Credit Acceptance - CAC ripoff, collection calls, rude representatives, wrong information in their computers Southfield Michigan
Credit Acceptance Corp is the most awful company I have ever had to deal with in my life!
I am having a problem with collection calls all hours of the day and night from rude representatives (even after sending them a letter informing them that I am well aware of my rights on harrasment via the FDCPA and they still repeditively call my home.
They do not listen to what you have to say, you try and make a payment arrangement with them and they do not work with you at all and want all their money RIGHT NOW when you don't have it. None of their information in their computer systems match my information from bank statements, etc.
I am really at my wits end with these people, It's like they are working out of the back of a truck. This Rule 78 or whatever crap is insane and I wish now that I knew more about it before purchasing the vehicle. The way I understand it is you are pretty much pentalized for early payoff or something. Correct me if Im wrong on that, I don't fully understand it.
However, back to the company itsself.. gosh Im so ready to be done with them altogether... I wish I knew what I could do about the phone calls though, having 7 different phone calls from the same company every day (even after sending a letter noting that they stop) it's getting really annoying and stressful. H E L P !!!!!!!!!!
Karen
Dothan, Alabama
U.S.A.
3 Updates & Rebuttals
Mike
Radford,Virginia,
U.S.A.
Dealers tell you a lot of things...
#4Consumer Suggestion
Mon, July 03, 2006
Dealers tell EVERYONE that they can refinance later in order to convince them to accept a crappy loan. It is just talk. Your ability to refinance depends on having better credit (no late payments, especially on the car loan) later as well as not paying too much for the car in the first place. However a rule of 78 loan can be refinanced. It may cost a few dollars more than having a conventional simple interest one but not a prohibitively large penalty.
Rule of 78 loans are also called "precomputed," compared to "simple interest" which it the much more common type especially for buyers with good credit. If you pay off a precomputed loan early with one lump sum (win lottery, trade in the car, or refinance it), the penalty compared to having a simple interest loan is not large. However paying off early by paying extra per month has little advantage with a precomputed loan. Though paying extra can save big money with simple interest.
Steve
Bradenton,Florida,
U.S.A.
Karen..There is one obvious solution here!
#4Consumer Suggestion
Mon, July 03, 2006
CHANGE YOUR PHONE#!!! Get an unlisted one. That was easy! No more calls!
Now, got a fax machine and an extra 100 sheets of paper and unlimited long distance? If not, get it!
Now turn their own harassment around on them. Everytime they call, send them 100 page fax of your CEASE COMMUNICATIONS request. And send the same 100 pages every night about an hour after they close. You will repeatedly run them out of paper and toner, and fill the fax memory, so when they reload everything the memory prints another 50 pages or so.
This tactic works every time! Guaranteed!
Do they have a few 800#s or other toll free#'s? If so, pound them with calls every 2 minutes just to run up th 800# bill! ONLY do this with your old#, as the 800#'s these places have in use, can capture even your unlisted#! It is a service they pay for called an outbound 800 service that comes with all of these features. Most collection agencies use this service.
Lori
East Alton,Illinois,
U.S.A.
Penalty for Early PayOff? Rule 78?
#4Consumer Comment
Sun, July 02, 2006
Where did you hear that you could be penalized for an Early PayOff?
I was told that I could refinance mine after 1-2 years and/or pay it off early.(I hope they were NOT lying to me!)
AND what is the Rule 78? Can someone please explain this?
I am praying that THAT does NOT mean that I have to keep my vehicle financed with them for the whole length of the loan!
As far as the phone calls, you can stop them just by giving them a "date" that you plan on making a payment (a promise to pay), that should work unless you are really behind in payments.
FYI; a letter requesting them to stop calling only works with Collection Agencies (or any other 3rd party collectors)....it doesn't apply to Original Creditors!
TIA.......for everybodys advice/comments!