• Report: #301771

Complaint Review: Credit Acceptance

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  • Submitted: Sun, January 20, 2008
  • Updated: Wed, March 26, 2008

  • Reported By:findlay Ohio
Credit Acceptance
Box 513 Southfield, Ohio U.S.A.

Credit Acceptance is a ripoff. Detroit Michigan, Southfield Ohio

*UPDATE Employee: Credit Acceptance IS NOT that bad

*Author of original report: Do Not Borrow Thru Credit Acceptance Corp.

*Consumer Comment: CAC is not all bad

*Consumer Comment: CAC is not all bad

*Consumer Comment: CAC is not all bad

*Consumer Comment: Pay your bills

*Author of original report: Do not deal with Credit Acceptance

*Author of original report: Its Southfield, Michigan and Detroit, Michigan

*Consumer Comment: If this is an auto loan.

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Credit Acceptance is a big ripoff.

They have address in Detroit Michigan and also Southfield Michigan.

They charge super high interest to people that would not normally qualify for a car loan thru a bank, etc.

They take advantage of people just to get their business.

Credit Acceptance also uses a phone system that makes it show as " Out of Area" on a caller ID on your phone. They do not want people to know they are calling you so they Block " Credit Acceptance" on their phone system to show as "Out of Area on a caller ID system.

They also use a 180 Area Code number too, which I have no idea where that is coming from.

I will not answer a phone call showing "Out of Area" or a area code of 180 on my caller ID.

If a company cannot show who is calling and feel they need to Block Out their real name on a phone call then they should not call people.

I am guessing by the amount of phone calles that Credit Acceptance has made to me they could of paid off my loan several times over on what they spend on making phone calls to everyone.

Summed up.

Do not use Credit Acceptance for a car loan. Their are other choices you can use to get a auto loan with lots lower interest, and hassle Free.

Watchontime
findlay, Ohio
U.S.A.

This report was posted on Ripoff Report on 01/20/2008 07:47 AM and is a permanent record located here: http://www.ripoffreport.com/r/Credit-Acceptance/Southfield-Ohio/Credit-Acceptance-is-a-ripoff-Detroit-Michigan-Southfield-Ohio-301771. 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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REBUTTALS & REPLIES:
0Author 9Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Credit Acceptance IS NOT that bad

AUTHOR: Leslie - (U.S.A.)

First- If you were paying your car note on time they would not call you. Also, how do you think thier collection dept is supposed to get in touch with all of the people that are behind if they put thier name on the caller ID? Nobody wants to talk to someone that they owe money to.

Second- If you want to be able to get a good interest rate you have to actually pay your car note when it is due. Of course you got a high interest rate, you obviously dont understand how credit works. If you would pay all of your obligations on time, your credit would be more sufficient to secure a loan with a low interest rate.

Third- How have they ripped you off? Because they use an unlisted number to call you? Or was it because you signed the contract which clearly stated the interest rate and all the finance charges on it? You agreed to it.

If you were to go to an in-house finance place, you would most likely be charged the maximum amount allowed in your state. In my state the maximum APR rate is 28.75%. Thats how they make thier money. They are having to pay for your vehicle up front, so they have to make plenty of money to cover themselves. I work for a dealer and I use Credit Acceptance everyday. The dealer can charge you whatever interest rate they want to. Anywhere from 1% up to the maximum your state will allow.
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#2 Author of original report

Do Not Borrow Thru Credit Acceptance Corp.

AUTHOR: Watchontime - (U.S.A.)

Do not borrow thru Credit Acceptance.

They are a rip off for consuemrs.

They charge super high interest rates.

There are other places to buy a vehicle without having to pay super high interest.

Check around before you buy and go to some place that you can trust the salesman at and hopefully someplace you are familiar with in your hometown.
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#3 Consumer Comment

CAC is not all bad

AUTHOR: Tina - (U.S.A.)

When my husband and I were having our third child (yes 3rd!) We needed a larger vehicle. We had terrible credit, so we found a dealership that used CAC. We bought a mini-van. Yes, we probably paid too much. Yes, we did pay a high interest rate (19%). But yes, we got the vehicle that we needed. I paid all my payments on time, we also paid it off in three years. At the time they didn't let us do long term financing. We have since improved our credit score, and CAC helped us do that. They gave us a chance when other lenders would not. Please answer your phone, I am sure that they will work with you.
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#4 Consumer Comment

CAC is not all bad

AUTHOR: Tina - (U.S.A.)

When my husband and I were having our third child (yes 3rd!) We needed a larger vehicle. We had terrible credit, so we found a dealership that used CAC. We bought a mini-van. Yes, we probably paid too much. Yes, we did pay a high interest rate (19%). But yes, we got the vehicle that we needed. I paid all my payments on time, we also paid it off in three years. At the time they didn't let us do long term financing. We have since improved our credit score, and CAC helped us do that. They gave us a chance when other lenders would not. Please answer your phone, I am sure that they will work with you.
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#5 Consumer Comment

CAC is not all bad

AUTHOR: Tina - (U.S.A.)

When my husband and I were having our third child (yes 3rd!) We needed a larger vehicle. We had terrible credit, so we found a dealership that used CAC. We bought a mini-van. Yes, we probably paid too much. Yes, we did pay a high interest rate (19%). But yes, we got the vehicle that we needed. I paid all my payments on time, we also paid it off in three years. At the time they didn't let us do long term financing. We have since improved our credit score, and CAC helped us do that. They gave us a chance when other lenders would not. Please answer your phone, I am sure that they will work with you.
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#6 Consumer Comment

Pay your bills

AUTHOR: Diana - (U.S.A.)

If you were paying your payments on time, there would be no need for them to call you. Having to go through Credit Acceptance means that nobody else would finance you. The dealership is actually the one that sets the interest rate based on what the law is in their state and what your credit risk is them. They can write it for as low as 1 percent or as high as the state sets the limit, sometimes 23 percent. If you have a credit card, look at what that interest is that you are paying. I bet its higher than the interest you are paying on that car note. And the other responses you have gotten are right, you probably wouldnt answer the call even if it did come up in bold letters that CAC was calling you. Be glad that the dealer that you bought your car from doesnt put a GPS on it. After so many days of a late payment it would just be shut off. I bet you would be taking their calls then.
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#7 Author of original report

Do not deal with Credit Acceptance

AUTHOR: Watchontime - (U.S.A.)

Do not deal with Credit Acceptance.

If you need a auto check with your local car lots, and find one that is fair and provides good cars or trucks. Most car lots will provide some type of in house financing for people with poor or no credit to help you out. Ask for a fair interest rate. Check with the better business bureau on any business you are looking to buy a vehicle from.

But don't deal with Credit Acceptance. Their interest rates are sky high and unfair. They should not penalize people for having poor credit.
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#8 Author of original report

Its Southfield, Michigan and Detroit, Michigan

AUTHOR: Watchontime - (U.S.A.)

Hi,

It is Southfield, Michigan, and Detroit Michigan that Credit Acceptance has addresses in.

Don't know how Ohio got in my report that I filed earlier, But it is Michigan, and not Ohio.

Thank you.
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#9 Consumer Comment

If this is an auto loan.

AUTHOR: Robert - (U.S.A.)

""If a company cannot show who is calling and feel they need to Block Out their real name on a phone call then they should not call people. ""

Are you saying that if the caller ID did identify them you would then pickup and discuss the matter?

Just so you know, if you continue to not talk to them (or write them a letter) they will very likely repo the auto and trash your credit score further.
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