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Down payment was big, monthly payment wasnt the best interest was 24%. I made my payments on time every month and never had a problem out of them. My wife totaled the car and the insurance paid it off , Credit acceptance marked paid on time and account closed.
those of you thinking of using credit acceptance.. DONT DO IT. We have been makig our payments on time every month for over 1 1/2 yrs (half of our contract of 3 yrs) Jay called to see what the balance was that we owed, THEY TOLD US THAT DUE TO IT BEING A "NEW YEAR" MORE INTEREST OF 110% KICKED IN AND NOW WE OWE THE ENTIRE -ENTIRE- AMOUNT AGAIN. we went from owing about 6,000 to 13000! who does that?! They literally keep you in debt... this is absolutely ridiculous. Now its going to look bad on us even though we have paid them!
DO NOT USE CREDIT ACCEPTANCE. They will scam you into debt for a vehicle not even worth a 3rd of the price.
I have a 2007 toyota rav 4 its worth 6,000 if you buy it.. this company wanted 12,000 after interest.. so we made payments of 480 a month. Got down to half the amount and all of a sudden its up to 13000 because we didnt pay it off completely fast enough. They said it was in the contract (probbably fine print). so they scam you out of a vehicle and money!! In all they basically wanted 24,000 for a car worth 6,000! All because your credit is bad, yet they set you up to fail so you never pay them off which obviously makes your credit worse.
Do not do it!!!!
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Cut and Dry
Application process was easy peasy! I actually did not think that I'd get approved and I did! My credit had to be in the mid to lower 500s at the time (11/2013). I've been pretty dilligent the entire time of my loan with making on time payments, though, I've had some slip ups. I was never charged a late fee. They will hound you if you don't pay on the due date. After 3 years of ignoring ALL those calls, I answered and would explain my situation or set up an arrangement and guess what... No more calls! They say they do not have a grace period, however, if you pay with 30 days, it will not show as a late payment. I've only had a handful of lates during the 4 years. But, word of caution, a few lates will negatively impact your score, as it has mine. My word of advice, try to pay on time (within 30 days) and you'll not have any isssues out of them. If they are lending to you, it's likely your credit isn't good, high interest will come with that territory. Suck it up pay the bills and CAC can be your best friend! P.S. my interest wasn't awful... like 13% :-o
No Problems with this creditor
I'm seeing alot of negative comments about Credit Acceptance. I bought a car they financed in 2013. I was late alot of the time, due to being divorced. The never charged me late fees or tried to reposess the car. If I couldn't afford the monthly payment, I always paid something. I was 90 days past due sometime. The car is paid off now and received the title in 2 weeks. If you can't make your full payment, pay them something. It is what probably stopped them from repossession.
NEVER AGAIN !!! We are Buyers , and missed one payment and they impounded our truck , we made the payment the next morning and they had already shipped our truck to another city and said we could pick it up , well days later and they still wont answer there phones to tell us where our truck is and when we finally get ahold of them to find out where our truck was they had never given the tow company the release so more days go by and we sit on the phone for hours on top of hours , and still we have no answers and cant get our truck . No call back , no live chat on thier website . They are like crooks . We were very stupid to use this company.
Credit Acceptance Corp
Credit Acceptance Corp
I was bought with my wife to used car on 2013, was Saturn Vue 2004.The lender was Credit Acceptance
I was paying the loan during the last for years, I finished my debt with the car and the company say me, you have a new debt for $ 2250 aditional in interest !!!
They retake possession of my car and send me a letter, show me that my new debt is $ 2750 more additional charges for interest, parking and keeping my personal things.
I call them and try to explain the situation and offer a negotiation of the balace I offer 1250 and pay off the balance, they dont want part of interest, the value of the car today 1000 to 2000 no more, is an stupid company.
And finally they send me a letter final notice .... and they say ... they will sell my car
Horrible!
Do not finance your next vehicle with this company, complete rip off!
Never had a problem
im 6 months into my 3yr loan. have made payments on time. no problems so far. ive seen alot of negative comments on here. Ive see people talk about the car being repoed. smh come on if you cant make a payment what do you think is going to happen. only complaint is intrest is carzy high. they seem to report payments with differnt information and are usally way behind.....
I don't understand the hate for CAC
I had always paid cash for pretty much everything. A car lot had a truck I liked and Credit Acceptance was their lender. Down payment wasn't bad, payments weren't bad and a year later my credit was almost non-existent to 740. Their customer service was always friendly and helpful. I can't say how they react to late payments as I had mine taken directly out of my bank account. I found something I liked better and traded in my truck and tacked the negative equity onto the new car (almost a wash as I got the car for the right price so I didn't break it off in myself). They are a good jump-off point if you need something to drive and want to establish credit. Can't say a bad thing about them.
Absolutely Horrific!!!
WARNING: CREDIT ACCEPTANCE ARE SCAMMERS!!! They prey on desperate people who have bad credit. Yes, you will get approved but they have accidently repoed my car, have RUDE customer service after accidently taking my vehicle. Not only arte their interest rates high, they also like to hit people with misc. fees. They tell you that ou have monthly payments but your payments are weekly. For that reason they can take your car even if it is a few days late. The customer service reps are ghetto and can barely speak proper english. Supervisor are unprofessional and they try their best to belittle people. Whatever you do, do not sign a contract with these people. Its not a real company. They are more like loan sharks.
They gave me a chance to get a decent car when no one else would. I had to put a big down payment on it, but it was because I was extremely irresponsible with my credit. The dealership I got the car from was pretty good and I am still driving the same car 12 years later. I am grateful I was able to get something with my crappy credit and paid the car off in 3 years.
awful company will never get a loan from them again.