- Report: #284478
Complaint Review: Credit Acceptance Corporation
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| Credit Acceptance Corporation 2011 Choctaw Drive
Alexandria, Louisiana U.S.A. |
|
Credit Acceptance Corporation Fraudulent and unethical business practices by Credit Acceptance and the dealer Alexandria Louisiana
*UPDATE Employee: Why blame the finance company?
Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™
I was recently contacted by a local dealership after filling out an online credit application. The salesman was very optimistic that he could get an auto loan approved for me even with my poor credit.
After a couple days talking on the phone, my husband & I drove the car. We thought it was nice and were ready to give our down payment and sign the paperwork. My husband asked to see the figures and that's when we found out the sticker price had been increased by $1400 and that we had to agree to a non-negotional warranty for @2000. We knew there would be high interest which is our fault for our credit score, but have never heard of raising the price. My husband remembered the name of the lender and did some research.
It seems the lender trains the dealer how to make a extra profit off of people who are already down. Every applicant is approved, that is why my salesman was so optimistic. There are several options to their plan. One is called a Portfolio program - this is where the dealer & lender share the principal & interest of every payment + the dealer receives an upfront profit. Another one is called the Purchase program - this is where the dealer receives a higher upfront profit today (is why our price was raised) and don't share monthly payments collected. Also the warranty we found out is optional. We found so many discrepancies & caught them in several lies.
Thank God we smelled a rat (actually several) and did not close the deal. EVERYONE, please do research before making such a decision. For people with poor credit, we are ready to jump right in because we've had so much rejection. I know I was, but thanks to my husband he brought me to my senses
Ripoffsick
ALEXANDRIA, Louisiana
U.S.A.
After a couple days talking on the phone, my husband & I drove the car. We thought it was nice and were ready to give our down payment and sign the paperwork. My husband asked to see the figures and that's when we found out the sticker price had been increased by $1400 and that we had to agree to a non-negotional warranty for @2000. We knew there would be high interest which is our fault for our credit score, but have never heard of raising the price. My husband remembered the name of the lender and did some research.
It seems the lender trains the dealer how to make a extra profit off of people who are already down. Every applicant is approved, that is why my salesman was so optimistic. There are several options to their plan. One is called a Portfolio program - this is where the dealer & lender share the principal & interest of every payment + the dealer receives an upfront profit. Another one is called the Purchase program - this is where the dealer receives a higher upfront profit today (is why our price was raised) and don't share monthly payments collected. Also the warranty we found out is optional. We found so many discrepancies & caught them in several lies.
Thank God we smelled a rat (actually several) and did not close the deal. EVERYONE, please do research before making such a decision. For people with poor credit, we are ready to jump right in because we've had so much rejection. I know I was, but thanks to my husband he brought me to my senses
Ripoffsick
ALEXANDRIA, Louisiana
U.S.A.
This report was posted on Ripoff Report on 11/12/2007 08:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Credit-Acceptance-Corporation/Alexandria-Louisiana-71301/Credit-Acceptance-Corporation-Fraudulent-and-unethical-business-practices-by-Credit-Accept-284478. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search Tips#1 UPDATE Employee
Why blame the finance company?
AUTHOR: Gorno - (U.S.A.)
SUBMITTED: Wednesday, July 08, 2009
Whoa!
Slow down, nice lady!
How do you make the leap that a used car salesman gave you incorrect information to the assumption that Credit Acceptance trains dealers on how to raise their prices?
Do you think dealers need Credit Acceptance to train them on THAT? Really?
Credit Acceptance offers several programs to dealers, just as most vendors do with the customers they serve.
None of those programs in any way requires the dealer to raise the price of the car.
Car dealerships sell cars. Lenders sell money.
Virtually every lender working with high-risk clients adjusts the price (interest rate) to accommodate the increased risk the lender faces when they lend to a high-risk (low scoring) customer.
This practice is legal, accepted and acceptable as long as it is applied fairly across the spectrum of clients. In the case of Credit Acceptance; it is applied fairly.
If the dealer is raising the price of the car, then that is on HIM, not Credit Acceptance or any of the lenders this dealer works with.
If the dealer you visited was not upfront or honest, then don't deal with them, but don't blame the finance company.
Did you know that most dealers, from the smallest Mom and Pop outfit to the bigger branded stores, work with many lenders; not just one.
By your reasoning; all the lenders that this dealer works with are out to rip somebody off. What if this dealer also offers products available through your very own bank?
Doesn't that make them part of this vast conspiracy?
Shouldn't you and the rest of the villagers grab some pitchforks and head on down to your local branch for good old fashioned tar and feather party?
Since they probably work with the same dealer that Credit Acceptance does, doesn't that mean that they are evil as well?
If the guy that offered to sell his house to you raised the price and lied about it being built on a sinkhole, will you blame the mortgage company that offered to lend you the money to buy it?
Do you blame Budwiser because they are sold in a bar that charges $8 for a bottle of beer?
Do you think Budwiser is out there telling bar owners how to set (or raise) their prices, or telling them they must set a two-drink minimum?
It is paranoid bordering on the absurd to suggest that Credit Acceptance trains dealers to adjust their prices. Credit Acceptance could not care less about the price of the car, the color of the car, the options on the car, whatever..
They care that a reasonable and prudent person signed a contract to borrow money and then pay it back according to the terms and conditions of that contract.
It is up to the customer to know what they are buying and from whom. When that decision is made; Credit Acceptance will loan them the money.
Slow down, nice lady!
How do you make the leap that a used car salesman gave you incorrect information to the assumption that Credit Acceptance trains dealers on how to raise their prices?
Do you think dealers need Credit Acceptance to train them on THAT? Really?
Credit Acceptance offers several programs to dealers, just as most vendors do with the customers they serve.
None of those programs in any way requires the dealer to raise the price of the car.
Car dealerships sell cars. Lenders sell money.
Virtually every lender working with high-risk clients adjusts the price (interest rate) to accommodate the increased risk the lender faces when they lend to a high-risk (low scoring) customer.
This practice is legal, accepted and acceptable as long as it is applied fairly across the spectrum of clients. In the case of Credit Acceptance; it is applied fairly.
If the dealer is raising the price of the car, then that is on HIM, not Credit Acceptance or any of the lenders this dealer works with.
If the dealer you visited was not upfront or honest, then don't deal with them, but don't blame the finance company.
Did you know that most dealers, from the smallest Mom and Pop outfit to the bigger branded stores, work with many lenders; not just one.
By your reasoning; all the lenders that this dealer works with are out to rip somebody off. What if this dealer also offers products available through your very own bank?
Doesn't that make them part of this vast conspiracy?
Shouldn't you and the rest of the villagers grab some pitchforks and head on down to your local branch for good old fashioned tar and feather party?
Since they probably work with the same dealer that Credit Acceptance does, doesn't that mean that they are evil as well?
If the guy that offered to sell his house to you raised the price and lied about it being built on a sinkhole, will you blame the mortgage company that offered to lend you the money to buy it?
Do you blame Budwiser because they are sold in a bar that charges $8 for a bottle of beer?
Do you think Budwiser is out there telling bar owners how to set (or raise) their prices, or telling them they must set a two-drink minimum?
It is paranoid bordering on the absurd to suggest that Credit Acceptance trains dealers to adjust their prices. Credit Acceptance could not care less about the price of the car, the color of the car, the options on the car, whatever..
They care that a reasonable and prudent person signed a contract to borrow money and then pay it back according to the terms and conditions of that contract.
It is up to the customer to know what they are buying and from whom. When that decision is made; Credit Acceptance will loan them the money.
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