Report: #1141870

Complaint Review: Credit acceptance corp

  • Submitted: Sat, April 26, 2014
  • Updated: Wed, July 09, 2014
  • Reported By: mrm — rochester New York
  • Credit acceptance corp


Show customers why they should trust your business over your competitors...

I was need need of a new vehicle, I purchased one from Joseph sage, The finance company was credit acceptance, I purchased a 2004 grand am, when I went I seen another vehicle that I wanted but the sales rep told me that I would need a 1300 $ down payment. than he went up on the price so he showed me another car. thats when i got the grand am. When it was all said and done with the warrenty that they made me get the car would have cost 13,000 and some change. I recetly decided to trade the car in, when the dealership did the appresal the car had me at -3000 equity. their for it was not worth a trade in. I purchased a new 2014 and did a voulunterry repo with credit acceptance, prior to this I made a double payment so when they came to get the car I was current on my payments, but during this time I had called credit acceptance on many occasions to find out about my warrenty information and each time I called I was told that I was behind on my payments. This was not the case... They have called me 5 times a day asking me if I want the car back or if I know anyone who wants to take over the payments... I have told them NO. I was told that the car was going to the acution on April 24.. Today they tell me that I have an aggreement to get the car by may 5! I do not want the car back!! I have asked them to stop calling me and they wont. If I wanted the car I would have not had them come get the car. They are the worst when it comes to coustomer service. And since when cant you make a double payment? and even though I made a double payment they said that I still had to make my monthly payment. THey never told me that when I called to make the double payment nonone their seems to know anything..

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This report was posted on Ripoff Report on 04/26/2014 05:41 AM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Author of original report

Blah Blah

AUTHOR: mrm - ()

Seriously!! Again assuming that Iam not going to pay it off!!! again it was suposed to be sent to auction on the 24th.... Again I have told them to send it to auction and notify me to the outstanding balance so it can be taken care of.   But no some idiot put in the computer that I agreed to get the car on May 5th...  so their prolonging it not me!  So someone does not know their head from their a*s when it comes to entering things into a computer. You can stop with all the laywer bs and what knot. And stop assuming you do not know my financial state.

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#2 Author of original report


AUTHOR: kr - ()

Your all just assuming that I was not going to pay off the balance after the car was auctioned....... You shouldnt make assumptions!! But really weight it out... New or used?? couple thousand difference.... Come on now really??? I want the car to go to auction so that it can be settled... AND PAY THE DIFFERENCE OFF!! So like I said before everyone any can  makes assumptions maybe you should look on the flip side and say to yourself maybe she does have a point.

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#3 Consumer Comment

Typical Response.

AUTHOR: Robert - ()

WOuld you pay 13,000 for something when it was all said and done that was not worth that

- No, but you did.  In doing so you made a legal agreement that stated you would make a set number of payments for a set amount on specific dates.  There was NOTHING in your loan documents that said if at anytime you "feel" that the car is no longer worth it you could just turn it in and walk away. 

Just like you are wrong about several of your ideas, you are wrong about me working for this company.  I do not now or have I ever worked for this or any other finance company or car dealer.  I personally could care less if you don't believe me.  However, when things start to happen as I stated I hope you contact a lawyer and try not to get too upset when they tell you basically the same exact things I have stated here.

You still don't believe me and don't want to talk to a lawyer.  Okay, so do this in about 12 months.  Go and get your car "appraised".  However, realize that unless you have a "classic" (which I can guarantee you don't) every car looses value.  So before you do, be prepared to answer this question.  What are you going to do when you find out you owe more on the loan than the car is worth?  Are you going to just stop paying and trade it in to get a new one?  Well not with a Reposession on your credit. Because again contrary to what you think, with a Reposession on your credit it doesn't matter how much other "positive" credit you have..the negative effects of the Repo will cancel all of that out.  A Repo stays on your credit for 7 years, and if you are sued you could have a judgement on your record for much longer. 

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#4 Consumer Comment

It has nothing to do with the value of the vehicle, it is the deficiency on the auto loan

AUTHOR: FloridaNative - ()

Robert is right. Once you signed for the auto loan you are responsible for repayment of that loan. Since you defaulted, the penalties kick in too. Having the vehicle repo'ed doesn't extinguish the loan. Read your original contract for specific terms. No, I don't work for this company or any other auto loan company. I know how loan contracts read and the remedy is in writing right in your original contract.

To double check, search your state's statutes for what the auto lender can do for enforcement and collection of the loan after repossession.

Where did you get the idea that you could borrow money to buy a vehicle and not pay it back because the vehicle is not worth it? It has to do with the amount of money you borrowed and not the collateral. You can still fix this issue before it totally trashes your credit.  That would be the responsible thing to do.

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#5 Author of original report

The car is not worth 13,000

AUTHOR: mrm - ()

THe car is not near worth what the value of it is... I didnt even have the car for a month and it needed a fuel pump, it had a bad lifter and the injectors are shot. The so called warrenty only covers a small part.... Its not that I wanted a new car I needed something that I knew was not going to break down not only that but think about it.... WOuld you pay 13,000 for something when it was all said and done that was not worth that. I had the car appraised and when I made that 1300$ down payment that should have been it!!! And legally they cannot do anything to me!! they cant garnish my wages so it will go on my credit report big deal.... They say they are their to help build credit but how is it that the car has negative equity!! And so what if I got a new car? Atleast Iam with a real back building REAL CREDIT!! Iam not the only one who feels like this so you must either be affiliated with credit acceptance or your a scammer yourself.

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#6 Consumer Comment


AUTHOR: Robert - ()

 I am sorry but just based on your report I am amazed how you are even able to function in daily life.  When you start taking about scams, look at your own actions.  You have effectivly broken a legal agreement you made when you got the original loan.

You did a Voluntary Reposession on a car because you WANTED a new 2014 car and you were upside down on your other loan.  Well guess what Einstein you just opened up a whole bunch of trouble for sit back and enjoy the ride.

First of all a Volunatary Repossession is IDENTICAL to a Reposession where they come and get it for lack of payments.  There is no distinction on your credit between the two.  The only thing you did was lower the Reposession fees you are going to owe.  So you are going to have to live with this very negative mark on your credit for the next several years.  

Next, do you really think by turning the car in you can just wash your hands of the loan balance?  WRONG.  YOU are still responsible for the balance of the loan regardless of if you turned the car in or not.  Now, they will deduct the amount that they sell the car for at auction from the balance.  But the thing about auctions is that on average a car sells for about 1/2 to 1/3 of the "value".  So for example if you still owed $10,000 and the car is "worth" $7000, it may sell at auction for around $3500.  So you would still owe the remaining $6500 + additional fees for the auction and repo which could be another couple hundred dollars.

If you fail to pay that amount back, they have the legal right to come after you for that balance.  It will start with the collections process.  If that fails they most likely will file a suit against you in court where you will loose.  Once you loose depending on your State they may be able to garnish your wages and/or attach your bank account(s).

Oh and a few final things.  When you got that $13,000 car they did NOT make you.  That was of your own free will and you could have walked out of the dealer at any time before you signed.  But you CHOOSE not to.

I am sorry if this seems rough for you, but perhaps it will make you think the next time before you do such a bonehead move. 

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