying 200 dollars every two weeks. They called and said I can’t pay like that and I’m 172 behind. How when I pay 19 dollars over every month. Where that money going idk. They don’t have grace periods. This company sucks and they get no stars.
It's crazy to me reading some of these reviews. I have never had any of these issues. For starters, yes the interest rate is crazy high. That is understandable considering if you're using CAP then your credit is probably terrible. They are a "subprime" credit lender. You can't have a terrible credit score and expect to have an interest rate that is low. It doesn't work like that.
Secondly, I missed a payment in December due to me spending 1000 dollars on a repair for my transmission. That's not their problem, they don't sell the car, they just finance it. I let them know the situation and they immediately were helpful and let me make up the amount. Yes, it was reported to my credit. I broke the deal we had. That's how financing works. I spoke with them over the next few months and made sure payments were made to make up the amount. They were helpful and when I was caught up it was all in good standing again on my credit almost immediately.
Their customer service has always been super helpful in my opinion. I've always been polite and respectful and that's always what I've gotten in return. You can't be mad at someone for doing their job. Lastly, YOU CANNOT BE MAD AT THEM FOR REPOSSESSING YOUR VEHICLE IF YOU DON'T PAY YOUR NOTE. I'm sorry but I don't buy the "I missed one note and they took my car". Yeah, I missed a note and they never once repossessed my vehicle. It's about communication. If you consistently set up a payment schedule to pay the amount YOU AGREED TO they will work with you. You should be thankful they even financed your car if you have bad credit. No other bank will even consider you. They are a stepping stone to rebuilding your credit so you can achieve lower interest rates in the future.
DO NOT I REPEAT DO NOT WASTE YOUR MONEY OR TIME!!! When I first got the car I was under the impression my payment would be $349.00 so a few months go by and they called and asked how would I be paying $2.85 that I was behind. So, I asked what $2.85. She informed me my note was $349.95 and that I need to pay the extra .95 cents for those 3 months!!! YESSS you read that right not even $3. So I added the $2.85 to my next payment. Now after almost 2 years of having a car financed through them (NEVER LATE excluding .95 cents) I called to see could I get an extension. My payments are due on the 6th of each month and I asked could I make the payment on the 25th and that I would pay the next payment as well (double up to keep from paying the service charge).
Her response "We don't extend payments that far!!" Really??? I wanted to explain my situation but I knew that witch would not understand! I'm a single mom of three children and being that school just start having to buy clothes, shoes, and supplies alone took a toll on my finances!! I'm a firm believer in what goes around comes around. This company and the corrupt ones that work there won't have any luck!! I know they have to do their jobs but they could be more understanding especially to loyal customers! As long as I live I will never do business with them again and hopefully I can refinance because I'm fed up!
I bought a truck in 2016 and when I got it, yes my credit wasn't great but this company gave me a loan. I don't even think I paid attention to the interest rate because I figured it was going to be high, but the funny part is I have another car through the Credit Union and my interest rate with them is much higher than with my truck... go figure. Anyway to make a long story short, I missed a payment 3 months ago, how I missed it I have no idea until I looked at my credit report and sure enough I missed it, on time payer since day one. I'm single mom so how in the world am I going to double up, not happening, so I came to read the reviews on if they would work with you and GEEZZZUS, I was scared to call after reading all of these horror stories, BUT I called.
I don't know if we are talking about the same Credit Acceptance or not, but the lady I talked to HELPED me and she was nice and I told her I got on here to read the reviews and just about scared me into just taking the car back to the lot... but I didn't. She got me straight and on my merry way. When your credit is bad and you get a loan like this be thankful and if you miss a payment or something happens CALL them but when you call remember they are human too and if you call with an attitude you're probably not going to get the best service as I was humble because of all of ya'll lol. Have a nice day!
This company is corrupt and are very deceiving. DO NOT EVER GET A CAR LOAN FROM THEM. I financed a car through them for $8,500 so I thought and two years later they are telling me I still owe them $9,000 because I borrowed $18,000 from them. I never received any paperwork showing $18,000 because I would have never paid that for a used car only worth $5,000. Please trust me go through a different bank because you will regret it if you don't!!! After paying on time for 2 years I was late on one payment and they repossessed my car and said I had to pay the loan off in order to get my car back. This company should be put out of business!!!
I have been with this lender since Jan. 2016 and this company offers online payments but do not post the payments until after the due date. My payments are due on the 16th of each month and I have been charged late fees despite the fact that the payment was made on that day. This is the ONLY company that does that and the customer service there is the worst. I looked at my payment history and was amazed at how many late fees I have with this lender. If a dealership considers this lender when purchasing a car walk out because they epitomize the meaning of a vulture company.
I've been with Credit Acceptance since July 2018 and these people are terrible. Customer service people are not friendly on the phone. People are rude. I wish I didn't have to pay my car payment through these people. It's a pain in the butt to call on the phone. You can't set up an account online. It just a big waste of time. I wish I didn't have to do this. These people I'm not happy with them. I hate calling to make my car payment on the automated system. You call customer service. They have a crappy attitude. I'm sick of it. If they're customer service they should be a little bit nicer and friendlier and cheerful. That's what customer service is. Maybe they need to retake classes again 'cuz I'm not a happy camper...
This company needs to learn how to give a ** about customers. Talking with the guy who answer the phone just to let him know I will be late due to unforeseen circumstances and it was the epitome of a bill collector and I am not even behind yet. I told the guy I was negative and it would only be two weeks and I could catch up. This guy asked if I could pay anything... I said, "What part of negative do you not understand." Most companies would work with you but this company I wouldn't trust or the words that they say. Bottom line this place can suck it!!!
In reading all of these negative reviews about Credit Acceptance I felt I needed to leave one since my experience was extremely positive. I'll give some tips and specifics on my situation since I noticed some common problems in these reviews that possibly led to their negative experiences. I had just come out of bankruptcy and needed a "new" car. My old car was starting to need work and was behind in payments. So getting a new car and rolling the old balance into the new loan seemed like the most efficient way to get a fresh start. The dealership set up my loan with Credit Acceptance with automatic payments coming out of my bank account. I was able to set the approximate date for when the payments would come out based on my budget. I will say that this is absolutely the best way to do it. This way you're never late.
The interest was high which is understandable given the situation. I paid my loan on time every month for a little over 3 years and then, when my credit and finances had improved, I paid it off. The entire time Credit Acceptance was extremely helpful, efficient and accurate during my dealings with them. I never had any problems with them messing up my account information or anything. This is likely because I never changed my payment agreement. I just made sure the money was there every month on time for when the debit came. It's really just a matter of being responsible and disciplined with your money and making sure to set your major expenses as priority #1 to make sure things get paid on time.
I paid off the car and they sent me a letter letting me know the balance was paid in full. They offered to make me a new loan the next time I need a car. Overall, my experience was extremely positive and I'm grateful to have a company that will finance a person right out of bankruptcy to help them get back on track. The lessons to take away that will make dealing with Credit Acceptance (or any creditor), from my perspective having gone through tough financial times and recovered, are as follows:
1. Get your budget together on a list with all your major expenses - rent/mortgage, car, insurance, food, clothing, utilities, credit cards, etc. Include the monthly due dates for each item on the list so you know when things need to be paid. You can also include fun things like the movies on the budget but DO NOT budget all of the money. Always have a cushion for an emergency or something special (birthdays, a trip, etc.). You should also include a percentage, no matter how small, for savings. Even $10 a week can add up quickly.
2. STICK TO YOUR BUDGET. Don't run to the store as soon as you get your paycheck. When you run to the store, you're not paying YOU, you're paying THEM (the store). KEEP YOUR MONEY. Don't make YOUR money, someone else's money. You can budget for the movies, or the club, or whatever also. But stick to your budget. If your so-called "friends" don't understand why you can't party this week. Tell them you're getting your finances under control. If they won't understand (I said "won't", not "don't"), when they're not really your friends. Get some new ones. Preferably friends who are in a financial condition that you aspire to. It WILL rub off on you. :-)
3. Set your payments to arrive a few days early (ideally a week early). This way if anything goes wrong, you have time to fix it. You can usually work with the dealer to set up your payment to start on the day of the month that is best for your budget. Using online banking to schedule payments in advance has been a godsend. It has helped me to improve my credit score while also keeping control of when the money goes out in my hands.
4. Log in to each of your payment accounts at least once a month to check balances, transactions, due dates, messages, etc. This will put you in control of the account and give you notice if anything is wrong before it becomes a problem. If you haven't set up bill pay for the accounts via your bank, then you can pay (and schedule payments for the month) through each account's system. You can get your entire month's payments done in a single hour or so one time per month. Then have nothing to worry about with regards to when to pay what every week.
5. STICK TO YOUR BUDGET AND PAYMENT SCHEDULE - If you forget, see point 2. above. Keep notes on your sheet about when payments are coming out. I check my bank and payment schedule with each paycheck to make sure all the money is where it needs to be on time. Note: Having more than one bank account can also help. One for bills and the other for spending & savings. Or better, one for bills & savings and the other for spending. This way you won't spend your bill money. Just don't carry the bill money card with you. :-)
6. If you run out of money or things are too tight, you have to do 2 things: A. Cut back your expenses to below your take-home pay; AND (not "OR"); B. Find ways to make more money consistently. This is possible. Don't let anyone tell you different. If someone is, see point 2 above re: "friends". Doing 1 - 6 above is how I was able to get my credit back on track and pay off my car 14 months early. Now I have a low interest loan on a newer, better car. I hope this helps anyone reading and also sheds some light on how to get a positive experience working with Credit Acceptance.
I got a car loan from them for a little over 8,000 and I was making my payments on time every month for 10 months then my vehicle got totaled so after the insurance and gap paid some of it off I was told I only has to pay $11.14 to pay off so mailed them a money order for that amount. I get a call from them stating I was suppose to send $12.44. I told them I was quoted as 11.14 and I asked the person 3 times before I sent it out to make sure and the person told me that it would be considered a settlement instead of being paid in full. And I mentioned also on my credit score that I still owed $27.00 on the vehicle. I was told they would fix that on my credit score. That was over 2 weeks ago and to date has not been corrected and I have not received my paid in full or settlement paper in the mail and also the woman I spoke to on the phone was very rude and disrespectful to me. I will not be getting another car loan through them ever again.
Credit Acceptance Corp Company Information
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- Credit Acceptance Corp