topic Re: Anyone have experience with Credit Acceptance auto loans? in Auto Loans

Anyone have experience with Credit Acceptance auto loans?

bevj2 — Thu, 20 Nov 2008 05:00:36 GMT

Due to recent divorce and ex not paying his share of our joint bills like agreed, my credit scores have sunk to the point where I have been denied auto loans everywhere! There is one dealership, though, and a reputable one (not one of those small fly-by-night ones, this is a large Ford/LM dealer who has been in business for over 15 years) who has "guaranteed credit approval" using Credit Acceptance. I did some research and found numerous complaints about them on "rip-off report.com", but most were "caused" by the person not paying their loan on time. I HAVE to get a car (my ex took the one I had, he was the only one on the title/loan even though I have been making payments), and know that I will pay out the nose in interest rates, but at this point I think I have to just deal with it for a year or so until I can get my scores back up and refinance. Has anyone here had a loan with this company, or know of someone who has? If so, what was your experience like? I would really appreciate any input before I move forward with going there...:)

Thanks!!!

Re: Anyone have experience with Credit Acceptance auto loans?

TAE2U — Thu, 20 Nov 2008 05:16:41 GMT

I have not personally worked with this company but somethin simuliar happened to a friend of mine. He just got a car from a tote the note place till his credit was up and used the car as a trade in. If you need a car you need a car one way or teh other your going to have to bite the bullet and take what you can get.

11/08/08 Ficos- TU: 804 Ex:789 EQ:770

Re: Anyone have experience with Credit Acceptance auto loans?

Lance66 — Thu, 20 Nov 2008 15:42:19 GMT

I have had experience with them. Years ago, just after my bankruptcy, I couldn't get

financed and a local Chevy dealer used Credit Acceptance. The interest was really high

but when you are in that kind of position, you just have to do what you have to do. As long

as you make your payments on time, it should be fine. If you are one day late, they will be

calling you. Like I said, my experience was okay with them until my car got stolen and

recovered completely stripped and the insurance company totaled it. Of course, the insurance

company didn't pay off the total loan amount and there was no gap insurance, so, I did have

Credit Acceptance hounding me for the balance on the loan for a quite a while until I finally

got it all paid off. In the mean time, I got a newer, nicer car and got financed through a

company called CPS (Consumer Portfolio Services... in fact...I went on to have 3 more loans

with that company before switching to Capital One for the next 2 loans). Any way, good

luck with your situation, I can totally identify with where you are at. Just use the Credit

Acceptance thing as a stepping stone.. keep the car for a while and then try again for

another car with better financing and trade that one in.

Re: Anyone have experience with Credit Acceptance auto loans?

bevj2 — Fri, 21 Nov 2008 05:32:07 GMT

Thanks for your reply! You're right, I'm stuck with this situation, but I'm willing to eat it in the short run. If I had some savings, I would just buy a "junk" car to get by, but I don't even have that. Times are tough...:) It SOOOO sucks, but I'm willing to do what I have to do for right now. I was just worried about all of the complaints I saw about the company. I'm still thinking about it, will update once I make a decision. Thanks again for your reply!!!!

Re: Anyone have experience with Credit Acceptance auto loans?

pricilla17 — Mon, 12 Apr 2010 18:35:37 GMT

I have been a victim of this company and I have been making payment and I don't know how much I owe. They financed this 2000 Ford Explorer with 100,000 miles on it and without a sticker at the driver side. I took this Truck trough Daniel's Automotive and after a while they closed the Dealer down because of fraud issues. Now I was out of work because I have a collapsed lung and I could't make the payments and now they are treatening me with repoing my car.

Re: Anyone have experience with Credit Acceptance auto loans?

ZX10Guy — Thu, 22 Apr 2010 19:47:28 GMT

A few years ago, my credit wasn't that good due to some bad student loans and lack of credit. I knew I wasn't in a great situation. I wound up using Credit Acceptance at a very high interest rate. I made all my payments on time and paid off my car. At every turn Credit Acceptance was an awesome company to work with. They were always a phone call away and gave me good advice at the end of my loan.

If you are out of options, I would say they're a good company if you're able to stomach the high interest rates.

After I completed my loan, my credit looked much better and I turned around and bought my first brand new car using a more conventional lender at a more reasonable interest rate.

Credit Acceptance really gave me a good opportunity to rebuild my credit.

Just make sure you buy a good car that will stick with you for the duration of your loan so that you can sell it later and won't find yourself in a deep hole owing alot more than the car is worth (i.e., do your homework and get a reasonable car).

Re: Anyone have experience with Credit Acceptance auto loans?

usmc58555 — Sat, 24 Apr 2010 02:46:34 GMT

1-They are a lender willing to lend to you

2-They will have onerous interest rates

3-Do not buy any car that will not be "reliable" enough to last the terms of the loan.

4-Their customer service is walled off they are very hard to reach and do things with their is no direct dial number

understand a significant numbe rof their customers default and get repoed=

make payments on time and hopefully for more then owed to pay off early

They will help you reestablish

Re: Anyone have experience with Credit Acceptance auto loans?

CCJ — Tue, 27 Apr 2010 02:10:19 GMT

I have an active account with Credit Acceptance and I was suppose to pay 4290.88 in finance charges however to date I have already paid 4700.27 and they refuse to audit the account. I have also been on the phone with several managers who refuse to fix this problem. What they are saying to me is that because the payments are late they will continue to adjust the finance charges on the unpaid balance. But according to my Retail Installment Contract there late payments are subject to a 2% late fee, however Credit Acceptance is tacking on hundreds of dollars at a time as late fees. They are such a rip off they will do anything to get your money. SO MY ADVICE IS STAY AWAY FROM THESE CREDITORS. I filed a complaint with the BBB in Michigan they have not responded therefore the complaint has been closed. I feel like there is no one to help me so It looks like I have to pay off this balance which is two additional payments because they are aloud to break the law by using the law. THEY ARE THE WORST CREDITORS IN THE WORLD. WARN EVERYONE YOU KNOW TO STAY AWAY FROM THEM.

Re: Anyone have experience with Credit Acceptance auto loans?

sherrrm — Fri, 21 May 2010 07:40:26 GMT

First of all, "guaranteed credit" is a scam...everyone is "guaranteed" because sure if you put $9,999 down on a $10,000 car they'll finance you! lol. Anyways, bite the bullet and take the high interest. Try to get a longer term so you'll have lower monthly payments and pay more each month than your scheduled payment because that amount will be applied to the principal of the loan which knocks out that interest rate in the long run. Once you've made your payments on time for a while, it'll be much easier to get another bank to finance you later.

Re: Anyone have experience with Credit Acceptance auto loans?

ngerasimatos — Fri, 21 May 2010 19:10:17 GMT

If you cannot get a co-signer, and this is your only viable option and you NEED a car. Then this looks to be your only choice, for better or worse.

As you stated, the only complaints I have read are regarding their treatment individuals with late payments, no matter if its the persons fault of their own fault with record keeping. To them, late is late, no matter who is responsible for the situation.

Going into this, knowing who your lender will be, I see no issue moving forward. I would just be very proactive in making payments and making sure they are positing correctly and on time. Hard money lenders SUCK but when its do or die... it leaves little choice.

Re: Anyone have experience with Credit Acceptance auto loans?

activern — Sun, 13 Jun 2010 18:07:23 GMT

I have had the most horrible experience with Credit Acceptance and will never agree to an auto loan with them again. I purchased the car through Ford a year ago for my son who needed a vehicle. Soon after that I was diagnosed with cancer; had to stop working and started chemotherapy. I had to give up my primary vehicle and relied on this car for transportation mainly back and forth to the doctors' offices. Needless to say my credit worthiness declined while I was unemployed and relied on very low income through my current disability. I tried very hard to maintain the vehicle until I reached my 29th day late and Credit Acceptance absolutely refused to cooperate with me or to assist with my loan repayment while I kept the car. They remotely turned the vehicle off the day before the loan was due and advised me that they are repossessing. This is not even 30 days late on the loan. I begged, cried and pleaded with them. I applied for refinancing through my bank; Credit Acceptance was called on a conference hook up with my bank and the CA rep only berated me for being late and disclosed all my financial information with the bank on the line. Of course the bank declined the loan. I am in total despair through this experience. DO NOT FINANCE THROUGH THIS COMPANY. IF YOU ARE GOING WITH THEM, THIS MEANS YOU ARE A HIGH LOAN RISK ANYWAYS AND THEY ARE USING FRAUDULENT BEHAVIOR TO FOLLOW THEIR CLIENTS.

Re: Anyone have experience with Credit Acceptance auto loans?

debst64 — Tue, 03 Aug 2010 03:49:59 GMT

Yes, I just paid one off and I should be receiving the Title by the end of August!

As long you pay the amount due every month, you'll be fine. I finally put mine on their auto withdraw site to keep it current. I was able to break the pymt up in two monthly pymts, on each payday. But I had to pay the $10.00 late charge because the 2nd pymt was after the due date. It worked for me, however. I determined when my last pymt would be & I set it up online to stop on that date.

I called after my last pymt was withdrawn to confirm that they discontinued the auto pymt withdraws and they had already removed me from it; that impressed me!

I hated them for years because their collectors (which are from another country and very difficult to understand) would start calling on the due date, which was the 2nd of each month and that was such a hassel to deal with. They were very difficult to understand and they didn't always understand me and sometimes I would get 2-3 calls a day or in a week and it wasn't even past the grace period yet!

This one reason that I set up automatic bank withdraws.

They started calling me after I set it up and I complained that it was a ridiculous practice and one of the representatives stopped the calls; that impressed me also!

Just make sure you pay every month and you'll be fine with them! I didn't hate them so much during this period of time!

I want to buy a used car for my daughter and I'm thinking of calling them to try to finance it with them (I must be desparate to jump in that pan again!!)

Re: Anyone have experience with Credit Acceptance auto loans?

activern — Tue, 03 Aug 2010 10:51:21 GMT

I don't understand why you would want to take out another high risk high interest loan again if your last loan is paid off and in a timely manner? Why put yourself through that again?

Re: Anyone have experience with Credit Acceptance auto loans?

Jyllie63 — Wed, 04 Aug 2010 20:42:50 GMT

I'm just curious as to what FICO score requires a loan company like this? I am starting to look for a vehicle and am scared to get a "loan shark" financing company. My FICO/FAKO is 644 (they are the same for once).

Re: Anyone have experience with Credit Acceptance auto loans?

usmc58555 — Thu, 05 Aug 2010 22:18:55 GMT

Jyllie63 wrote:
I'm just curious as to what FICO score requires a loan company like this? I am starting to look for a vehicle and am scared to get a "loan shark" financing company. My FICO/FAKO is 644 (they are the same for once).

Someone unable to secure credit any other way.

Re: Anyone have experience with Credit Acceptance auto loans?

Jyllie63 — Thu, 05 Aug 2010 22:43:28 GMT

Gee thanks...what a super contribution of an answer that was.

Re: Anyone have experience with Credit Acceptance auto loans?

usmc58555 — Thu, 05 Aug 2010 23:29:37 GMT

Jyllie63 wrote:
Gee thanks...what a super contribution of an answer that was.

What answer do you want?

As every contributer has stated as long as you make your payments on time every time you have no problems.

They are no more loan sharkey then the people who have made poor payment decisions that are forced to use them are criminal.

Their rates are onerous, but when they are the only one going to get you into a car it ends up being your decision to participate.

If you need CAC your only other option is a buy here pay here (ala JD BYRIDER).

But never forget that a significant number of the people they loan to DO default and never pay,

no one at CAC puts a gun to anyone's head and makes them take the deal.

Re: Anyone have experience with Credit Acceptance auto loans?

MarineVietVet — Thu, 05 Aug 2010 23:56:54 GMT

Everyone please remember to be friendly, supportive, and respectful. We can have different opinions and experiences and still act like adults.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

Re: Anyone have experience with Credit Acceptance auto loans?

fused — Fri, 06 Aug 2010 00:04:45 GMT

marinevietvet wrote:

Everyone please remember to be friendly, supportive, and respectful. We can have different opinions and experiences and still act like adults.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

+1, Marine!!!!!!!

Please follow Marine's friendly advice, otherwise warnings will be issued and I'll start pushing buttons. Thank you for listening!:smileyhappy:

--fused, myfico moderator

Re: Anyone have experience with Credit Acceptance auto loans?

MsDanielle — Fri, 06 Aug 2010 00:34:02 GMT

I have a current loan with them and have had no problems. I read things about them on here regarding payment issues. I'm on automatic payment. The only reason why I went with them is because I've never had an auto loan before and didn't have a co-signer. I have a nice car that gets me to where I go. I plan on refinancing with my CU this fall.