Credit Acceptance Corp
Finance Charges Exceed Contract Amount and Balance Still Owed on Loan

On 10/26 I purchased a car at Philly Auto Loan and the creditor used to was Credit Acceptance the cost of the Car was 10,205 and the finance charges were to be 4290.88 however according to the detailed transaction report I received from the shows that I have paid 4700.27. When asked why? I was informed it was due to late payments but according to the retail installment contact I should have been charged 2%per month on the amount of the payment or payments late. According to the manager I spoke with named Kathy she informed me that my outstanding balance on the loan is 1002.67. When asked why she informed me that this balance stims from late payments throughout the life of the life of the loan. Keep in mind according to the Retail installment agreement this was to be a simple interest loan. I continue to ask how are they calculating these figures but I am getting no were with creditors and it appears I may have to pay the additional monies in order to obtain my title. I also contacted the BBB in Michigan the complaint was closed because the company has not responded. If you can help at all please assist.

Company: Credit Acceptance Corp
Country: USA

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