Report: #1210513

Complaint Review: Credit-Acceptance

  • Submitted: Fri, February 20, 2015
  • Updated: Fri, February 20, 2015
  • Reported By: I've Been Robbed — Ashland Virginia
  • Credit-Acceptance

    , Michigan

Credit-Acceptance car loan, fraud Southfield Michigan

*Consumer Comment: A few things

*Consumer Comment: What Did The Paperwork Say?

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My car loan with Credit-Acceptance was paid off on 2/4/15.  I am still waiting for my refund check from the unused portion of my service contract (which, by the way, I was led to believe a purchase time I was being GIVEN not charged for and included as part of the loan, hello inflated payments).  To date all of the people I have spoken with there have been extremely rude and not helpful.  I am being told a different thing each time I call.  They are obviously dragging their feet on this so that they can keep MY money in their account a little bit longer so they can get more money off of me.  Next call they get will be from my lawyer.

Very greedy, very shady company.  Definitely well versed in the practice of predatory lending.  Wrote me at 20%.  20%!  OK credit isn't great...but I ended up trading my vehicle with these people and my other car into Ford and replaced the two with a brand new SUV.  Ford Motor Credit wrote me at under 7%.  So don't always assume outfits like Credit-Acceptance and the equally bad dealers who push them are always going to be your ONLY option.

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#1 Consumer Comment

A few things

AUTHOR: Robert - ()

You seem to have suffered a bit of amnesia...

The only reason you are getting the 7% Interest rate NOW is because you (presumably) paid off your loan with Credit Accceptance, which improved your credit.  The Interest rate you get approved for is based on risk.  The higher the risk the higher the Interest rate.   A couple of the risk factors are your credit and downpayment.

I can just about guarantee that you had a lower credit score and put down less for the CA loan than you did for Ford. After all you had to put TWO cars to get one this time.  So don't think that how ever many years ago you got the car, that you would have qualified for that 7% rate.  In fact the odds are that you wouldn't have even qualified at all and that is why you ended up with CA.

Now onto the service agreement.  Credit Acceptance is a lender, they are not in the business(that I have ever been aware of) of selling Service Contracts.  That is done by the dealer.

So anything you were led to believe was because of the dealer and you would need to take it up with them.  As for any "refund".  That needs to be taken up with the company that the service contract is with, IF you met the qualifications for a refund.  However, it also hasn't even been 3 weeks since it was paid off, where even 4-6 weeks would still be considered "normal".

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#2 Consumer Comment

What Did The Paperwork Say?

AUTHOR: Jim - ()

You were "led to believe"?  What did the contract say?  Did the contract show a line item with the price of the warranty?  Did you even READ what you were signing BEFORE you signed it?

"Very greedy"?  What does that mean?  Oh yes, they want payment made on time, every time.

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