• Report: #618075

Complaint Review: credit acceptance

  • Submitted: Sun, June 27, 2010
  • Updated: Mon, June 28, 2010

  • Reported By: credit acceptance rip offs — reading Pennsylvania United States of America
credit acceptance
creditacceptance.com reading, Pennsylvania United States of America

credit acceptance repoed my car 20 days past due reading, Pennsylvania

*Consumer Comment: Here's the Explanation.

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these people called my house and i told them look i was just laid off and it will take me about 2 weeks to pay you in full all i have right now is $150, and i paid it. the monthly payment is $296, 14 days later a tow truck showed up with documents to repo the vehicle, its not his fault. but credit acceptance is not a good company that honors its customers and for this amount i think it is stupid that they took this kind of action. i financed a car over ten years ago and it was with bmw financial and o owed them 3 months payment and they did not repo, i finished payed for that car now i had had this one and 20 days past due it was repoed? thats very odd. stupid policy. rude reps, bad company, they are like discover card, stay away.

This report was posted on Ripoff Report on 06/27/2010 12:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/credit-acceptance/reading-Pennsylvania-/credit-acceptance-repoed-my-car-20-days-past-due-reading-Pennsylvania-618075. 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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#1 Consumer Comment

Here's the Explanation.

AUTHOR: Jim - (USA)

No, its not at all stupid.  Whether or not you like the explanation is another matter.  CAC is a subprime lender which finances people with bad credit.  BMWF is NOT a subprime lender.  Subprime lenders have more losses, that's why your interest rate is high.  When you told them you were laid off, that sent them a warning shot, with a message, "this borrower may not be able to keep up with the payments.  Let's protect our security interest and pick up the car!"  CAC and other subprime lenders manage their accounts closer and offer little leeway because so many of their customers default.

Was it a good decision for "customer relations"?  Probably not.  They would rather not do a repo because they can make more money when the contract is paid fully.  However, they weighed the C/R ramifications versus protecting their security interest and you know what they chose.

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