Credit Acceptance Corporation Consumer Loan Complaint

Vehicle loan Problems when you are unable to pay

Credit Acceptance Corporation Consumer Loan department,

Vehicle loan Problems when you are unable to pay Michigan

In -/-/- I voluntarily returned my car to my creditor. I was sent a notice from the redemption department on - - to see if we could work out terms for me to get my car back, we could not come to terms on this matter. I never received any information on when or where my car would be sold or that it would be sold. Then on - - I received a letter of Disposition of Repossessed Vehicle. The letter stated that the car had been sold and that there was a deficiency of -. In there calculations the started with a balance owing of $9200.00, and that they sold the car for $2600.00, leaving my obligation at $6500.00. My dispute is this, on - - I also received a letter from the company that I bought the car from stating that my balance owing was $5500.00, and by my calculations when I turned my car in I was at roughly the same amount. If I only owed $5500.00 on my car if I were to pay it off directly then how can I possible owe $9200.00 when I turned it in. There seems to be something legally wrong with the way they are calculating amount owed. Does interest on the loan not stop the day I return the car or the day they sell it. How can they have me owing almost $5000.00 more than the payoff.

Credit Acceptance Corporation customer in Michigan
Sep 03, 2016

* Source: CFPB Complaint Database

Credit Acceptance Corporation response to complaint:
Closed with explanation

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