Credit Acceptance Corporation Consumer Loan Complaint

Credit Acceptance Corporation Consumer Loan department,

Installment loan Taking out the loan or lease Wisconsin

This complaint is to accompany my previous complaint regarding - - - here in Wi. In addition to the loan packing and material misrepresentations made during the transaction, I want to make it clear that when I gave my financial information I thought I would have opportunity to do my own application for the auto loan so I could read the terms. Everything was printed up, filled out and decided before I ever entered the finance office. I DID object to the ancillary products but was told the warranty and gap insurance were required by the lender. POINT BLANK. This is evidenced by the fact that I called the next day to discuss cancellation with the dealership. Also, I have a witness to the conversation with the


salesman, the GM, the " closer '' ( I do not know his name ) and the business manager all told me they would refinance me after a few on time payments because I balked at the interest rate of 22 % ( which was actually 22.9 % ). While my credit is poor, it 's not like I was in the -. Between the - bureaus the lowest was - and highest was -. I now know that refinancing will only cost more. My loan is based on the rule of - which is outlawed in many states. Apparently the loan was funded immediately which prevented me from payment amounts I had previously calculated, under - per month. It is this type of predatory conduct that put me in this position in the first place. I was - of the first in 2007 to lose everything due to - -, -, etc. My issues with Credit Acceptance Corporation are the following : 1. Ignoring their duty to investigate dealerships they work with 2. They refuse to give me a recalculation after refunds 3. Possible pre payment penalties for products I objected to 3. Added fees for cancellation 4. I was sent a payment booklet with payment and terms as if nothing was cancelled. I was told " It aint gon na happen '' to get an honest recalculation. The rule of - is so confusing even accountants rarely understand it. Everybody lied about everything said and document execution was very shady to say the least. There are only e signatures except for two things ... and those two things were hidden by a hand. I was under extreme duress because the dealership asked to see my check from my insurance company ( - ) and REFUSED to give it back. I did absolutely ask the right questions, I am not an -! My check was misapproppriated and " processed '' before the papers were even signed. This is what I was told and the lender does NOT CARE. It is my opinion that the dealership and this lender are making back door deals that harm consumers. This will put me right back into bankruptcy. I also want to know if there is a disabling device in my vehicle, the lender will not disclose this. How do they get away with this? If this is not conspiracy to defraud I do n't know what is. Please for the love of - investigate Credit Acceptance Corp and - - -. By the way, - - is on a feeding frenzy for people with poor credit according to all the ads and flyers. I found them on a - link and their website calls for people that can qualify with NO CREDIT CHECK. I put myself into the computation ( after my car purchase ) and it seems with no credit check I should have under 12 % interest rate. Hmmm. The salesman told me they had " special loans '' for people on -. That is why I went there in the first place. This is crime after crime and somebody needs to move on it. My loan is bad enough, however, if it is sold into securities who will care that nearly - was refunded to the lender??? My payment book is the same.