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
Full of scams and hard to refinance
Do not use Credit Acceptance Corp. I read these reviews but decided to take my chances. That was my biggest mistake. My interest rate was crazy, 23.99%. I knew that going on, ok. I waited a year and tried to refinance. It took EIGHT MONTHS after that until I finally was able to refinance. There is no online website to log in for account information, anytime I needed to talk to a representative it took 20 minutes to get a person on the line and they were never able to properly answer my questions. I would request payment histories that were never sent. I also figured out my interest rate was varying, as they told me I didn't have a per diem rate. Meaning I was being charged different amounts of interest every month. I was paying over $200 in interest alone on a $369 monthly payment and ended up upside down in my vehicle. The company won't let you refinance with them and makes you fight tooth and nail to finance with someone else. Every bank I talked to when refinancing was shocked at how hard they made the process. Dealers told me they stopped using them because they sign people into loans they will never get out of. I signed into a high interest rate loan because I needed a reliable car. It was not worth it. You CAN find a better rate. I have worse credit now (due to lots of refinance applications making hard inquires), and I was able to get a 10.49% rate and lower my payment by $100. Overall I will save $8,000. Get auto loans elsewhere!!! Now I can finally work on paying off my vehicle, but it has been a long and stressful road that has cost me thousands of dollars.
they are scarmmer
don't do it. this is a very bad loan overall
I obtained a vehicle from a dealership that uses credit acceptance, in July 2015. My credit was less than stellar and I was desperate. Even when desperate, don't use these people.
Once I repaired my credit to an extent, I was able to refinance through my financial institution. This was due to never having missed a single payment, which is reflected on my credit report. This took place August 24th 2017. That's the day the bank requested the payoff. Which is good for 7 to 10 days and covers all balances within the loan.
I finalized that refinancing in August 25th 2017. The phone calls began August 26th. Claiming I was in default and pending repossession despite being current on payments. If this were true, not one correspondence was sent to inform me that I was late (although I know I haven't been regardless of their claims). When I informed the representative that the loan was being paid off this coming week and that the account should reflect the payoff request and expiration date, she refused to acknowledge said payoff request and said I was putting my vehicle at risk of being repossessed if I did not remit payment for $600+ today. I again reminded her that my financial institution will be remitting full payment for the entire balance of the loan this coming week and she demanded to know the exact date, to which I cannot provide as I am not remitting payment.
I've been reading up on these people and they've repossessed after the loan was paid off claiming other fees or late payments. Seems when a client refinances they especially fancy tacking on extra debt to try and hold onto their clients.
I will not rest until this company is dealt with properly. They've attempted to rob the wrong person. Now I have to hide my truck for the next few months because they're known for taking possession months after having been paid off.
Mind you the vehicle is also a lemon. So they love to work with shady dealerships. And refuse to cover repairs for equipment failure when one attempts to do so. I put approximately $3600 into my truck within the first 6 months of owning her. The transmission went out pretty much in day 30 of the warranty. There were a plethora of other issues as well, including but not limited to the brakes, exhaust, air conditioner and the fuel pump had to be replaced. Given the amount of money I've invested into my truck, aside from this loan, they're absolutely not robbing me of my vehicle after having been a fully committed client and not missing a single payment throughout the length of the loan. This is one client who will break the bank to shut these people down.
Auto loan
Do not work with this company ever.i beg u.first before u do anything do your research,find any other company apart from them.got a car at $6k plus interest rate jumped to $10.5k.car was 101k plus miles paid for an year with no late payments,called them and let the car go voluntarily,they picked the car at my location did not leave the tag behind my licence almost got suspended i had to call the police to be safe,why? There is never a way to contact this guys,never no call goes thru nothing,unless u want a loan of course.until today a month later the car is nowhere to be found,no way to contact them either
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.....