- Report: #284478
Report - Rebuttal - Arbitrate
Complaint Review: Credit Acceptance Corporation
Credit Acceptance Corporation2011 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?
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
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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