Credit Acceptance repossessed 2 times Southfield michigan

the first statement they gave me said i owed a cash bond of 686.74 i have never heard of a cash bond for a car before if somebody else has please let me know. Thank You

I understand what you are experiencing. I have gone threw the same thing this month, on 11/19/08. I have a feeling, that this is going in the same direction that you have been thru. I had to ask my employer for an adavance on my paycheck to get my car back, and now I will be late again for the month of December with my payment for the car. In addition when I went to pickp the car the towing company asked me to pay an addtional $75.00 to have the car released. A real nightmare. Someone needs to do something about this company and its abusive adn fraudulent business practice.

Funny I spoke to someone named Audrey. She asked me to fax bank statements reflecting that the money was available on the day they were scheduled to take it out as it was their mistake that the money was not taken on the scheduled day. I faxed them to her and then kept trying to call to find out the status of the car payment (whether they were going to try to take it or not) and conveniently noone knew who that was and had no way of getting me to her. The person that I did speak to (several of them) verified that the bank statement was received and in their "system" but they really couldn't do anything with it and that they would not try to take the payment again that I would have to western union or money gram it. I refused as it was not my mistake and I didn't feel like I had to pay extra for their mistake. Your situation is very similar to mine. I have asked several times and will ask again, if anyone is interested in pulling together a class action law suit, I would be more than willing to join and do some of the leg work.

Be advise someone of your family or friends must've know where you were and had called it in to Credit Acceptance, to have you car repo'ed. I use to work for this Scandalous company. Because I know that Credit Acceptance don't follow you around like that. Someone like a neighbor, friend, or family member could've called and knew your business. It happens all the time, that people be doing shady stuff. By law that they can't just take you car and you can sued this scandalous company called Credit Acceptance. Also that's seems like he done some shady.

You need to contact Credit Acceptance and for the dealer services dept, they will investigate the dealer and he could banned from contracting with Credit acceptance for his fraudulent role. It seems he may not have posted or mailed that payment when your vehicle to Credit Acceptance. And as reading you complaint. They made have happened. NEVER SEND A PAYMENT TO A DEALER DIRECTLY!! Credit Acceptance don't acceptance credit cards, they accept checks or Wired transfers ( Money Orders or Western Union. And you do have legal rights. Also in some states you have a right to the title as well, while paying on your vehicle loan. Ask for Jonathan, a supervisor. He's nice. Hate to admit it. Very few good people in this call center. Good Luck

-Cinnamon

If I am reading your post correctly your payment was due sometime in July and you paid it on August 1st. If there was someone waiting outside a store that means your car was already scheduled for repossion that day and the agent may have followed you to retireve the car (this is pure speculation as i have never heard of a repo agent following a customer). If your car was already scheduled for repossion even if you made the payment that morning there is little Credit Acceptance can do as they have already contracted with the repo agent and are still required to pay the agent. Now I am going to guess that once you got your car back and you spoke with "Audrey" this would have made your August and/or your September payment due. When you realized in either August or September your monthly payment was not being deducted from your account you should have contacted credit acceptance then. Remember it is your responsibility to make sure your payments are paid every month on-time and from what I have learned telling a company the payment was not taken from your account and especially if it has been for longer than a month is not going to wash.

The Gabreil person gave you solid advise to western unioin the payment. Western Union payments (although expensive) will post to any account the same day. This would prevent your car from possibly being repossed. Which is most likely the reason this person recommended you send your pay via this method. The reason the amount due has increased can be any or all of a combination of the following reasons 1. you had another payment come due 2. you were assessed late fees 3. The repossion fees have been added to the account.

As far as your refusal to pay goes, that is not going to hurt anyone but you. You signed a contract agreeing to pay a specfic amount of money each month on a particular date failure to comply with the terms of the contact (not paying) will only further damage your credit rating. As well as the finance company can have a judgement granted against you and can garnish your wages. I suggest you contact the lender and makeI arrangments on the account no matter if you want the car back or not. Once you make these arrangements you need to comply with them and in the event you cannot comply with the agreed terms you should always contact your lender before hand. As long as you carry a past due balance you will be reported to the credit bureaus each month as being deliquent. Clearly it is up to you on how you address this matter but not paying is not going to hurt credit acceptance it will only hurt you making it where you will always have to use a sub-prime lender to be financed for a car. And as far as i have been able to tell most sub-prime lender employ the same tactics for collecting on deliquent accounts.

Always remember legally the lender can repo a car if the payment is one day late (refer to the retail installment contract you signed and the repossion laws of your state) many just do not.

I read the reponse from "Cinnamon" and I don't see where you indicated you took your payment to the dealership. By your own admission it appears you missed a few payments due to your assumtion your payment was being drafted from your account.

As far as the cash bond for the car goes that is a new term. I have sent a note to a contact I know that works for another lender to see if they know what that is.

One other thing I would like to point out Credit Acceptance is a sub-prime lender this means you were unable to qualify for financing through traditional lenders (i.e. bank, credit union, GMAC, FMC, etc.) due poor credit history or the lack of credit history. There are not very many sub-prime lenders and from my research credit acceptance is just about the most leanient(sp) one.

Hope this helps.

Renee, I cannot believe you would even respond with what you did. Have you by any chance read the numerous reports about Credit Acceptance? I'm thinking not. You should get off your high horse being all mighty about paying your bills on time. Do you know how easy it is to fall behind? Normal, every day people can have everything one day and the next lose it all to the loss of a job. I have not had personal experience with this company and thank goodness I came on here to read about it, as I was looking at a car that would have been financed through this company. Yes, I guess I'm one of the "bottom feeders" with less than perfect credit. Want to know why? I lost my job in April, got set up and fired with no proof and it took 7 and 1/2 months to get a job. And that's not me sitting on my lazy butt every day enjoying the good life, that's working every day at least 3 hours searching for anything. When you are competing among 300-400 other resumes it's pretty tough to secure another position. So yes, I fell behind in my car payments. Yes, my options are limited right now, but you saying Credit Acceptance is one of the most lenient companies? You must be joking, that's why they screw with honest people that are trying to make their payments on time. I'll say the same thing to you that I said to the Ford rep that decided I was untrustworthy and had my car repoed, I pray one day you don't lose your job and find yourself in the same position, then maybe you would look at things a little differently.

Lisa,

I live in the real world and take a real worldview. I have lost my job before and had bills to pay. I had to take a job that paid me 10k less therefore I had to pick up a second job all while completing my degree (but who really cares, I had responsibilities). However, this is not about me, you, or someone that lost their job. This is about someone who openly admitted they were behind on their payment and refuses to take responsibility for their actions. I read the post and provided insight and advice based on reality.

Realistically, if you loaned someone a few thousand dollars (and no one else would loan this person money for whatever reason) and they agreed to pay you X amount over X period if time and all of a sudden this person decided to just pay you whatever they wanted whenever they wanted. What would you do?