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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