Report: #1234146

Complaint Review: Credit Acceptance Corporation

  • Submitted: Sun, June 07, 2015
  • Updated: Sun, June 07, 2015
  • Reported By: Twylia — Kosciusko Mississippi USA
  • Credit Acceptance Corporation


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     In Februrary 2012, I purchased a 2003 Chevrolet Suburban from Extreme Auto World in Pearl, MS. One of our many "guaranteed financing" dealership. i was financed through Credit Acceptance. The cost of the vehicle was $12,945.00. I paid a $4500.00 down payment and after they had work their "magic" on my bad credit, My final balance was $21,690.42. Yes my credit is bad. Yes I was inexperienced.

     My payments were $440.78/mo. First of all two of the tires blew out 35 miles from the dealership costing me $50.00 in towing fees-no spare, $606.00 for new tires the next day. New brakes in May 2011 costing me $100.00 out of pocket, a new motor in June costing me $399.00 out of pocket plus $700.00 in rental car fees. The truck was in the shop for three weeks. No reimbursement or credit on my bill for none of theses services. Fast forward a couple of years, to include all of the threats, rude customer service (Why you can't pay yo bills on time?), I was repossessed in September 2013 owing about a$3600.00 payoff,

     After they auctioned the vehicle off I am left with "owing them" $1895.00. However my credit report says my highest balance was $12,945.00. So tell me, did I or did I not pay for this truck in full and they owe me money?

This report was posted on Ripoff Report on 06/07/2015 06:56 PM 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 Consumer Comment

Yes, it is possible you still owe the balance

AUTHOR: FloridaNative - (USA)

Read the contract you signed at the time of purchase. It will tell you the terms of repayment including interest rate, original amount financed and length of loan as well as APR and late payment fees.  Then find a auto finance calculator at Bankrate(dot)com or somewhere else on the web and input the figures. You can then print off the amorization schedule that applies providing each and every payment is made exactly on time (not late, not early).

Once you have signed the financing contract then the entire amount is due. If it is a simple interest contract, then you can stop the amount of interest you are paying by making the payment of the principal balance in full.  If it is a rule of 78's type contract, then the interest is due anyway for the entire term, even if you pay off early. I hope you don't have this type of contract, it's awful.  The only way to know for sure is to read your contract that you signed to see what type of financing you agreed to with the purchase of your vehicle.

As to the maintenance/repairs of your vehicle: you are responsible for the repairs and maintenance at your expense unless you have a written warranty covering the items you mentioned. In my opinion the warranties aren't worth the paper they are written on, they have too many exclusions and the warranty is too expensive to make it worthwhile. Again, you would need to read the warranty contract before you purchase it to determine if it is worth the money to you.

You asked at the end if you paid for the truck in full.  It appears from your post you did not pay for it in full. How would they owe you any money? The cost of the money (financing) is entirely separate from the cost of the vehicle. And maintenance of the vehicle is entirely separate from the acquisition cost. Even if you paid cash for the purchase, you still have to maintain and repair the vehicle at your expense after the purchase.

The only way to know for sure where you stand is to get out all of your financial records showing your payments and compare it to the amortization schedule. If you have late payments then there is additional interest due and late fees due. If you paid early, then less interest is due. If they are coming after you now for the balance due, then settle with them so you can put this one to bed and not have to worry about it in the future. Good luck.

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#2 Author of original report

Purchased vehicle in 2011

AUTHOR: - ()

 Purchased vehicle in Feb. 2011, all repairs occurred within 5 months of purchase, which is still 2011.. The references to 2012 are typographical errors. I hope this helps. Now since I clarified, you can post your rebuttal about me not paying my bills or whatever you choose to say about my bad choices. And by the way, since you are such a responsible borrower and consumer, give me some notes on how to empower my situation since I am trying to be a better and wiser consumer. If all you have to offer is things like good for you, and you should have paid your bills, and you won't get credit until the end of time...then do you. I hope and I do mean hope that nothing ever comes your way to put a dent in all the good that you have going for you and others, because, I am a witness that it can turn your life upside down and place you in some desperate situations.

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#3 Consumer Comment

Your timeline does not make sense

AUTHOR: coast - (USA)

“Don't read much huh?”

I can read just fine. I don’t have ESP. You did not state the vehicle was under warranty until your second post. It’s your timeline that still does not make sense. Even after you admitted to the error you still claim to have repaired the vehicle in 2011 even though you didn’t purchase it until 2012.

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#4 Author of original report

Brakes were bought in 2011, I put 2012, my error

AUTHOR: - ()

 Everything on my report is true, I just accidentally put 2012 for my brakes, but all repairs were made in 2011 within five months of vehicle purchase

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#5 Author of original report

Don't read much huh?

AUTHOR: - ()

 I said, that what I was left to pay for the brake job was $100.00 and I also said what I was left to pay after the motor was $399.00. The total amount of the brake job was around $900.00 and the total amount of the motor being replaced was over $3000.00. Didn't know I would have to BREAK it down all the way. l thought by me saying what I was LEFT to pay that the subprime Warranty, for my subprime vehicle, because of my subprime prime credit was understood. Anyway all the other stuff you said, is not worth the qwerty screen on my phone to reply to. Good day

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#6 Consumer Comment


AUTHOR: coast - (USA)

Why did you purchase new brakes nine months before you purchased the vehicle?

Is that a good quality motor you purchased for only $400?

You are not due reimbursement for maintenance unless you obtained an extended warranty on the vehicle.

No, you have not paid for the vehicle in full. You have a history of not honoring your financial commitments. It will be another decade before you see reasonable interest rates.

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