- Report: #293816
Complaint Review: Credit Acceptance Corp. - Detroit Michigan
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Author Confirmed
Why?
Credit Acceptance Corp.
PO Box 5551888 Detroit, 48255-1888 Michigan, U.S.A.
Phone:
800-634-1506
Web:
N/A
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Business Rating:
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Credit Acceptance Corp. Taking advantage of young people to trash their future..... Detroit Michigan
My report here is to alert any and all people that may be thinking about using credit acceptance corp. for an auto loan etc. My son was talked into a loan by a car salesman with no conscience. Boy just out of high school signed onto a loan with credit acceptance for a mere 24.99 percent interest.
I couldn't abide by this and decided to pay off the loan so my son wouldn't start out his adult life with runied credit. Well credit acceptance claims that the payment was one day late (for buyout) and my bank statement says check was processed on the due date.
Now I call and am advised that he owes over 400.00 on this loan since the payment was late and a clerical error made the check $20.00 short. NO notice from this company as to the clerical error until two months later when they send another payment coupon. The heading on the payment coupon states "We change lives" NO KIDDING !!! But it doesn't state that they change them for the worst.
Please use any other avenue to borrow money. These folks do their best to rob and ruin young people. I'm going to attempt another call to try and reason with these people but don't really think it will work. They sure haven't been reasonable in the past.
Irate mother
sparks, Nebraska
U.S.A.
I couldn't abide by this and decided to pay off the loan so my son wouldn't start out his adult life with runied credit. Well credit acceptance claims that the payment was one day late (for buyout) and my bank statement says check was processed on the due date.
Now I call and am advised that he owes over 400.00 on this loan since the payment was late and a clerical error made the check $20.00 short. NO notice from this company as to the clerical error until two months later when they send another payment coupon. The heading on the payment coupon states "We change lives" NO KIDDING !!! But it doesn't state that they change them for the worst.
Please use any other avenue to borrow money. These folks do their best to rob and ruin young people. I'm going to attempt another call to try and reason with these people but don't really think it will work. They sure haven't been reasonable in the past.
Irate mother
sparks, Nebraska
U.S.A.
1 Updates & Rebuttals
Honest Medicine
Chicago,Illinois,
U.S.A.
ignorant
#2Consumer Suggestion
Tue, January 15, 2008
Credit Acceptance was the only place that gave me a chance with a car loan 'fresh out of high school.' They really do change lives. They take the credit of the average non-bill-paying slob and make it OK. Yes there's a catch, you have to actually pay your bills (gasp!). Their interest rates seem high but think about the people they loan to.. I was 'talked' into it, too. Meaning the terms and fees were laid down and explained as I'm sure the same was done for your son. You probably don't even know or seen the car salesman, I bet that didn't stop you from calling and throwing a tantrum though. Car salespeople have a job to do, that job doesn't include measuring the intelligence/honesty of the consumer OR being their mother. I got away with 18% interest which is indeed still high but I CHOSE to take it, just as your son CHOSE to take 25%. What do you expect for a teenager with a short credit history? You obviously have no idea how credit works; have you ever even seen a credit report or have any idea about how much money creditors lose from morons signing loans without reading them and then defaulting on them? So let's recap.. Your son goes to a car dealership with the intent of purchasing a vehicle. He is offered an outrageous interest rate after being approved for credit. He was approved because he qualified, which means he most likely lied about his income and other things just as I did. No kid makes $1200/month fresh out of highschool unless he is working atleast fulltime or got one of the higher-paying jobs available to youth. On top of all this if he didn't purchase his own insurance (with agreement of paying premium for atleast 6 mo.) he had to use yours. It was nice of you to help him out but SHAME on you for writing this report and bad mouthing when Credit Acceptance did nothing wrong. And how dare you say your son was robbed/taken advantage of when he reviewed and signed all documentation. People like you really bother me; so self-righteous and always refusing to take responsibility. You must be one of those soccer-moms.. No one robbed your son nor was he forced to do anything. You saying he was robbed or taken advantage of is to disgrace real victims of theft or/and fraud. Credit Acceptance gives people a chance, even when they don't deserve it.
