Credit Acceptance Corp overcharged, just plain ol' money hungry business Southfield, MI 48086-5070 Southfield Michigan

I paid way more than expected when I got my car with them too. After looking through all the paperwork one can see the truth in between the lines. This holds true with nearly any car dealership. I think you are surprised by your balance because of how interest works.

Amortization charts are sometimes confusing and plague hundreds of thousands of Americans every day. Each month your minimum payment pays the interest FIRST, what's left over goes towards your outstanding balance. It's a good idea to save a lot of money, maybe 50%, before financing anything.

For example: your first month's payment will cover little more than interest, you're pretty much giving away $$$ for free. :0 If your minimum payment is $300 for 4 years there's a good chance your first payment would only take off a few dollars, relatively speaking.

But there is hope.. kinda. If you send double payments you can easily cut the loan length in half and potentially save thousands of dollars.

Here: http://ray.met.fsu.edu/~bret/amortize.html
Amortization chart calculator..