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New Visitor
Posts: 2
Registered: ‎06-13-2010
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Re: Anyone have experience with Credit Acceptance auto loans?

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.

New Visitor
Posts: 1
Registered: ‎08-02-2010
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Re: Anyone have experience with Credit Acceptance auto loans?

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I called after my last pymt was withdrawn to confirm that they discontinued the auto pymt withdraws and they had already removed me from it; that impressed me!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

New Visitor
Posts: 2
Registered: ‎06-13-2010
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Re: Anyone have experience with Credit Acceptance auto loans?

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?

Established Member
Posts: 26
Registered: ‎08-06-2009
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Re: Anyone have experience with Credit Acceptance auto loans?

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).

Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Anyone have experience with Credit Acceptance auto loans?


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.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Established Member
Posts: 26
Registered: ‎08-06-2009
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Re: Anyone have experience with Credit Acceptance auto loans?

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

Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Anyone have experience with Credit Acceptance auto loans?

[ Edited ]

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.

 

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Moderator
Posts: 16,071
Registered: ‎07-14-2009
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Re: Anyone have experience with Credit Acceptance auto loans?

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
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Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
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Re: Anyone have experience with Credit Acceptance auto loans?

 


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

Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Member
Posts: 1
Registered: ‎07-16-2007
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Re: Anyone have experience with Credit Acceptance auto loans?

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.

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