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bravesfan

American Credit Acceptance

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I purchased a vehicle from a dealership in 2015. The Original Creditor/Lender was acquired by another bank and eventually my loan was purchased by American Credit Acceptance (ACA) about 9 months ago. We tried to trade the vehicle this past weekend and was told by the dealership (same one we bought the car from in 2015) that since it is not reporting to any of the 3 CRA's that they couldn't take the trade. They also fed us a story that they have had several customers who have financing with ACA have problems. They were trying to tell me that ACA isn't in business any longer and that we may have some issues once we pay the vehcile off in getting the title and since it was reporting that if it ended up repossessed that it wouldn't show on my CR. I do know enough to know that in a repossession I would still be sued for what the vehicle didn't bring from what is owed. In the past 9 months I have contacted them and I get correspondence and they have a website and someone is accepting my payments (Western Union). I kinda feel they were feeding me a line...but I don't know how to find out what is really going on. I still have a few years left on the loan and would like to know that this company is still in business and that I would get my title once paid off. I would like to trade or sell the car...but I would like to know I can get the title. I also don't want to just do nothing and face the fact that they may repossess it and then even though it isn't reporting...then have them to possibly report it if ACA is still in business. 

 

Does anyone know if this company is still operating? They also told me that it was law for lenders to report to the CRA for Auto Loans...which I don't know if that is true or not either. The initial lender did...but since it was purchased it hasn't been reported.

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They still have an operative website.

 

There is no law that states that a lender report to a CRA(s), just that if they do report the report must be complete and accurate.

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I am starting to think that maybe the dealership was just feeding me a line to try to get me to purchase a vehicle from them. This is also the dealership who at one time suggested that b/c the lender doesn't have our best interest that I let them repossess my car and purchase one from them last year. I think it is time to look for another dealership. That is bad advice and I think this is their way of saying the same thing but in a different way. I am not that familiar with ACA...but they take my checks and as you said the website is operational and seems to be updated after my payments.

 

I thnk selling or trading is my only option with my 2015 vehicle. I would like to refinance it...but b/c I got in with a high interst rate...it would be hard to find someone to refinance...or at least I think it would be.

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What were you looking at?  Is it new or used?  What is the financed vehicle and in what condition is it at present?  How much is owed relative to book valuations, both private and trade? 

 

I question why you went back to the dealership in question given that you felt they were less than honest on a prior purchasing effort.  That right there is enough to never go back and give them another chance to be less than honest...

 

Another factor to look at is just HOW upside down you are going to be if you finance a different new vehicle for five years.  And I sure hope you don't come back and say 'oh, no...we expected to finance for 72 or 84 months.' Even five years is simply too long to be financing, especially with a purchaser who wants to flip every few years.  Those purchasers are constantly going to be upside down, which means ALSO wasting money on stuff like GAP insurance premiums...

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I just financed in February through ACA.  Company is in business.

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On 5/5/2019 at 7:31 PM, dredee0 said:

I just financed in February through ACA.  Company is in business.

I think they are too. Just odd I guess. Someone in plain clothes (shorts and shirt) stopped by our house yesterday and hand delivered a letter. The envelope only had our names and was stamped CONFIDENTIAL. The letter looked generic. It had the ACA logo and said IMPORTANT MESSAGE with no account #. The body of the letter had one sentence requesting that we contact ACA. The phone # at the bottom was different from the one listed on their website. I called it and it is the same recording when you call the # on the website. I hung up and called ACA at the # on their website and spoke to a rep. She claims they don't send people/agents to customers house and she said the last correspondence was 4/29 when they sent out my monthly statement. The letter was dated 5/6 which is after the date the rep stated. Also when the person left they snapped photos of our mailbox and the front of our house. Usually the company would send a Certified Letter rather than someone stop by for a visit.

 

I don't know how they would know who the car is financed through especially since it isn't being reported to any of the 3 CRA's. With no reason to contact me according to the rep and that I have never had a personal visit about a vehicle we had financed that wasn't local...it just has my radar up as  could it may be someone from ACA or someone they contracted to reach out to Customers. I don't know what to think.

 

 

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Have you received the monthly statement they say that they sent?

 

 

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