ED Magedson – Founder
Credit Acceptnace CorporationPO Box 513 southfield, Michigan USA
Credit Acceptnace Corporation Canceled my loan? southfield Michigan
Where to begin... I filed bankrupcy last year because of huge problems in the past and wanted a fresh start, so I went to Ricart in Columbus and they financed me a car for about $11,000 through CAC which is was ok because I wanted to re-establish my credit. Now, here it is almost 3 months later, I have made 2 payments ON TIME and CAC closes my credit account and refers me back to Ricart because I changed jobs and when they called my former employer (6-7 weeks after I got the car, I just quit 3 1/2 weeks ago) and I am no longer employed with that company? WTF. I called them last week and they said Ricart didn't send all the paper work in to them so that's why. Ricart says they cancelled it because I no longer work at that job I had when I got the car. Why would that matter when I have made my payments on time and I am now making more than I was before? This makes not one bit of sense! Someone screwed up between the 2 companies and I am getting put in the middle of it.
Ricart calls me today telling me to bring the car back and they can either TRY to redo the loan because someone screwed up or they can give me my down payment back! All fine and dandy, but what about my trade-in? What about the 2 payments I already made on this car? Will this affect my credit because they decided to cancel the loan? I am not happy about this and I am thinking about taking my down payment back, telling them to give me my trade in and go somewhere else because I did everything I was supposed to including making my payments on time and I actually paid more than I was supposd to both times.
Does anyone have any legal advice on this matter? Should I pursue legal action against this company for punitive damages and if it does affect my credit maybe sue them even further because I did nothing wrong (with the exception of going through them for credit establishment...)
This report was posted on Ripoff Report on 05/09/2013 02:41 PM and is a permanent record located here: http://www.ripoffreport.com/reports/credit-acceptnace-corporation/southfield-michigan-48037/credit-acceptnace-corporation-canceled-my-loan-southfield-michigan-1049668. 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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