Credit Acceptance Corporation Wrecked my credit!! Southfield Michigan
Do not finance a bicycle with these people no matter how desparate you may be. My ex-husband financed this car in my name with this company about 3 years ago. The car was garbage to begin with when the A/C went out the first week, the transmission went out at month 2 AND 3. Well luckily someone hit me head on and totaled the piece of junk after the 3rd month. Unlucky for me, I sustained serious injuries but have since recovered. Thank goodness we purchased GAP insurance for this vehicle!!!!! I was late 1 week late 1 time and the second you become late they begin to call and harass you beginning at 8am in the morning and ending at 9pm that evening. They even called Saturday and Sunday threatening to reposess the vehicle. Why I'm so angry now is that it has been 3 years since this lemon has been paid off. 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. They have totally wrecked my credit which I have disputed month after month after month. Finally they have removed all the lates from the account from 2 of my reports. So I thought the battle was over...not so fast. They have reported me as being 90 days late last month, and the car has been paid off since NOV of 2006! NEVER NEVER NEVER finance with these people! So now I begin the battle again. It has dropped my credit score dramatically.
Candace
prairieville, Louisiana
U.S.A.
2 Updates & Rebuttals
Robert
Buffalo,New York,
U.S.A.
Additional interest added to balance of loan for LATE PAYMENTS.
#3Consumer Suggestion
Fri, June 12, 2009
""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.
Jon
Vacherie,Louisiana,
U.S.A.
I have the solution to this dilemma for you...
#3Consumer Suggestion
Fri, June 12, 2009
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.