CREDIT ACCEPTANCE CORP Deceitful, misleading crooks Internet

     Seems to me, with all the fraud in our society, the finance company (any finance company), would be able to use the vehicle VIN and check to see that the car has a clear title and is not stolen, to protect themselves from losses. Heck, insurance companies do it at  the drop of a hat and can tell you everything about the car. Is such a database that expensive to access, to at least verify the VIN, title and make sure it is not reported stolen?

as the finance manager of a very large auto dealership who uses credit acceptance corporation to obtain financing for my customers on a daily basis, i must correct you when you say that the downpayment monies paid by the consumer go to the finance company. this is completely wrong. what cac does is they let the dealer know what dollar amount they will be advancing you...for example: let's say that you mr. customer buy from me a 2005 pontiac grand am, and let's say that i am asking $8995 for it and let's say they are requiring $1700 down on it based on your credit situation. and let's say i as a dealer paid $5600 for the vehicle at auction. when i submit the vehicle for funding credit acceptance will then let me know how much they are going to advance me (pay me) for the vehicle based on year, make, model and miles as well as nada black book value of the vehicle. so let's say they are going to advance me $4300 for the vehicle.....i get the $4300 from cac plus the $1700 down from the customer , which means that i am being paid $6000 for the vehicle that i paid $5600 for, so now i have $400 in gross profit. just wanted to correct you in this matter, because the down payment money is for the dealership to keep

It is good that you got your money back...but

I said that I expected one OR the other NOT both

- Ummm...unless I missed it after I read(and re-read it) you didn't say that.  The way you wrote your report you appeared to think you were entitled to keep the car and get all your money back.  That is the hazards of these "reports", and if you ment it was only one or the other then no problem as I was(and am) in agreement with you.

It appears as if what I said should happen did happen.  They returned your payment and cleared your credit.  By the way I am well aware of the UCC code you are referencing.

Now since they have returned your money, I figure you have since returned the car to them.

To those you who have issues reading I never said I expected to get a free car AND free money. I said that I expected one OR the other NOT both. On a side note my wife finally got a hold of their legal dept. and they refunded our payments, cleared the item from our credit report and closed our account. And to think it only took 19 months to clear up.

   So, you think that you're off the hook with the financing AND you get to keep the stolen car?  I can see where you'd get one or the other, but what you propose doesn't pass the smell test.    You come out of it with a free car and the person who really owns it is screwed?

  I have a feelling that things may not work out the way you think they should.

Why am I driving the car and why has it not been impounded? Apparently you are unaware of the law as much as you try and throw it around but just for fun try this: Look up the Innocent/ Good faith purchaser Doctrine; it states that when a dealer through fraud or deception disposes of or sells a vehicle that was consigned to them any and all contracts associated with the sale are nullified and that the original owner of the vehicle shall have recourse only against the dealer. 

Is if this is a car that was reported stolen by the original owner, and is unregistered.  Why are you not only still driving it, but when you are pulled over on a "weekly" basis do the cops not impound it?

Now, Credit Acceptance is a FINANCING COMPANY, they do not sell cars.  So you have a loan through them that has to be paid back..regardless of if you even had the car or not the money is still owed to them.  This is why even if a car is reposessed you still must pay off the loan balance.  Yes, it appears as if the dealer defrauded you.  Unfortunatly I am not sure if you have a legal leg to stand on to get out of the loan. 

If you can make the claim that CA knew that it was a fradulent deal and shouldn't have funded the loan in the first place, you would have a very good case to get your $2,500 back, as well as your credit cleared.  If you can't show that your only action may be against the dealer that ws shut down. 

As for the $5,500 downpayment.  That usually stays with the dealer.  So that may be gone as well, unless you can take action against the deaer for the money.

It may be worth getting a lawyer involved for a couple of hours of time to see if they can go over the contract and see if they can "speed up" CA if you can get your money back.