I purchased a 1999 Dodge Stratus from CAC in March. I was using automatic payments from my account but because I was paid on a biweekly basis and CAC could only set up payments on a monthly date basis, it just wasn't working well so I cancelled my automatic payments.in June I moved to a new house and informed CAC of my new address and phone number when I moved.in September of CAC reposessed my car for the payment being 2 weeks late.
In October I received a phone call from the dealership I bought the car from telling me I needed to come in a sign over the title because it was never processed with CAC as the lein holder. Stupidly I did this. CAC sold the car at auction for approximately $3500. Total loan was $7311.10 ($11,990.40 due to 25% interest rate). I paid $291.40 for approximately 6 months. Now 3 years later I have received notification from a law firm that CAC is demanding payment in full of $9048.35.
First CAC was not the legal lein holder when they reposessed the car.
Second, total loan with finance charges was $11,990.40. $3500 was paid at auction and another $1750 paid in payments. How does this equal over $9000 owed. I have tried negotiating through this attorneys office with no avail.
Please, stay away from Credit Acceptance Corp. Read the other complaints on this site. They are all true. This company will call day and night starting 3 days before your due date and hound you until the payment is credited. This happens monthly. If you run into financial problems, there is no compromising. I have no problem paying this company what I owe, but I will not pay extra considering they heXX they put me through when they reposessed my car at 10:30 PM on a Wednesday night, when I lived literally in the middle of nowhere and had a kid that I had to get to school the next day and a job I had to get to.
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