Credit Acceptance Corp

I made the payment that date, and requested for the credit bureau record to be updated. I was informed that I'd have to dispute it with the credit reporting agencies. This is the most unprofessional, tacky, and ** company that I've ever done business with. Keep in mind, that the utility companies send out payment reminders. Now, I have to dispute this with the credit reporting agencies. I have very good credit and have never been 30 days late paying, now I have a 76 decrease in my credit score, because I've been sick and delirious for weeks, and the company is so unprofessional that they don't send a courtesy reminder.

I work in auto financing and can say 100% when someone is approved with them I tell them don't do it. I go as far as to help ppl repair their credit than getting bent backwards with this company. I truly don't know how they sleep at night. Horrible company. I hope they get a lawsuit like no other matter of fact I have obtained a attorney nobody needs to be fooled into doing business with these people. By the way 3 supervisors seen my concerns and stated they couldn't answer my questions till finally one was rude (day before appointment). Now I don't feel bad. I hope she's fired before they're shut down!

The first thing he asks is when I'll be able make a payment? I have spent 6000 getting this jeep fixed and 5k on my other vehicle and all they can say is, "When will you have your payment." This company is ridiculous and the interest rate is ridiculous as well. They will call you the next day your payment is due and harass you. All they care about is money!! They are not willing to help you out at all. Stay far away from this place!!

They will not destroy my credit rating with a 30 day late payment. I will report them to the consumer financial protection bureau, the attorney general, the Better Business Bureau and I will file a lawsuit they will not win. I have saved every piece of conversation every piece of correspondence and I have documentation to prove that my payments were made on time. Do not do business with these people. They are crooks. They run their business like a third grade dropouts. They have zero intellect and zero intelligence.

However after the car started going into "limp mode" and the check engine light came on with a red steering wheel light came on, my bf was upset and clearly had legit reasons to be, the car was not wanting to turn on. It would just crank and the smell of gasoline, we left the car at my parents and drive to nissan in my Lexus and was told it was our responsibility to get the car over to them for them to look at the car, they would not tow it, we drove back to my parent's house and the car turned on but it was puttering really bad, but, we had to get it to the dealership we got it to thoroughbred and went to check on it after a couple days and I was told our car was taken HOME by a tech to be "test driven" and brought back the next day. No one cared to make us aware before this was done nor ask our permission to have a tech take our car home we just purchased.

We got the car back. They said they couldn't figure out the problem. I had called several times because it was not right. Everything we had gone thru with this car we were sold that was "tip top shape " and had "no issues" then a couple days later he got a call from finance and the man said "We noticed on your contract has the wrong amount. We put $4500 for your trade in and we had to pay the bank $6119 and either you pay us or we are going to report you to collections." Since that call they blocked our phone numbers from calling the dealership, we hadn't gotten the plates because they put the wrong address on the registration.

The GM said I could go down there to get a paper plate after the finance cmpanty had called and the receptionist said she was told not to talk to accept nor take calls from us nor the bank and the bank sent their market manager go to the store and we couldnt get a hold of anyone and my bf was told he couldnt return back to the store so the gm called me and told me I could come to the store to pick up paper plate which I did but from the first day we got this car we gave wanted our money back, anyone and everyone would, and everyone says they are so sorry and they will help with whatever is needed, if that's the case then take this car back and give us our money back because us and our 1 and 2 year old kids didnt and dont deserve this and should not have to go thru this any longer, actions speak louder than words, take the car back and give us our money back. Back up what you're saying to me.

There's so much more but I'm just so sick of the entire situation just as anyone else would want the dealership should be more than willing to give us our money back as in the down payment and the the cost for the trade in and mustang we traded in. All I want is the loan cancelled and to be given a refund of the down payment and amount of the trade ins which is as simple as sending a cancellation letter to the dealer and refund my money.

They were very inconsiderate and had the audacity to ask if I could borrow the money from someone else and I was out of work on temp. Disability at the time. I told them no, and they made up a payment plan that they forced me to do. I agreed only because I had no choice, in August of 2020 I was able to get a new car not financed through anybody except the actual dealership (local) because of back pay from Disability. I asked CA to come take the car because I had another one and the car had too many issues and I just couldn't afford their payments anymore.

From the call in August, they never came on time, they waited until October to come take the car and reported on my credit report that it was an involuntary repo. I looked on Credit Karma and they got 2 different reports on my Transunion and my Equifax report. I have pics to prove it, whatever you do...don't ever go with Credit Acceptance, they disposed the car and said it was worth 1200 and they took the value off the car and they still want me to make payments and they're still reporting to the credit bureaus and saying I'm late but the account is closed.

Upon reading the GAP coverage details, I discovered that Credit Acceptance listed a higher amount due on my vehicle than either of the payoff quotes run by me and by my insurance company--and not by a small discrepancy, but rather a good $600 discrepancy. Even looking at my credit reports, the amount shown as owed to Credit Acceptance did not match their claim of what I owed when they processed the GAP insurance.

I was also docked for "missed payments". Not one time over the entire life of the loan was I late. I regularly review my credit reports, and not once did Credit Acceptance report me as being late, nor would I have ever allowed the account to become late, because I was terrified of Credit Acceptance. The GAP payout was also docked $450 for the "condition of vehicle paint and stains on seats", but my insurance company had already docked that out of the settlement they sent to Credit Acceptance...so in other words, Credit Acceptance docked me a SECOND time for the same line item.

I'm pretty petty and hot-headed when it comes to fighting over what I feel is incorrect information, and the customer service rep quickly transferred me to a supervisor. While professional, the supervisor did not give proper explanation to why GAP was reporting a different amount due (and no, I don't believe that I racked up $600 in interest charges in a month's time) and could not give me a date for this "missed payment". I was also told that yes, it was fair to dock me a second time for "vehicle condition", as GAP will not cover that, despite the fact that I feel it should not be relevant when my insurance company already docked my settlement paid to Credit Acceptance for the same reason. This is toeing the line of "double jeopardy", given that I had already been punished for that once.

Speaking to the supervisor, I told her that I was well aware that Credit Acceptance had yet to close my account, despite my final payment a week ago and my speaking with two reps regarding this matter, and it's suddenly quite clear to me that the other reps didn't "forget" to request my account to be closed--it's all about Credit Acceptance leaving your account open to accrue more interest charges, despite the fact that the vehicle was paid off by insurance. Credit Acceptance would very much like to charge you interest on the interest that is left on the entirety of the loan term. Credit Acceptance wants to be the only bill in your life that matters, for the rest of your life.

Neither the customer service rep nor the supervisor could provide me with information on how they reached a loan amount that is $600 more than my payoff quotes and $600 more than what is shown as owed on my credit reports, which is an amount that is reported monthly by Credit Acceptance. Neither the customer service rep nor the supervisor could give me details on this "missed payment".

I demanded that the supervisor close my account immediately, as that was my third phone call attempting to do so. This morning I found that when I look at my account online, I can see that the account has now been closed with a zero dollar amount due. I will, however, be await my letter telling me the account has been paid in full and closed, as well as waiting to be sure Credit Acceptance doesn't ding my credit with their "missing payment" line.

I am truly exhausted from dealing with them, and feel strongly that Credit Acceptance should be on the line for giving Wynn GAP an incorrect payoff amount ($600) and docking me for a payment I never missed ($320), but honestly, I'll just have to let it go, since it's apparent that I could easily spent hours on the phone with these people and get nothing but a run-around and a lack of answers.

Original review: Let's be honest: anyone who ends up financing a vehicle through Credit Acceptance got to that point for a reason. We all have our reasons for how our credit went so wrong; mine was the loss of my mother and a child within a couple of years of each other, followed by own battle with cancer.

Just like every other reviewer, Credit Acceptance was my only choice for financing a vehicle, as I lacked solid credit of my own, in addition to lacking family or friends I'd willingly burden with a request to cosign a vehicle. Going with Credit Acceptance was my only option at the time, and I was assured by the dealer that I'd be able to refinance in a couple of years (spoiler alert: don't count on it, since Credit Acceptance's outrageous interest rates will likely result in negative equity in your vehicle, hence making it nearly impossible to refinance).

Before my first payment came due, I did a search of Credit Acceptance...and after reading reviews, I became absolutely terrified, and given that almost nothing scares me, that says a lot. I can genuinely tell you that I lived in fear of Credit Acceptance for nearly three years, but in that time, I learned how to work their system with virtually no problems. Here's how I did it:

First, accept that you ended up with Credit Acceptance because of your own credit history. Before you established a loan with Credit Acceptance, they had no impact on your poor credit. That was all you, and the decisions that you willingly or unwillingly made due to unfortunate circumstances. Is Credit Acceptance going to torment you with outrageous interest and payments that are so high, it will be nearly impossible to keep up? You bet. But you ended up here for a reason, and try to see this as an opportunity to rebuild your credit while having a (hopefully) reliable vehicle to drive.

Second, in no way did my dealership demand that I buy any particular vehicle, nor did Credit Acceptance. My vehicle decision was based solely on what I felt I could afford. Could I have purchased a newer, more expensive vehicle through Credit Acceptance? Absolutely, but my dealership ran monthly payments for me on various vehicles, and it simply wasn't something I was willing to do. Never at any time was I forced to purchase a sub-par vehicle, nor did Credit Acceptance have any input on what I did purchase. My vehicle was newer and I was lucky that in the nearly three years that I had it, I did not have any mechanical problems. If you purchase a vehicle with major mechanical issues, don't blame Credit Acceptance. They didn't have any input, nor would they intend for you to purchase a vehicle that becomes impossible to maintain while also trying to keep up with Credit Acceptance's high payments, because frankly, their interest is in you continuing to make those monthly payments. Do your homework before you purchase any used vehicle, and have an independent mechanic take a peek if you don't have the skills to do so yourself.

Third, the phone calls? You can stop that. Simply go on the Credit Acceptance website and revoke permission to call your number. I left mine active for texts, but after I figured out I could revoke permission for phone calls, I never got a single call. It was that simple. Another way to make the calls stop? Simply log into the online portal and schedule a payment, even if it that payment can't happen for two weeks. Not once did I receive a call or a text even if my payment was past-due, so long as I scheduled a payment date and amount in the payment portal. I believe there was approximately one time that I forgot to make my payment on the due date, and the calls started by 8:15 the next morning. I simply scheduled a payment online, and my phone didn't ring again.

Fourth, can't make your payment on the due date? Just call the 800-number, use the automated menu to select "payment options", and wait for the prompt to make a payment arrangement. You can enter a date up to 10 days after the due date of your payment, and during this grace period, I never once received a phone call, text or threat to repossess my vehicle, nor was I ever charged a late fee. There were even times when I was not able to make the full payment on the scheduled payment arrangement date. I simply went into the online portal and paid what I could--one time it was a mere $25--and once that payment cleared, I entered the remaining payment amount for a future date. Never a call, never a text, never a threat, never a late fee. I never went more than probably 25 days after the due date of a payment without having that payment paid in full, and never once was it reported as delinquent on my credit report.

Fifth, if you do have to call...brace yourself, but it probably won't be that bad. I called and spoke with a rep less than a handful of times--prior to my figuring out how to make a payment arrangement through the automated system--and of those times, only once did I have a rep who spoke harshly to me and gave me the "is there anyone you can borrow the money from" line. I'm not one to mince words, and I actually laughed out loud at this suggestion, because as I told the customer service representative, I sure wouldn't be financing a vehicle through Credit Acceptance if I did indeed have someone I could borrow the money from. The other times I had to call, I was treated respectfully. If you are calling because your payment is past-due or you know you will have to make your payment late, you will be likely asked if you can pay $100 at the time of the call. I did do this, and that likely helped, but at the same time, all but one of their reps was polite, respectful and professional.

Sixth, at the time of purchase, if you do nothing else, please buy the GAP insurance coverage. Credit Acceptance's GAP insurance is pricier than virtually every other company, and certainly pricier than what my insurance company offers, but Credit Acceptance requires GAP insurance to be purchased through Wynn. While the extended vehicle warranty was worthless and absolutely not something I needed to purchase, the GAP coverage was a lifesaver, as after almost three years of paying on my vehicle, it was totaled in a hit-and-run while parked overnight. My insurance company covered the vast amount of the loan, but there was a small chunk left over. Here's the great thing about the GAP insurance: they cover your insurance deductible, so when your insurance company docks the vehicle payout with that deductible, GAP insurance comes in and covers it. This came in handy because while I didn't have a sizable amount that wasn't covered by my insurance company, the remaining amount was pretty close to being equal to what I paid for the extended warranty...which is a purchase contract line item that GAP will NOT cover if your vehicle is a total loss. However, with GAP covering my $500 deductible, that took care of almost fifty percent of the extended warranty amount, so I wasn't stuck paying out-of-pocket for an extended warranty that expired two years ago. However...

Seven, always fact-check Credit Acceptance. I obtained two payoff amount quotes (one was generated by me, using the option on their website; the other by my insurance company), so I was well aware of my payoff amount on the date of total loss of my vehicle. I was also aware of what my insurance company paid to Credit Acceptance, as well as the amount paid by GAP insurance. When I called Credit Acceptance to get the actual payoff amount (if your vehicle is a total loss, the online portal will still show an exorbitant amount, as it shows the amount with the full amount of interest due over the life of the loan), I was given an amount that was about $500 higher than the amount that I had calculated (payoff quote minus insurance payout minus GAP payout). When I stated that I wanted a written detail of how Credit Acceptance reached this amount because it did not match my records, the representative quickly did some math, stumbled over some words and offered to "settle" the loan for 20 percent of what they claimed I still owed, if I was willing to pay it immediately. In the end, I paid $156 after my insurance and GAP payouts, and I was more than happy to pay that amount to end my relationship with Credit Acceptance. Side note: I am still awaiting the official papers from Credit Acceptance stating the loan is paid in full, and I do watch my credit reports like a hawk, so I will update if I unearth any negative information posted by Credit Acceptance that indicates their failure to properly process and close my loan, but so far, so good.

Eight, do not hesitate to reach out to your dealership if you are having issues with Credit Acceptance. Upon learning that my vehicle was totaled, I immediately contacted my dealership, and they took over assisting me with Credit Acceptance and the processing of the GAP paperwork (and handling all of the financing for my new vehicle, of course). If you have a poor experience when dealing with Credit Acceptance directly, do not hesitate to reach out to your dealership. Both my salesperson and the finance manager were more than willing to reach out to Credit Acceptance on my behalf, and when I mentioned to the finance manager that I wasn't entirely impressed with the attitude of a customer service representative I dealt with after my vehicle was totaled, he indicated to me that he would be speaking with his Credit Acceptance contacts, because let's face it: your dealership benefits by financing your vehicle through Credit Acceptance; your dealership really does not want your vehicle back; and your dealership really wants you to come back to them when it's time to upgrade or replace your vehicle. Work with them, and they will work for you.

Nine, I see reviews where individuals state that they are no longer going to continue making their payments to Credit Acceptance out of anger or spite. Don't be one of those people. In the words of my salesperson, "Credit Acceptance is basically a last chance...if you don't pay Credit Acceptance, it's almost guaranteed that you will never be able to obtain a car loan again." Is it fair or fun to pay a ridiculous amount of money to Credit Acceptance every month because of their outrageous interest charges? No. But do you REALLY want to deal with the wrath of not paying Credit Acceptance, between the phone calls, the repossession threats, the lawsuit and garnishment threats AND the threat that you may not be able to finance a vehicle again in the future? Of course not. Pay your monthly payment. You signed the contract; if you fear that you will be unable to fulfill that contract, walk away. I even made a payment after my vehicle was totaled as I was awaiting the GAP payout, because I was told that if I'd made a payment that went above and beyond what was owed, it would be reimbursed by Credit Acceptance, and frankly, it seemed easier to make that payment than deal with potential consequences. Don't take the chance. Just make your monthly payments, even if you are consistently making payment arrangements and--gasp!--paying after your due date.

Ten, life happens, and we surely have learned that over the past year. Know from the start that Credit Acceptance will not offer you any assistance or grace. I fall into a very fortunate group that did not experience a loss of income during the pandemic, even as I was battling cancer at the same time. I did also contract Covid; again, I was lucky as my employer continued to pay me during that time. I contacted Credit Acceptance because contracting Covid a few weeks before Christmas after spending a year battling cancer was pretty inconvenient, and I did want to make them aware of the fact that I was affected by Covid, despite the fact that I was already aware that they were not offering payment deferrals. It does not reflect well on Credit Acceptance that they are so unwilling to work with customers even during the most dire times, but Credit Acceptance is not your standard lender. They are a last-chance lender that one would only use out of desperation and a full and complete lack of any other choices, no different than a payday lender. Let's face it: they are a huge company that has been established for many years. They will sue more than they will ever be sued, and they know their rights and usury law. As an individual, you will not win a battle with Credit Acceptance, no matter what story you have that hinders your ability to make timely payments. Know this ahead of time, and try to plan. Even when I was home from work for nearly three months following various cancer treatments, I knew that paying Credit Acceptance had to be a priority, just like a home mortgage or rent. Establish your emergency fund; no one wants to use an emergency fund to pay Credit Acceptance, but it's far better than the alternative of losing your vehicle to repossession for non-payment and still owing thousands on a vehicle you no longer own.

Building and rebuilding credit is slow, hard work; use your loan with Credit Acceptance to make the best of this fact by staying current with your payments. If you are current--or as experience has taught me, marginally late--you will literally never hear from Credit Acceptance or have any need to think of them apart from making your payments once a month. I can't say that making every payment on time did astronomical things for my credit score, but I also have massive grad school loans that throw my debt-income ratio fully out-of-proportion. I was, however, able to qualify for a much more fair vehicle loan through a company that is NOT Credit Acceptance after my vehicle was totaled, and if you stick with it, you will, too.