- Report: #618075
Complaint Review: credit acceptance
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| 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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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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Search TipsNo, 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.
