Complaint Review: Credit Acceptance Corporation - Internet

Summary: I took out a loan with CAC back in September of 2009 in an effort to improve my credit rating. My husband and I owned a net multi-million dollar corporation for over 10 years and experienced an employee embezzlement from which we could not recover. The business ended up filling bankruptcy and since we had guaranteed several of the lines of credit our personal credit suffered as well. Since September of 2009 I have not been late on this loan payment. On July 16, 2010 my position was eliminated and I decided to relocate my family to AL for new opportunities. We purchased a home and settled in mid-August. I secured a new position with a local company and started work on 9/13/10 receiving my 1st paycheck on 9/30/10 and returning to our normal income level which we have become accustom to. Timeline:

9/3/10 I called CAC at 8:03 am and advised to turn off my direct debit for the month of September and that I would pay the September payment on 9/15/10 as I was expecting an investment to come through.

9/13/10 I called CAC at 9:22am to ask that I take care of the payment on 9/30/10 when I receive my 1st paycheck from new position as investment income still hasnt come through. I was advised that would be fine but to make sure I did it before 4pm on the 30th.

9/29/10 9 pm I logged onto CAC website and set up a payment effective 9/29 per our agreement.

9/29/10 10pm my doorbell rings and a gentlemen states he is here to pick up the vehicle. I advised him that I had already made the payment per our agreement and actually a day early. He stated it was just a formality that he would confirm the payment with CAC in the morning and he would personally deliver the vehicle back to me but that he had to take possession so he could change the transponder. I agreed and advised my husband would be home all day on the 30th so he could return it. He did not identify himself so I was not sure who he was exactly.

9/30/10 My husband waited around all day for the vehicle to be delivered when I returned home from work I was concerned because we did not take our personal items out since he stated it was a misunderstanding and he would deliver it right back to us the next morning. There are personal and private business documents and keys to our home, storage facility, and my husbands wallet in the vehicle.

So I called CAC and spoke to gentleman who advised me that even though my loan in current and was when it was repossessed that I had to pay a $250 fee to get it back and if I didnt do it quickly it would be shipped to Dothan, AL which is over a 4 hour drive each way.

He also stated to me that my verbal payment arrangement with CAC was worthless and they would not honor it. I was also told that the payment would have needed to come in by 4pm in order to stop the repossession even though he could see that it posted 9/29.

10/1/10 7:40am I called CAC after doing some research and speaking with VA Office of Consumer Affairs and asked for a Manager. Was told I had to speak to a supervisor first so I agreed and was sent to a voicemail box which was not working.

7:45 am I called CAC back and demanded a supervisor again and was told no one was available and was sent to Leslies VM. I left a message asking that I receive a return call ASAP to discuss my case and that I wished to speak with her before I send in another $250.

3pm called back to CAC because I never received the return call and left another VM for Leslie.

10/2/10 Still no return call from Leslie so I decide I need my car and go to Wal-Mart to make the $250 payment. 10am Call CAC to report the payment and am given the phone number of the person who has the vehicle. The number traces back American Lenders of Huntsville a franchise. I called and left a detailed VM stating I need to pick up the vehicle and that there is a document in there I need for a Monday am meeting. I went by the office address which looked closed down and the vehicle was not there so I went to owners home address and left a note on the door asking for a call back ASAP. At this point I am very concerned because this whole ordeal seems rather shady and without accountability.

10/3/10 Never heard back so I called and left another VM. @ 9am

5pm I tried the number again and get the owner this time. I explained who I was and asked why he hadnt delivered my vehicle back on Thursday as promised. He stated he did not say that and that I was a low-life that needed to pay my bills and then he asked that he speak to my husband whom he continued to slander and advise the vehicle was picked up on Thursday by CAC and then threatened my husband with bodily injury and hung up the phone.

10/4/10 7am I called CAC and was told that the vehicle was probably in their storage lot but that they would open in an hour and call back

8am called back and was told that the storage facility actually didnt open until 9am cst so to call back

9:10 am Called back to CAC and now the storage facility phone is busy try calling back in 15 minutes or so. Still do not know the whereabouts of my vehicle and Leslie has yet to return my call. I am assuming there will be additional storage charges but havent been advised as of yet.

12pm - Finally get someone at CAC to give me the information on the whereabouts of my vehicle and then finally I was advised where the vehicle was located and given a number to call and make an appointment to pick it up.

3pm - Get in touch with Leah at the auto auction and she advises they just received the vehicle that morning at 11am confirming the repo man still and it on Sunday when i spoke with him and asked for its release and he stated he did not have it that it was picked up the prior Thursday. She also confirmed that they only charge a $50 fee not $250 and she was not sure where that fee came from. Made an appointment for the following day at 3:30 to pick up my vehicle. At this point I have lost about 8 hours of my time dealing with this and now have to take 1/2 off work to drive 2 hours each way and pick up this vehicle.

10/5/10 - Go pick up the vehicle and when we get there the vehicle has been stripped. No tags, no insurance papers, no registration, no items and remember my husbands wallet was in there among many other things. Called the repo man who now admits he has all my items and wants $50 from me in order to pick them up. He explained that yes he lied to me on Sunday but he had to because the bank hadn't released the vehicle which is B.S. because they released it Saturday am when they gave me his contact information to arrange pickup. I finally have the vehicle back not that I care to keep it after all this hassle and I still haven't received any of my personal property so we will see how that goes but I am tempted to have a police escort because this gentleman is difficult at best.

I have never been involved in a transaction such as this and cannot believe this is the business model for which these companies operate under. It makes me want to become an advocate for the less fortunate. This was a nightmare!

Do not do business with CAC because as they told me their word is meaningless and they do not honor it. Never be fooled into making a payment arrangement with them because it will not matter in the end so if you have a loan with them and are having a bad month or ran into a difficult time don't bother asking them for a small extension. I have never been late on this as a matter of fact it is set up on auto-draft but your history with them is irrelevant if you are 10 days behind.