Credit Acceptance Corporation
Fraudulent and unethical business practices by Credit Acceptance and the deale

I was recently contacted by a local dealership after filling out an online credit application. The salesman was very optimistic that he could get an auto loan approved for me even with my poor credit.

After a couple days talking on the phone, my husband & I drove the car. We thought it was nice and were ready to give our down payment and sign the paperwork. My husband asked to see the figures and that's when we found out the sticker price had been increased by $1400 and that we had to agree to a non-negotional warranty for @2000. We knew there would be high interest which is our fault for our credit score, but have never heard of raising the price. My husband remembered the name of the lender and did some research.

It seems the lender trains the dealer how to make a extra profit off of people who are already down. Every applicant is approved, that is why my salesman was so optimistic. There are several options to their plan. One is called a Portfolio program - this is where the dealer & lender share the principal & interest of every payment the dealer receives an upfront profit. Another one is called the Purchase program - this is where the dealer receives a higher upfront profit today (is why our price was raised) and don't share monthly payments collected. Also the warranty we found out is optional. We found so many discrepancies & caught them in several lies.

Thank God we smelled a rat (actually several) and did not close the deal. EVERYONE, please do research before making such a decision. For people with poor credit, we are ready to jump right in because we've had so much rejection. I know I was, but thanks to my husband he brought me to my senses

Company: Credit Acceptance Corporation
Country: USA
State: Louisiana
City: Alexandria
Address: 2011 Choctaw Drive

  <     >