• Report: #288665
Complaint Review:

Credit Acceptance Corp

  • Submitted: Mon, December 03, 2007
  • Updated: Thu, January 17, 2008

  • Reported By:camden New Jersey
Credit Acceptance Corp
25505 W.Twelve Mile Road P.O. Box 513 Southfield, Michigan U.S.A.

Credit Acceptance Corp overcharged, just plain ol' money hungry business Southfield, MI 48086-5070 Southfield Michigan

*Consumer Suggestion: amortization charts

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I purchased my vehicle with a loan from credit acceptance. The purchase price on my vehicle was $15,000. I gave the dealership $5,000 down which took the price down to $10,000. The $10,000 was then finance through credit acceptance which charge me a approx. $7,000 on top of the $10. Besides that,there were tax,tags,title and warranty which cost approx. 3,000.
So basically the price of my 99' Ford Expedition will be $25,000 after all is paid.
I now have had the vehicle for almost 2 years paying $397.00 a month. I've paid almost $9,400 and still have about 30 more payments to go.When I spoke to a representative a few weeks ago they told me i still owe $13,100.

camden, New Jersey

This report was posted on Ripoff Report on 12/03/2007 03:35 PM and is a permanent record located here: http://www.ripoffreport.com/reports/credit-acceptance-corp/southfield-michigan-48037/credit-acceptance-corp-overcharged-just-plain-ol-money-hungry-business-southfield-mi-48-288665. 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 Suggestion

amortization charts

AUTHOR: Honest Medicine - (U.S.A.)

I paid way more than expected when I got my car with them too. After looking through all the paperwork one can see the truth in between the lines. This holds true with nearly any car dealership. I think you are surprised by your balance because of how interest works.

Amortization charts are sometimes confusing and plague hundreds of thousands of Americans every day. Each month your minimum payment pays the interest FIRST, what's left over goes towards your outstanding balance. It's a good idea to save a lot of money, maybe 50%, before financing anything.

For example: your first month's payment will cover little more than interest, you're pretty much giving away $$$ for free. :0 If your minimum payment is $300 for 4 years there's a good chance your first payment would only take off a few dollars, relatively speaking.

But there is hope.. kinda. If you send double payments you can easily cut the loan length in half and potentially save thousands of dollars.

Here: http://ray.met.fsu.edu/~bret/amortize.html
Amortization chart calculator..
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