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New Visitor
cbeck
Posts: 3
Registered: ‎03-15-2011

Re: Anyone have experience with Credit Acceptance auto loans?

I'm trying to get a loan through them and now they are demanding that my employer give them copies of canceled checks for the last 8 weeks that they paid me to work. They say this is because my employer does not use a payroll service that is searchable by Credit Acceptance. I've had this car in my posession for about a week, and think I'm just gonna have to return it and try to get my down payment back. I do not recommend this company. I have experienced nothing but hassle from them since the day we signed the initial paperwork on this loan, and my first payment isn't even due yet.

New Visitor
poppymon
Posts: 1
Registered: ‎06-09-2011

Re: Anyone have experience with Credit Acceptance auto loans?

Yes DONT DO IT.    I purchased a jeep for $9000 with intrest it was $14000.

after paying the intrest down I fell behind and couldn't keep up the 331.00 car note as well as full coverage

so I surrendered the vehicle with being only one month behind.  They are still charging me $9000 dollars for

a vehicle I don't have as if I'm still under contract.  How do you afford to pay for a car out of your possession

that you could not afford to pay for in your possession?   And your still legally bound so they say.  The dealer doesn't

tell you this when he talks about repossession.  I now have this on my credit record and it's a scam.  Don't do it!

Oh by the way the car that they have listed on my report  is not the same car I surrendered.

Contributor
kelli1970
Posts: 102
Registered: ‎05-06-2011

Re: Anyone have experience with Credit Acceptance auto loans?

I had very good experience with them however I had my payment set up to be automatic so I never had to deal with them on any lates.


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Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009

Re: Anyone have experience with Credit Acceptance auto loans?

Poppymon - yes, you are responsible. When you purchase a car and sign a note, you are agreeing to pay back a certain amount of principal at a certain interest rate over a certain term. If at anytime you miss a payment, they have the option to demand full payment. You recognized this and returned the car to them. They in turn will sell the car at auction and whatever the difference is between what the remaining balance on the note and the amount the car sold for at auction, you are responsible for.

 

I have read through this whole thread and while I understand some people have negative experiences with them, it is not there fault. You knew when you accepted their loan product that they are the lowest of sub-prime lenders and have a very high repo rate. If you are late - they are going to repo. I understand that health issues come up, people lose their jobs, etc... but it's not their fault and they have to do what's best for their company's bottom line. It doesn't help them to let you keep a car that you aren't paying on. I think they are scum, but they serve a purpose and have given some of you chances when other lenders wouldn't.


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Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: Anyone have experience with Credit Acceptance auto loans?

[ Edited ]

cdtotten wrote:

Poppymon - yes, you are responsible. When you purchase a car and sign a note, you are agreeing to pay back a certain amount of principal at a certain interest rate over a certain term. If at anytime you miss a payment, they have the option to demand full payment. You recognized this and returned the car to them. They in turn will sell the car at auction and whatever the difference is between what the remaining balance on the note and the amount the car sold for at auction, you are responsible for.

 

I have read through this whole thread and while I understand some people have negative experiences with them, it is not there fault. You knew when you accepted their loan product that they are the lowest of sub-prime lenders and have a very high repo rate. If you are late - they are going to repo. I understand that health issues come up, people lose their jobs, etc... but it's not their fault and they have to do what's best for their company's bottom line. It doesn't help them to let you keep a car that you aren't paying on. I think they are scum, but they serve a purpose and have given some of you chances when other lenders wouldn't.


Why are they scum? because they are offering high interest rates to people who qualify in no other place for a loan?

 

Would it be better they did not offer their services?

 

they do nothing illegal.

 

In fact they scrupulously try to follow all laws and regulations to a stricter standard then some places simply so they can stand external scruitiny.


When I got out the the USCM and was a ghost. I could not optain credit anywhere.


I had to use CAC. Me and the Special Finance guy were talking and we were talking about credit alternatives ect.  He told me how when he worked at a by here pay here the first year default rate was over 50%. And by default Imean simply quit paying with no intention of making any more payments, not simply a 30 day late.

 

CAC has default rates better then that.

 

But it is a chicken and egg situation, people with bad experience paying their bills, or in a qustionable economic situation, bite off more then they can chew and then need a car. Due to past experience and probability they pay x amount which is greater then if they had sterling credit and which helps contribute to keeping them in a bad economic situation.

 


When the Great Recession happened, and the housing market collapse, one of the things that was said to have caused the housing issue was a push in the 1990s to make home ownership more reachable to more people and lower standards.

 

I think the same can be said here, could you imagine the controvery if there were no lenders lending to poor credit people for cars out there?

 

30 Years ago people did not have cars as common as they are today. having two cars in the family was an oddity.

Now you have families with cars for both parents and the two kids.

 


 

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New Visitor
donut1216
Posts: 1
Registered: ‎06-17-2011

Re: Anyone have experience with Credit Acceptance auto loans?

Yes I have and I am very pleased. It has only been six months but they helped me get back on my feet just pay on time

New Visitor
nardo23
Posts: 1
Registered: ‎07-17-2011

Re: Anyone have experience with Credit Acceptance auto loans?

[ Edited ]

Yes I don't like the service if you miss a payment they will try to get car back. also you can call me if you like at [Edited to remove personal information. You are welcome to give this information via PM (Private Message)- MarineVietvet, myFICO moderator]

 

my name is nardo

New Member
bshockley99
Posts: 2
Registered: ‎07-19-2011

Re: Anyone have experience with Credit Acceptance auto loans?

I have been using them for a year now and they have been great!  Not to mention I have never had to speak to them because my payments have been on time every month, which is a good thing.  They have reported my payments to all three credit agencys every month, with no problems.  I was leary about getting a loan through them at first, but it seems to be helping.  Also, the dealer told me that CA does not set the interest rate, the dealer negotiates a proper percent and give that to you.  My interest rate is only 14.9%, but it beats my other car loan thats 19.9%.  Im in the process of refinancing that one when I get the balance down a little more.

New Visitor
topnotch
Posts: 1
Registered: ‎09-26-2011

Re: Anyone have experience with Credit Acceptance auto loans?

I work for an automotive finance company and although it is unfortunate that financial circumstances change as they sometimes do, anytime a vehicle is purchased under a legal binding contract the individual signing the contract is responsible for seeing the loan through; regardless if the vehicle is drivable or not, or if it is in your possession. While I have had to learn this the hard way, I would like to inform others that whenever anything is purchased using credit, if you default on the loan it will show as negative on your credit report. However, if there is a discrepancy in the information that is reported to any of the three major credit bureaus an individual can dispute the claim that is against them by obtaining a free credit report from each credit bureau.

 

Purchasing a vehicle under finance is very much the same thing as purchasing a home with a mortage. Both of which are considered secured loans and if either is defaulted on, the finance company has the right to repo/foreclosed and go after what is rightfully their's; the remaining balance plus any fees associated with repo/foreclosure. However, the company should also take off whatever monetary reimbursement they receive after the selling of such items. For instance, if you did default on a JEEP your credit reports should list the jeep and how much is left being owed on the vehicle after the auction or selling of the vehicle. So, if there is a discrepancy please dispute the claim against you so that the credit bureaus can report the correct information. Also, if the claim is almost seven years old you may want to consider not contacting the finance company because it can only appear on your credit report for seven years after last contact. Which means that if it has been six years since contact and you contact them now, the seven years will begin all over again.

 

Good luck!

New Contributor
zan987
Posts: 51
Registered: ‎09-27-2011

Re: Anyone have experience with Credit Acceptance auto loans?

I purchased a car with them 12/09.  I have not had any issues...of course I am not the happiest about the intrest rate 17% but due to my bankruptcy that is the price I have to pay.  My vehicle will be paid off in the next few months and then I am will try to get a new vehicle using my CU for financing.  


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