Credit Acceptance Corporation Wrecked my credit!! Southfield Michigan

""My auto insurance paid immediately and GAP paid soon after. I was up to date on the payment when the car was totaled. Well Credit Acceptance didn't seem to get that. ""

But then you report this:

""I was late 1 week late 1 time ""

Whenever you are late with an auto payment, the lender normally calculates additional interest and adds that interest to the remaining balance of the loan. This higher balance then accrues at the normal loan rate. This catches people when they think they are done making payments, only to discover that a balance still remains.

In your case, it's most likely that additional interest was added to the balance of the loan. You insurance paid them what the value of the auto was and your GAP covered the difference BUT NOT FOR THE ADDITIONAL INTEREST CAUSED BY ANY LATE PAYMENTS.

This is important to know. I know of NO GAP insurance policy that will pay to cover interest caused by LATE PAYMENTS. You made a late payment and I'm pretty sure that your GAP policy did NOT pay for any additional interest that was added to the loan because of the late payment. In fact, GAP insurance policies that I've seen CLEARLY STATE THIS.

In other words, you probably do owe them some additional funds. What I would do is send them a letter requesting a full accounting of all payments made by you, the payment from your insurance and the payment from the GAP insurance. I would ask them to show you HOW they calculated the additional interest that you owe for making a late payment.

I would also contact the GAP insurance company to CONFIRM what they paid to them.

As for Jon. the FDCPA does not apply to creditors.

Candace, I am educated in credit and debt collection law. I am NOT an attorney. But there are federal laws already in place to protect you from this. I am available and willing to help you get them off your backs for good. You can email me at skydivr 7673 at yahoo. Incidentally, I am also a customer of Credit Acceptance....bought a car from a dealer in Marrero, LA(i live in St. James Parish). The only complaint I have is that I will pay the payment either on time or within a day or two of due date, and for three or four days after payment is confirmed as being received, their customer service people still call me asking for their money.....it gets really frustrating. Last month, I actually had the guy on the phone insisting to me that I was lying...even though I read off the confirmation # to him five times. We have never been so much as 10 days late with these guys, we've had the car since February 2008, and they treat us like we dont pay them. We're actually looking at paying them off early, and the sooner the better.

Anyways, feel free to shoot me an email. I am not a business or anything, its just something I do to help people. I am usually more involved with third party debt collection issues but the laws regarding credit reporting work the same for Credit Acceptance as for anyone else.