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Credit Acceptancefraud / repossession

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In February 2007, I purchased a vehicle through a local used car dealership. The loan was through Credit Acceptance and problems began almost immediately. My payment agreement was set for 406/month. At that time, I set this up to as an auto draft on my bank account. The company that processed these payments for Credit Acceptance was TruPay. When the paperwork processed at the dealership, the total bi-weekly payment came out to 188 (45 months bi-weekly payments). Not long after that, we recieved a letter from Credit Acceptance saying that there was a mistake made and they needed us to call. I called and was told that they needed to change my bi-weekly payment to 203. I inquired about the every third month when on a bi-weekly schedule, there would be an additional payment scheduled, would they just ignore that payment or would I have to pay this additional payment. I was told then that there was no way to set up the account to stop this payment. I requested a detailed payment schedule from them to include these payments and showing the change on the pay-off date with this included in the mail. I never received so I never approved the increase in the auto draft.
Now we are in February of 2011. We knew that our last payment was due the end of November, 2010. The last auto draft came out of my account November 26, 2010. In December, 2010, we recieved our payment book in the mail (1st time we have ever gotten a payment book). There has been no other mail recieved from them requesting us to contact them or stating any monies were in default. Got up this morning, February 9, 2011 and my car is gone. It has been repossessed. After going through two different representatives with the company, found out that my contract had ended, all principle was paid but there was still outstanding interest due of over $600.00. The first representative stated the amount was 627, thirty minutes later and another representative it was 676. The reason they are giving for the auto draft stopping with money still due was because the contract was over and the principle had been paid.

I have not received any information from them in the mail since November with the exception of my coupon book (again - received after the scheduled pay out date). We have previous to this received numerous letters including the one in February of 2007 to let us know that they were changing companies that process their autodrafts and misc. other items. At no time, did we receive any information from them that the account was in default and at risk for repossession. They have stated that they made numerous attempts to reach us by phone (a number we have not had since 2009) but no attempts on our secondary number which is my husbands cell. I have verified that they did not mail anything to us. They apparently do not handle business that way (we sure do have a crap load of other letters from them-some based upon this loan and others are advertisements). Now we owe not only the interest but an additional 250.00 repossession fee and we have one day to pay or the car goes to auction.
Needless to say, I have spoken to an attorney today who has informed me that the only way to get the car back now (today) is to pay what they are requesting. He is, however, going to look into the case to determine if there are any legal issues and feels as though the information I provided over the phone could in fact, support my claim that there is lending fraud involved. Once I meet with him, if he determines fraud was involved, he will be representing me. If I just let the car go and fraud was involved, they could be forced to pay the total amount loaned along with any interest paid. The problem is, I have to come up with another means of transportation until this is resolved and really cannot afford to do that right now. So they have you where they want you and NO, I will not let this drop.

Responses

  • Nh
    Nhia Jan 23, 2020

    My car was repossessed in perfect working order new brakes, struts, new inspection now that I paid to get my car out of repo it won’t start . I am mad as hell it was fine before they repossessed it and I told them I’m not paying for a car I can’t drive they need to refinance me for another vehicle or get this one fixed on them.what good is a warranty if nothing is covered.

    -1 Votes
  • Mi
    Middle Class Woman Mar 31, 2011

    This business needs to be shut down.

    -1 Votes
  • Do
    Domin0 Mar 03, 2011

    So originally you signed a contract with the dealer agreeing to pay $406 per month but you refused by only paying 2 payments per month of $188 (with the exception of 2 months per year), which means you paid $376 per month for 10 months a year, but agreed to $406 EVERY MONTH. What if you loaned thousands of dollars to someone who agreed to pay you $406 per month but then only gave you $376 instead? Their account would become deficient (but at the end of each year, would be caught up). You did not fulfill your contractual obligations to Credit Acceptance, and until the vehicle is PAID OFF, which means ALL monies owed are paid back to Credit Acceptance, they can and WILL repossess your vehicle, with or without notice. If you did not pay it off, even if you owed them $1, they legally can take it back from you. If you wanted to stop those two extra payments per year, you simply had to call to stop them or go on the website and cancel them. It's really much simpler to do that and fulfill the contract as you agreed that way, so you wouldn't have repossession, which is now on your credit, and you sitting here paying for a lawyer that obviously knows nothing about the law...Good luck to you.

    -2 Votes

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