Credit Acceptance Corporation Complaint
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Credit Acceptance Corporation - Usury finance rates,, abusive telephone calls,, damaged repo
I purchased a used car for my wife in December of 1986. Due to a bankruptcy, Credit Acceptance Corp was my only finance option. The dealer who sold me the car submitted the deal and got it approved 10 days before I'd agreed to buy the car, which resulted in my payment being due much earlier than it should have. I got my first call from CAC the day after we took deliver of the car, asking when I'd be sending in the payment. They called me an average of 4 times a week before the payment was even due. Each time I told them the payment would be sent on time, but they continued calling. I finally told them not to call me at work any more, and was told flatly they'd call me anywhere, any time, as often as they felt like it. I started hanging up on them.
We were late on the June 2007 payment, and the car was reposessed in July of 2007. CAC called a repo company 85 miles from my home, and they damaged the car by improperly towing it. I alerted the repo company when I inspected the car the next day, and was told the damage would be taken care of. When we caught up on the payments and reclaimed the car, it wouldn't run. We were told by CAC that it wasn't their problem, and neither was the body damage from the repo.
In addition to the 24.99 APR we had to pay CAC for the loan, we were also assessed a 50 per month penalty for 6 months following the repo. This was after we'd paid the repo fees (about 400).
I worked for the dealership that sold me the car. I was told by the CAC manager at the dealership that CAC wasn't actually the lender, the dealership was, but that CAC was a 'lending partner'. I imagine that this is to circumvent Arkansas usury law which constitutionally limits interest rates to 17. The dealership also illegally charged the payments I was already making to my paychecks, resulting in double paying for the first couple of months.
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