American Credit Acceptance, LLC Consumer Loan Complaint

American Credit Acceptance, LLC Consumer Loan department,

Vehicle loan Taking out the loan or lease Florida

I purchase a car in late - through a dealership here in - Florida. At the time my credit was not great, and they claimed the only lender that would finance me was American Credit Acceptance. I realize now, that this probably was not true but the finance manager made the biggest commission getting me to take this loan. The car has been nothing but problems, a COMPLETE lemon. That really is on me for not having it checked independently but the dealership made me wait while the bank " inspected '' the car. Clearly they did not as I have put over $5000.00 in repairs and have another $ - $2000.00 to go before it is fully repaired. Anyway, that is a bit off topic but does tie in to my current predicament. My original loan agreement stated that the interest rate was 29.32 %. I expressed concern to ACA over this and now it shows only that my rate s 28 %, though my payment has not changed - cent. I know the difference of - and - third points will not make a big difference but it has not changed at all. Also, I borrowed approx. -. I do not know the exact amount but I have been paying them nearly $600.00 a month ( with the exception of one month I made payment arrangements due to having the car in the shop AGAIN ) and last month which I have made arrangements to pay later this month. Well, all these payment were made and my balance has gone down less than a thousand dollars. From - of - until today I have paid them $4900.00 and they have only applied $730.00 of this towards my principal balance. Additionally, I attempted to do the math and if I were to keep this loan until paid off I will pay $20000.00 in interest on a loan of less than $18000.00. I have reviewed Florida 's statutes regarding auto loans and I believe this to be usury.