Credit Acceptance Corperation ripoff! Southfield Michigan

your response to the consumer is a bit presumptuous. I read nothing about missing the first payment.  You are assuming that all people financing through companies such as Credit Acceptance are irresponsible as well. That's not quite true.  People with what is considered 'good credit' scores in the 600 to 650 range end up going through such companies for such reasons as self employment(even with years of documentation) and other issues, even with no bankruptcies. 

I believe these companies prey on people who, for a wide variety of reasons, not always irresponsibe, have no other options and need to get to work. First, providing very limited means of payment, only bank account or  certain debit cards, is bad enough. Add to that, the promotion of western union, at $10, makes me a little suspicious of the company's ethics.

Regarding the gentleman that wrote to complain about Credit Acceptance Corp. of Southfiled Michigan:

The author seems to want to blame everyone but himself regarding his predicament. First, he admits he failed to make his payment (as he signed a contract to do), then complains that the credit company doesn't go along with his new version of the payment plan. How would he feel if the credit company changed the payment schedule without HIS ok?

Most of his letter, however, dealt with the mechanical problems of the vehicle. How in the world is any credit company responsible for HIS lack of jugement regarding a good value on a used car?

As a loan officer with over a decade of experience (I have no affiliation to Credit Acceptance Corp.) I am seldom suprised anymore when consumers fail to live up to their word, only to blame the very people that tried to help them.

While financial malfeasence is a very real concern, I saw nothing in his letter to suggest that Credit Acceptance did anything wrong, except to trust a man that failed to keep his word, renenged on a contract he signed, and then tried to push the blame on to others.

If I may offer to words of advise to him, and others:

First: When signing a contract, any contract: Know what you are signing and be prepared to honor your word. The people on the other side of the table are taking it very seriously. You should, too.

Second: If you don't know anything about used cars: find someone that does.

The owner of CAC is a guy named Don Foss. He has numerous car lots here in Michigan. He sells junk. I purchased my car from Don Foss of Pontiac. CAC will approve you but you also have to purchase an extended warranty through Wynn's Extended Care. As like Daniel, my speedometer and odometer did not work and I did not even receive a copy of the odometer reading paperwork.
80 days into my purchase, the head gasket went on the car. Wynn's has denied the claim and Credit Acceptance/Don Foss will not help me. Crredit Acceptance Corp here in Michigan is charging predatory interest rates. I am currently paying 22% and the legal limit is 23%. Don Foss is a scumbag and there is the reek of collusion between car dealer, credit company and warranty company. I have filed a report on Wynn's on this site and am surprised at the amount of complaints about Credit Acceptance. Can we get some kind of class action going here???

Daniel:

We did not share your experience with CA. Although our van had a replaced engine we were able to drive 20xxx miles on it with no problems since January 05.

Credit Acceptance in our case was true to their promises and have changed our lives. My wife and I thought know one in their right mind would finance us. We needed a van with the advent of our daughter's birth and CA was there for us. The dealer walked us through all the terms and was clear to point out that CA works a collection agency of sorts for the dealer.

Second chance finance is what you make of it. If you give them a bunch of excuses and wait them out to see if they come and take your car it will happen. We have learned our lessons with less then friendly companies such as Ford Motor Credit.

All I can say is the CA has been so wonderful to deal with. I realize that we have to pay a high interest, but we expected that. You have to understand the risk involved for extending credit to less than perfect credit consumers.

Jason at Sedar Motors in Mason City IA made us feel like real people, not second class citizens. We didn't have to use some sort of side enterance or go to a certain section of the lot set aside for bad credit people as was the case at so many other dealers. Heck some would even laugh at us and walk off leaving us in the dust.

Read the fine print and agree to the terms you signed. CA works with consumers who want and will to work with them.

I do not disagree over the binding contract however I have personal experiance with this company and they walk the shady side of the line.
I missed 2 payments do to family probs but I then got it caught back up in less then a month. For the next 4 months I made all the payments on time and added a little extra towards the princeaple. They claim that you can not pay a month ahead so I paid 5 to 10 bucks extra a month. Anyway the next month on the day the payment is due they start calling and harrasing me. I told them I would be making the payment in a couple of days before the late fee kicked in and this was not good enough for them. They claimed that my payment was late and started calling several times a day until I made the payment. This went on for a couple of more months. Finally they called and started harassing my wife about being late. My wife worked for years as a credit specialist and a collections agent, she got into a little arguement with them over wether we were late or not. Finally she opened the payment book and said how can we be late if your payment book says it is not late until after this date which had not been reached yet. They hung up on her. The next few times they called they were rude to us and yelled at us and hung up on us.
This company sucks and is a big ripoff. They also do not report correctly to your credit reports. We found that out the hard way. Also stay away from their extended warranty They wont fix anything and they will keep your car tied up for days to weeks.

I do not disagree over the binding contract however I have personal experiance with this company and they walk the shady side of the line.
I missed 2 payments do to family probs but I then got it caught back up in less then a month. For the next 4 months I made all the payments on time and added a little extra towards the princeaple. They claim that you can not pay a month ahead so I paid 5 to 10 bucks extra a month. Anyway the next month on the day the payment is due they start calling and harrasing me. I told them I would be making the payment in a couple of days before the late fee kicked in and this was not good enough for them. They claimed that my payment was late and started calling several times a day until I made the payment. This went on for a couple of more months. Finally they called and started harassing my wife about being late. My wife worked for years as a credit specialist and a collections agent, she got into a little arguement with them over wether we were late or not. Finally she opened the payment book and said how can we be late if your payment book says it is not late until after this date which had not been reached yet. They hung up on her. The next few times they called they were rude to us and yelled at us and hung up on us.
This company sucks and is a big ripoff. They also do not report correctly to your credit reports. We found that out the hard way. Also stay away from their extended warranty They wont fix anything and they will keep your car tied up for days to weeks.

I do not disagree over the binding contract however I have personal experiance with this company and they walk the shady side of the line.
I missed 2 payments do to family probs but I then got it caught back up in less then a month. For the next 4 months I made all the payments on time and added a little extra towards the princeaple. They claim that you can not pay a month ahead so I paid 5 to 10 bucks extra a month. Anyway the next month on the day the payment is due they start calling and harrasing me. I told them I would be making the payment in a couple of days before the late fee kicked in and this was not good enough for them. They claimed that my payment was late and started calling several times a day until I made the payment. This went on for a couple of more months. Finally they called and started harassing my wife about being late. My wife worked for years as a credit specialist and a collections agent, she got into a little arguement with them over wether we were late or not. Finally she opened the payment book and said how can we be late if your payment book says it is not late until after this date which had not been reached yet. They hung up on her. The next few times they called they were rude to us and yelled at us and hung up on us.
This company sucks and is a big ripoff. They also do not report correctly to your credit reports. We found that out the hard way. Also stay away from their extended warranty They wont fix anything and they will keep your car tied up for days to weeks.

Lets see.. you buy a car, sign a legally binding contract agreeing to make your payments by a certain date, and you feel Credit Acceptance did something wrong by expecting you to make your payments as agreed and not wait around for you to send them their money when you got around to it? Am I missing something here?

Also, what did a check engine light and cruise control have to do with you not making your payment on time? I think if you wanted to complain about anything, it should be to the dealer who sold you the car, not about the bank that made the loan.

I think if perhaps you were a little more financially responsible in the future and didnt miss your first payment on car loans, you wouldnt have to get loans through high-risk finance companies.