Complaint Review: Credit Acceptance Corp - Nationwide

 You went to a dealership because you wanted a car. You decided to finance through the dealer whom gets a financing company for you to finance the car. The dealer is responsible finding all companies who is willing to work with you and the dealer chose Credit acceptance because this may be the only company that is willing to work with you. None of those mentioned issues you are having would have happened if you get "PRE-APPROVED" for a car. Not only this will save you money, they would charge you less interest compared to using a dealer. The dealer will raise several interest percentage points to the approved interest percentage so the dealer can get commission for finding a financing company for you. If you did the whole work yourself, then you will be good. I financed my brand barely used new car from my credit union which has its own auto branch with repossessed cars. Getting pre-approved gets you better perks than going to a dealer and yell "Get me an auto loan for $*** a month." The dealer will overcharge you. Keep that in mind for the next time you finance a car, or pay cash instead.

 They are the same type of answers..because they are the right answer.

Once again, I have no doubt that you were at least mislead by the dealer, at most outright lied to.  But that is between you and the dealer.  The finance company(ANY finance company) doesn't have to do anything the dealer said they would.

But I think I see one disconnect on your part....

The dealer told me the total price of the car was going to be about $11K, now i have paid almost $9K already including down payment and the bank payoff letter says i still owe $8000.

- That's right the total price of the CAR was about 11K.  The question is what did the dealer mean by "total price".  Generally they just talk about the cost of the car, they are not including things such as Insurance, Warranties, and Interest on the loans.  So it is more likely that the payoff from the finance company is correct.  However, you also should have the documents that the car dealer gave you and the ones from the finance company.  If by chance they are different, I will suggest you talk to a lawyer.

But just a bit more again on your Credit Score.  Okay you may have a 709 and that is a "good" score but not great.  However, if you truly can get a loan why did you wait a year?  Why are you still complaing that they refuse to refinance you?   You are trying to get from Point A to Point B, but you are taking a detour through Point C,D, and E.  So logic dictates that there is something else "up" with this.  Perhaps you don't have as great of a score as you said, perhaps you don't have the income to back it up, perhaps your history is a short history and is lacking the depth many banks require.

I did notice one thing you didn't seem to dispute.  The Double Digit Interest rate you probably have.  So if you are going to try and come here and say that you got such a great deal on the car you could "blow" the savings on paying additional interest.  Either you are lying, lazy in working on getting a new loan, or just plain stupid and you love throwing money out the window.  Because you would have gotten an even better "deal" by refiancing within a month or two and save all of that additional interest.

You are right, I get now that the problem is with the dealer, NOT THE BANK (ALTHOUGH I DOUBT THEY HAVE NO IDEA THIS IS GOING ON WITH THIS SCUMBAGS DEALERS)

At the moment I purchased the car, I did not know what this bank was. However, according to the price the dealer gave me, it was a good deal regardless of the interest which was supposed to reduce at the after the first year according to the dealer. He gave me specific numbers for my car payments for both years. (CAR APPROVAL CORP). What he didn't tell me was that the sale price of the car was not the same amount he financed with the bank. I'm guessing he just took all that extra money to himself and now i'm stuck paying all that money, the Bank says I owe $8K (which i can refinance through CITIBANK AT A MUCH LOWER RATE BEACUSE MY CREDIT IS GOOD,but I'm only supposed to pay $1,700 according to the dealer AND MY PURCHASE PRICE AND NOT $8K. The dealer told me the total price of the car was going to be about $11K, now i have paid almost $9K already including down payment and the bank payoff letter says i still owe $8000.

Please stop assuming things when you respond, I am telling the truth here. I JUST WANT TO KNOW IF ANYBODY OUT THERE WAS IN THE SAME SITUATION AND WHAT THEY DID ABOUT IT.

I WILL POST THIS ON THE DEALERSHIP COMPANY AS WELL-THEY ARE THE WORST!

I WILL DO EVERYTHING IN MY POWER TO BRING THIS DEALERSHIP DOWN- THEY ARE SCAMMING/RIPPING OFF PEOPLE WITH THIS CAR LOAN MODIFICATION SCAMS.

 But it wasn't by the Finance Company.

It sounds like the dealer was "feeding you a line" which is unfortunate because some salespeople will tell you anything to get you to buy a car.  If they thought they could get away with telling you it ran on water and gold bricks come out of the exhaust pipe..they would.

The fact is that the finance company is under zero obligation to "refinance" a loan.  In fact you will find that they will never do that.  Why?  Because they already have you locked into a loan at a specific interest rate for a specific time, they have zero incentive to give you a lower rate.

But here is where your report goes "off the rails".  I have no idea where these 2 payments come in(one to the dealer and one to the finance company).  Perhaps this is the true reason you went to a Sub-Prime lender..perhaps you didn't have a sufficent down payment. 

So you can attempt to come here and say that you have a great credit score and the only reason you bought the car from them is because they gave you a "deal".  But the fact is that CA is a SUB-PRIME lender and I can bet your interest rate was at least double-digits.  Where you may have a "good" credit score but it is either a very limited score(ie. not a lot of history) or you have other issues such as income issues.

I have 709 credit and can get a $10,000 loan right now if i wanted to, so im not sure what is going in on.

- Then why don't you?  Perhaps because as stated your credit isn't truly like you are trying to make it out to be?  You see people with good credit who can get better loans...do that.  They don't sit on their computer and complain that a company isn't allowing them to refiance their loan.

I forgot to mention, I did not go to this dealer beacuse my credit was bad. I went beacuse I thought the car purchase price was a good deal which they gave to me beacuse my credit was good.

I have made every single payment on time. I don't have any judgements or late fees on my credits from anythyng else. This is what is most frustrating to me.