CREDIT ACCEPTANCE CORPORATION Consumer Loan Complaint

Vehicle loan Managing the loan or lease

CREDIT ACCEPTANCE CORPORATION Consumer Loan department,

Vehicle loan Managing the loan or lease Michigan

I purchased a vehicle from - - and was set up with financing through


was told I was getting financed on $18000.00. If I go through full term of the loan I will be paying them over - for a vehicle that is only valued through - . at $8400.00. Now when I try to refinance the vehicle I am getting denied due to the loan amount exceeding the value of the vehicle. This is not right for a business to do to somebody who is already low income and struggling to keep his family a float.

CREDIT ACCEPTANCE CORPORATION customer in Michigan
Apr 21, 2017

* Source: CFPB Complaint Database

CREDIT ACCEPTANCE CORPORATION response to complaint:
Closed with explanation

Created with Highcharts 4.2.3CREDIT ACCEPTANCE CORPORATIONComplaint HistoryComplaints10/201212/20124/20135/20138/20139/201310/201311/201312/20132/20143/20144/20145/20146/20148/20149/201410/201411/201412/20141/20152/20153/20154/20155/20156/20157/20158/20159/201511/201512/20151/20162/20163/20164/20165/20166/20168/201610/201611/201612/20161/20172/20174/201702468Source: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3CREDIT ACCEPTANCE CORPORATIONManaging the loan or lease87.2%6.4%6.4%Closed with explanationClosed with monetary reliefClosed with non-monetary reliefSource: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3National AverageManaging the loan or lease1.9%76.9%9.2%8.4%0.5%1.4%1.4%0.3%ClosedClosed with explanationClosed with monetary reliefClosed with non-monetary reliefClosed with reliefClosed without reliefIn progressUntimely responseSource: Consumer Financial Protection Bureau

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