ComplaintsforAmerican Credit Acceptance, LLC

• Initial Complaint

  04/12/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have an issue with payments. Yesterday I spoke to a representative who Informed me that on May 22 2021 I was given credit toward my acct for having the late fee I got my vehicle on April 6 21 my first payment I made was on 5.22.21 no late fee should hv been applied bc my 1st payment was not until the 21st of May. I was told yesterday by the representative leya that I received a waiver for late fee for the amount of 339. On May 22. 2021 when I called to pay payment and that is not correct. Why would I hv a late fee of 339 for the 1st month I requested an modification on my acct and I was told someone would contact me but no one has never called me inregards to any of my complaints please help.me to get a modification on my account I feel that have been adding extra expenses on to my account

  

  Business response

  04/19/2024

  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by ****** ****** with the BBB case number ********* 
  
  An investigation of the customer’s account determined *** ****** ******* ****** signed a Retail Installment Contract on 4/6/2021 with AutoNation Honda Thornton Road for the purchase of a 2021 Honda Civic.  The contract was assigned to ACA.   
  
  On 5/22/2021 ACA waived the processing fee for the first payment as a one-time courtesy.
  
  On 12/1/2023 during the reinstatement process a late fee of $30.70 was assessed for the 11/21/2023 payment, which was late. The fee was waived as courtesy during the reinstatement process.
  
  After *** ****** got the vehicle back by paying the past due balance, the account was assessed late fees on 12/31/2023 for $30.70, 1/31/2024 for $21.40, 2/21/2024 for $30.70, and 3/31/2024 for $26.56.
  
  On 4/10/2024 *** ****** requested the late fees to be waived. The late fee waiver request was denied on 4/11/2024. Ms. Greene will be responsible for the late fees assessed.
  
  On 4/10/2024 *** ****** requested a modification on the account. Modifications are provided when the customer reaches the maturity date with an unpaid balance, or the customer owes more than three past-due payments. *** ******** account does not qualify for a modification. The maturity date for the account is 4/21/2027.
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If *** ****** has any questions, she may contact Karen R. at ************ ** *******************************
  
  Keith K.
  Customer Experience Manager
  

  Customer response

  04/23/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint. 
  
  [To assist us in bringing this matter to a close, Please let us know below why you are rejecting the offer made by the business.]
  
  Regards,
  
  ****** ******

• Initial Complaint

  03/28/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Between February 29, 2024 to present. The amount of money is 289.56 The business claimed they did not receive payment from my checking account on March 14, 2024. My credit union sent them a check directly from my checking account on March 1, 24, American Credit Acceptance claimed they did not receive the payment and that they tried to run it through my credit union for payment on March 8, 24 and it came back NSF. They then talked with me and my credit union customer service on the same day at the same time and told us both that they payment was not received. My credit union customer service told them that the payment was taking out on March 18, 24. American Acceptance continued to deny payment was made. She then sent American Acceptance through email proof that the payment was taking out on March 18, 24 two days after that I contacted American Acceptance they still denied that the payment of 289.56 was pay to them and accepted by them through my account on March 18, 24. My credit union sent me a copy of the check along with the banks name stamped on back where American Acceptance has an account with them to handle processing for payments. This has done damage to my credit score because of American Acceptance not acknowledging my payment. American Acceptance has not taken responsibility for any mistake that they have done, they will not get in contact with ***** ***** to clarify if the check was gone through and was pay or if may have gone to the wrong account. I have proof on my end and American Acceptance will not accept it to investigate the problem. American Acceptance stated several times that the check has been sent back and the check has not been sent back because it American Acceptance sent it ***** ***** to have it processed and taken from my account on March 18, 24. My account number for American Acceptance is: *********** The processing number on back of the check from ***** ****** **********

  

  Business response

  04/10/2024

  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by ***** ***** with the BBB case number ********* 
  
  An investigation of the customer’s account determined *** ***** ***** signed a Retail Installment Contract on 4/15/2020 with *** ********* **** for the purchase of a 2018 Nissan Sentra.  The contract was assigned to ACA.   
  
  On 3/8/2024 *** ***** was informed the check for $289.56 was received and would be applied to the account for February 2024 payment.
  
  The checked returned on 3/13/2024 due to insufficient funds.
  
  On 3/14/2024 *** ***** attempted to process 3 payments online for $289.56 each with a visa debit card. The card declined 3 times with the Error Description of “credit card declined.”  *** ***** then processed a payment for $289.56 on 3/14/2024 via checking account for February 2024 payment.
  
  The payment returned on 3/18/2024 due to insufficient funds.
  
  The payment made on 3/29/2024 for $289.56 via debit was applied to February 2024 payment.
  
  ACA reports to the credit bureaus how the customer has paid. ACA is required to furnish accurate information to the credit bureaus. ACA appreciates the opportunity to explain how monthly payment history is reported to the credit bureaus. ACA reports payment history based on current or past due status at the end of each month. An account which is 0 to 29 days past due at the end of the month will report as “current.” An account which is 30 to 59 days past due at the end of the month will report as “30+ late.” An account which is 60 to 89 days past due at the end of the month will report as “60+ late.” ACA is furnishing accurate information to the credit bureaus regarding *** ******* account. Regarding the monthly payment history, all months are reporting as current.
  
  Currently the account is 11 days past due for $289.56.  We encourage *** ***** to call ACA at ************ to make arrangements to bring the account current.
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If *** ***** has any questions; she may contact Karen R. at ************ ** *******************************
  
  Keith K.
  Customer Experience Manager
  

• Initial Complaint

  03/27/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  American credit acceptance refused to take my payments numerous times because it wasn't the exact amount. This put me in a bind with this company even after explaining that I'm paying half and half that will equal to the total before the due date but they gave me the runs rounds about my payments. The car than needed repairs in which the warranty wouldn't cover so this created a major situation. After denying my payments American credit acceptance stop contacting me for payments after I asked the manager about the contract and the facts that a car worth 12k would result in me owing them 65k! The dealership over priced the car and the loan was bogus but I still made efforts to pay but was denied by customer service and was unable to use portal for some unknown reason. The car was broke in front of my residence for over 9 months in which I called the ACA and offered them to come get the car due to the warranty situation and then not taking my payments. They didn't respond as if they wanted the car so I again made note that the car was waiting to be picked up after again being threatened by them to have the car repo. After not hearing from these people in over 9 months and being forced to repair the car myself because of relocation and couldn't leave it parked there somehow a tracker gets out on the car and the car is stolen by a tow truck from a doctor's office. This was a complete setup and bogus business.

  

  Business response

  04/11/2024

   
  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by ******* ****** with the BBB case number ********.
  
  An investigation of the customer’s account determined *** ******* ********* ***** ****** signed a Retail Installment Contract on 3/12/2022 with ******* for the purchase of a 2011 Dodge Challenger.  The contract was assigned to ACA.   
  
  The last payment received was on 9/9/2022 for $828.74.
  
  The last time ACA spoke with *** ****** prior to the vehicle being repossessed was on 3/15/2023. On 3/15/2023 *** ****** informed ACA he was unable to make full payments towards the account, but could provide partial payments. *** ****** also advised ACA the vehicle was not running and requested the vehicle to be picked up. ACA was unable to locate the vehicle.
  
  ACA will accept partial payments. However, a partial payment will not advance the account out of past due status. Only a full monthly payment will advance the account by 30 days.
  
  The account charged off on 11/29/2022 for payment default and after reaching 120 days past due. 
  
  On 12/9/2022 ACA received a pro-rated refund for the canceled extended warranty for $2,399.00, which was applied to the principal balance of the account.
  
  The vehicle was repossessed on 10/18/2023 due to payment default and the account being 450 days past due.
  
  The vehicle was sold on 11/16/2023. The auction proceeds were applied from the sale on 11/21/2023 for $10,695.00.
  
  The account has a deficiency balance of $21,790.72. We encourage *** ****** to call ACA at ************ to settle the account balance for less than the full amount.
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If *** ****** has any questions; he may contact Karen R. at ************ ** *******************************
  Keith K.
  Customer Experience Manager
  
  

• Initial Complaint

  03/25/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Attempted to pay my car loan balance with cashier’s check. Company cashed check on 3/15/24. Company signed for registered mail (check) on 3/12/24. Has not been credited to my account. Five phone calls later company cannot locate check, telling me I have to do all the work to figure out what happened. Meanwhile, they are charging me late fees and reporting to credit bureau. No one I have spoken with has a clue what to tell me about what happened, my calls have been disconnected. Worthless customer service.

  

  Business response

  04/08/2024

  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by **** ****** with the BBB case number ********.
  
  An investigation of the customer’s account determined *** **** ******* ****** signed a Retail Installment Contract on 10/15/2021 with ******* for the purchase of a 2013 Lexus GX.  The contract was assigned to ACA.   
  
  The vehicle was deemed a total loss on 12/17/2023.
  
  On 2/13/2024 ACA received and applied an extended warranty payment from ****** for $901.21 to the principal balance.
  
  ACA received the insurance check on 2/14/2024 for $19,824.53. The payment was applied to the principal balance.
  
  *** ****** mailed in a payoff check for $10,579.83 received on 2/29/2024. The check returned on 3/5/2024 due to insufficient funds.
  
  On 3/14/2024 ACA received a check for $10,658.61. The check did not have *** ******** name on it. The name on the check was ***** ** ****** as the remitter, causing a delay in the check being applied to the account.
  
  The check for $10,658.61 was applied to the account on 3/25/2024 paying the account in full.
  
  ACA appreciates the opportunity to explain how monthly payment history is reported to the credit bureaus. ACA reports payment history based on current or past due status at the end of each month. An account which is 0 to 29 days past due at the end of the month will report as “current.” An account which is 30 to 59 days past due at the end of the month will report as “30+ late.” An account which is 60 to 89 days past due at the end of the month will report as “60+ late.”
  
  The account reported 30+ days past due for the month of 8/2023 and 10/2022.
  
  ACA reports to the credit bureaus how the customer has paid. ACA is required to furnish accurate information to the credit bureaus.  As a courtesy, ACA will change the negative credit mark for 8/2023 and 10/2022 to “neutral,” which is not derogatory.     
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If *** ****** has any questions; she may contact Karen R. at ************ ** ******************************.
  
  Keith K.
  Customer Experience Manager
  

• Initial Complaint

  03/21/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  DO NOT FINANCE WITH THIS COMPANY. I have two car loans with this company. I have a 2022 Nissan Pathfinder with them. Due to certain circumstances I haven’t been able to get payments in on time. My son is sick. His treatments are out of state and very expensive. I have had assistance with some payments but healthcare doesn’t wait so I have to break arrangements. At one point my account was at 116 days past due and we have been making strides to get it on track. Like I stated before I have two cars with them so playing catch up twice is hard. These people are discriminating against my son’s condition. They have no problem reminding me that this is a Buisness and my son’s health isn’t their problem. Their words were “this is Buisness if you don’t pay your payment your car will be repo and than you won’t be able to get your son anywhere than” constantly having panic attacks worrying about if I need to call and make a new arrangement because they will bully you. I’ve asked to talk to supervisor after supervisor and they said the will call me back and never do. My accounts are passed due because of us and I understand that but it doesn’t give the company any right to bully and threaten us. My son was life flighted this morning to Utah and not expected to make it passed the night. On my way to him I’m currently writing this still waiting on a another memeber of management

  

  Business response

  04/11/2024

  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by ******** ******** ******** with the BBB case number *********.
  
  ACA has reached out by phone and have been able to briefly speak with *** ********. An investigation of the customers’ accounts determined ******** ******** ******** and ********* ***** ***** have two accounts with ACA.
  
  One is a Retail Installment Contract on 4/10/2021 for the purchase of a 2016 Ford F150 SuperCrew Cab from CarMax (Account No. 90124086046). The other is a Contract on 2/25/2023 for the purchase of a 2022 Nissan Pathfinder (Account No. 90124476066) from Hertz Car Sales Salt Lake City.  Both contracts were assigned to ACA.
  
  The customers’ account for the Ford F150 is 77 days past due as of as of 4/11/2024. The customer has a promise to pay on 4/26/2024.
  
  The Nissan Pathfinder account was 60 days past due for regular payments of $901.25 for February and March 2024. However, an extension for February and March has been approved bringing the account to a current status.  On 4/5/2024 ACA received a payment for $901.25 which satisfied their January payment. The customer has an arrangement to pay $901.25 on 4/20/2024. The payment will be applied to the April 2024 payment. 
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If *** ******** has any questions; she may contact Karen R. at ************ ** *******************************
  
  Keith K.
  Customer Experience Manager

• Initial Complaint

  03/18/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I do not have an account with this company but they keep trying to charge me. I have called twice and they even say I don't have an account or any information from me on file. I have canceled my bank card because the charges won't stop. "Information Regarding Your Transaction A transaction for $390.41 at ************** ****** * was declined because your debit card **** is frozen. Unfreeze anytime via mobile* or online banking."

  

  Business response

  03/28/2024

  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by ***** ******** with the BBB case number *********  
  
  ACA has reached out by phone and have been able to speak with Ms. ***** ********.  ACA apologizes for any confusion this situation may have caused.  An investigation determined that Ms. ***** ******** does not have a loan with ACA.  
  
  On 3/02/2024 two payments were processed online with ACA’s third-party Speed pay using banking information ending with ***** one in the amount of $218.26 plus a $5.95 processing fee total amount of $224.21, a second one in the amount for $200.00 plus a $5.95 processing fee total amount of $205.95. On 3/4/2024, *** ******** financial institution has refunded the two payments, one in the amount of $218.26 plus a $5.95 processing fee total amount of $224.21, a second one in the amount for $200.00 plus a $5.95 total amount of $205.95.  On 3/16/2024, the payment in the amount of $390.41 that *** ********* mentions in her complaint declined and did not process.
  
  As a cautionary measure, the banking information ending with **** has been blocked with ACA’s third-party online payment Speed pay.  This will prevent any transactions from being made.
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values.  If *** ******** has any questions, she may contact Karen R. at ************ or *******************************
  
  Keith K.
  Customer Experience Manager
  

• Initial Complaint

  03/14/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Fraud occurred on our main checking account holding all of our funds. We are in the process of buying a home with a property under contract, so when the fraud occurred, we reached out to all loan companies and asked for a deferment to ensure that our credit was not affected throughout the process of securing a lender for this property. All other companies that we requested this of filed the deferment and gave us extensions without affecting our credit score. American Credit Acceptance is the only company that refused to acknowledge our deferment agreement and they continued to harass us regarding late payments despite the fact that we had just made payments and were supposed to have an extension. I assumed they were obviously experiencing a glitch in the system so I ignored it knowing that we had an extension filed, assuming that our standing would remain in good standing. Just got a notification on my credit report this morning stating that our score has dropped 20 points as a result of my American Credit Acceptance account who alleged that our account was delinquent and 36 days past due. I called the company again today for the 5th time and spent an hour of my time again to get them to correct their mistake and they assured me that there was nothing they could do on their end to correct the mistake on my credit report. This mistake is a result of negligence on behalf of American Credit Acceptance and no fault of my own. I am demanding that this mistake be corrected or I will be escalating my concerns to a different arena that will ensure adequate legal assertion to address this error caused by a negligent lender operating predatorily.

  

  Business response

  03/29/2024

  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by **** ******* with the BBB case number ********.
  
  An investigation of the customer’s account determined *** **** ***** ******* signed a Retail Installment Sale Contract on 3/23/2021 with ********* ** *******, for the purchase of a 2018 Jeep Grand Cherokee.  The contract was assigned to ACA.   
  
  On 2/5/2024 *** ******* requested an extension for January 2024. The extension was approved on 2/6/2024. The extension paperwork was emailed to the email address on file that matches the email address on the BBB complaint. *** ******* did not return the paperwork back signed, causing the extension to be denied.
  
  On 3/1/2024 the extension was submitted for February 2024 payment. The extension was approved on 3/2/2024. The extension paperwork was emailed to the email address on file that matches the email address on the BBB complaint. Again, *** ******* did not return the paperwork back signed causing the extension to be denied.
  
  On 3/14/2024 a payment processed for $554.36 via debit for the February 2024 payment.  An extension was submitted for March 2024 payment. The extension was approved on 3/15/2024. The extension paperwork was sent via text to the phone number on file that matches the phone number on the BBB complaint.
  
  The signed paperwork was received from *** ******* and applied to the account on 3/16/2024.
  
  ACA appreciates the opportunity to explain how monthly payment history is reported to the credit bureaus. ACA reports payment history based on current or past due status at the end of each month. An account which is 0 to 29 days past due at the end of the month will report as “current.” An account which is 30 to 59 days past due at the end of the month will report as “30+ late.” An account which is 60 to 89 days past due at the end of the month will report as “60+ late.”
  
  The account reported 30+ days past due for the month of 2/2024.
  
  ACA reports to the credit bureaus how the customer has paid. ACA is required to furnish accurate information to the credit bureaus.
  
  As a one-time courtesy, ACA is adjusting the late mark for 2/2024 to neutral, which is not derogatory.
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If *** ******* has any questions; he may contact Karen R. at ************ or ******************************.
  
  Keith K.
  Customer Experience Manager 

• Initial Complaint

  03/12/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This is an auto loan where payments have been remitted to the company. Since 7/30/2023 ACA has not reported balance and monthly reporting accurately to all three credit bureaus (********, *******, **********). Currently on all three bureaus they are reporting last date paid 7/2023 $345, balance $5936 and past due for $5800. This is incorrect. Current today's balance is $3316, and payment has been remitted each month. I have sent in dispute of this through the credit reporting agencies and ACA continue to send in the incorrect information. I have attached transaction history from ACA, monthly statement, and the last dispute response ACA sent to credit agencies with incorrect information. The resolve is to remove all late reporting, all notes and update balance/reporting dates.

  

  Business response

  03/22/2024

  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by ***** ****** with the BBB case number ********.  
  
  An investigation of the customer’s account determined Linda Danielle ****** and Larry Alan Warren signed a Retail Installment Contract on 2/22/2017 with ********** **** of Arlington, TX for the purchase of a 2009 *** * ****** The contract was assigned to ACA.  A copy of the Customer Transaction History is attached.
  
  In the complaint, Ms. ****** questions the accuracy of credit reporting. She states her credit has not been updated since August of 2023. She is stating the report is reflecting a balance of $5,488.00, which in incorrect. She states that as of February 29, 2024, her account balance is $3,719.47. Ms. ****** also states ACA has reported her over 30 days late and would like all late marks removed.
  
  ACA takes all customer complaints seriously and values its customers’ business. Accordingly, we have thoroughly reviewed Ms. ******** complaint and ACA account.
  
  Ms. ******** account has been excluded from updated credit reporting since August 2023 due to data issues that ACA is unfortunately unable to correct. For this reason, ACA is deleting its trade line from Ms. ******** credit reports.
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If Ms. ****** has any questions after reviewing the above information, she may contact Karen R. at ************ or email ******************************. 
  Keith K.
  Customer Experience Manager
  

• Initial Complaint

  03/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have been contacted multiple times by this business regarding a payment. They have been told at least 10 times that there is an ongoing investigation regarding a fraudulent sale of a car that I purchased from ********** *** ***** in Aurora, IL. They were investigated by Trans Union. The case has been closed and I won and the purchase was wiped from my credit report. I am not happy that every time they call they seem to know nothing about what occurred and say they will document what occurred. If I hear from them again, I will sue this business.

  

  Business response

  03/28/2024

   This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by ***** ******* with the BBB case number *********
  
  An investigation of the customer’s account determined *** ***** ** ** ******* signed a Retail Installment Contract on 9/22/2023 with ********** ******* ******* ** ******** **** of Aurora, IL, for the purchase of a 2020 Nissan Versa.  The contract was assigned to ACA.   
  
  On 9/27/2023 *** ******* contacted ACA via chat wanting to update his payment method on file for his first payment.
  
  On 11/20/2023 *** ******* informed ACA he was unable to make the first payment towards the loan.
  
  On 12/8/2023, *** ******* informed ACA on a call that he was cancelling the warranty plan. He was advised that the refund would be applied to his principal balance.   Effective 12/18/2023 ACA applied a refund of  $300.25 from the Tire and Wheel Protection and  $1,875.12 from the Service Contract. Both payments were applied to reduce *** *******’s principal balance.
  
  On 1/23/2024 *** ******* informed ACA the vehicle had mechanical issues, but the warranty did not cover the repairs. *** ******* had already canceled the warranty for the vehicle.  *** ******* was advised he would be responsible for the repairs.
  
  On 1/23/2024 *** ******* stated he made a complaint to TransUnion due to fraud by the dealership.
  
  ACA sent *** ******* an ID Theft Affidavit to return in 30 days. *** ******* did not return the document.
  
  While this account may not be reporting on *** *******’s credit reports, he remains responsible for the balance.
  
  Currently the account is 142 days past due for $2,608.55.  We encourage *** ******* to call ACA at 866-544-3430 to make arrangements to bring the account current. Alternatively, he needs to inform ACA of the location of the vehicle so that we can recover our collateral. Collection activities will continue.   
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If *** ******* has any questions; he may contact Karen R. at ************ or ******************************.
  
  Keith K.
  Customer Experience Manager 
  
  

  Customer response

  04/01/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********* and have determined that this does not resolve my complaint. 
  
  I never received any such documents in the mail from ACA! 
  
  Regards,
  
  ***** *******

  

  Business response

  04/08/2024

  ACA has no record of the dealer’s sale of the vehicle to *** ******* as being fraudulent or being investigated based on fraud. *** ******* has mentioned having mechanical problems with the vehicle. *** ******* purchased a Vehicle Service Agreement along with the vehicle. However, he later cancelled the Vehicle Service Agreement. Accordingly, any repairs to the vehicle are his responsibility.
  
  ACA sent *** ******* an ID Theft Affidavit to return in 30 days. *** ******* did not return the document. (See attached). He may still complete the ID Theft affidavit and submit it to ACA if he desires.
  
  While this account may not be reporting on *** *******’s credit reports, he remains responsible for the balance.
  
  Currently the account is 154 days past due for $2,608.55.  We encourage *** ******* to call ACA at 866-544-3430 to make arrangements to bring the account current. Alternatively, he needs to inform ACA of the location of the vehicle so that we can recover our collateral. Collection activities will continue.   
  

  Customer response

  04/09/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint. 
  
  I never received anything in the mail to sign and return. Also, they never documented anything regarding the vehicle to my knowledge because they continuously asked about what happened to the vehicle. 
  
  Regards,
  
  ***** *******

• Initial Complaint

  03/07/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On 5/02/2022 for 10,100.64 American Credit Acceptance has reported that we owe 12k still and we do not. I have documented proof and they are trying to repossess my vehicle while giving false information to the credit bureaus. I asked for payoff info and they said $12,000.00 which would be impossible for us to owe that. We have paid them 22 months of $360+ payments and I have documents to prove this. I demand the title to be sent to us asap or I will be taking them to court for fraud and trying to rip us off! I wasn't this fixed now! I want the repossession dismissed now! This company is frauding us! They are trying to get more money than we owe them.

  

  Business response

  03/12/2024

  This is to serve as a formal response by American Credit Acceptance, LLC (“ACA”) to the complaint filed by ******* ***** with the BBB case number ********.  
  
  An investigation of the customer’s account determined ******* *** ***** and ***** * ****s (“the customers”) signed a Retail Installment Contract on 5/2/2022 with Johnson City Toyota for the purchase of a **** ***** ***** *******.  The Contract was assigned to ACA.   
  The Contract calls for a Payment Schedule of 72 payments of $357.84 due monthly beginning June 16, 2022.  The customers have made the equivalent of seventeen (17) payments. (See Customer Transaction History, attached).
  
  In the complaint, Ms. ***** states that ACA is stating that the payoff is $12,000 when the balance was $12,000 at purchase 22 months ago. She states that they have paid $12,000 at $360 per month. The account should not be behind but is up for repossession. She believes that one more payment should pay off the account.
  
  As stated above, the customers agreed to the attached Contract indicating the following: Annual Percentage Rate (APR) of 28.00%, Finance Charge of $13,83.84, Amount Financed of $12,280.64, and a Total of Payments of $25,764.48 (the total amount that the customers would have paid after making all payments as scheduled).  Whenever the customers make a payment, ACA applies the payment to the accrued interest first, then principal. Interest accrues daily and is based on the current principal balance, the APR of 28.00%, and the number of days over which interest has accrued. The principal balance is highest at the beginning of the loan, so more of the payment is taken up by interest early in the loan. The customers have made the equivalent of seventeen (17) monthly payments on the Contract which calls for 72 monthly payments (see Customer Transaction History, attached).
  
  ACA offers the following explanation regarding Ms. *****’s concern they are having difficulty paying down the principal balance. As stated in the Contract, the Total of Payments of $25,764.48 represents the amount that the customers would pay if they made all payments as scheduled. The customers have not paid as scheduled. The have paid late numerous times including paying more than 10 days late on seven (7) occasions, as shown by seven (7) late payment fees incurred when a payment was 10 or more days late. The account is past due from November 16, 2023.
  
  The customers have paid $6,116.66, which has been allocated as follows: $888.57 to principal and $5,228.09 to interest.
  
  The customers may bring the account current by paying the past due amount of $1,527.52. After bringing the account current, going forward, if the customers make their full payment on time every month (with no extensions or late payments), every monthly payment will be sufficient to pay the accrued interest with something left to apply to principal (reducing the principal balance). However, if a payment is one, two, or more days late, additional interest has accrued, causing more of the next payment to apply to interest and less or none to be available to pay down principal.

  The attached document, “Simple Interest FAQ,” explains how the customers’ simple interest contract works. Interest accrues daily and is based on the current principal balance, the contractual APR and the number of days between payments. As stated in Simple Interest FAQ, paying early every month, and making lump sum payments (in addition to regular monthly payments) are tools to help reduce principal balance and interest costs on the account.
  
  The account is 116 days past due as of March 11, 2024. Due to this payment default status, the vehicle is at risk for being assigned for repossession. Ms. ***** is advised to contact ACA’s Customer Service line at ************ as soon as possible to bring the account current. Alternatively, she needs to call ACA and inform us of the location of the vehicle, so that we can recover our collateral.
  
  A positive customer experience is a top priority for ACA, as stated in our mission and values. If Ms. ***** has any questions after reviewing the above information, she may contact Karen R. at ************ or ******************************.
  
  Keith K.
  Customer Experience Manager
  

   

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩