Credit Acceptance Corporation

[pvtjoker]

Back in March I was in need of a newer vehicle, but my credit score wasnt the greatest and was denied by a few places. I later went to a reputable dealership that worked with a company called "credit acceptance corporation"
They apparently work with people to help rebuild credit.

I did some homework, and read some horor stories that people had cars repoed in the first 3 months?

Well I am here to to say that it has been 6 months, I have my payment set up with direct withdrawl, and they have been reporting to all 3 credit agencies. For those who have had an issue, there must have been problems with making payments.

My total loan amount was for around $8500, and Im paying $226 month for 3 years. Overall its a pretty decent program, and worth checking out if you are in need of a vehicle and have been denied.

[Game Plan]

Originally Posted by pvtjoker

Back in March I was in need of a newer vehicle, but my credit score wasnt the greatest and was denied by a few places. I later went to a reputable dealership that worked with a company called "credit acceptance corporation"
They apparently work with people to help rebuild credit.

I did some homework, and read some horor stories that people had cars repoed in the first 3 months?

Well I am here to to say that it has been 6 months, I have my payment set up with direct withdrawl, and they have been reporting to all 3 credit agencies. For those who have had an issue, there must have been problems with making payments.

My total loan amount was for around $8500, and Im paying $226 month for 3 years. Overall its a pretty decent program, and worth checking out if you are in need of a vehicle and have been denied.

Thanks for the information. I too have seen the bad reviews on them but take them with a grain of salt. I would expect the “second chance” finance companies to be less forgiving of late payments than the main stream lenders. Hopefully, I get my FICO score up high enough in the next 6 to 12 months to use a regular bank to finance my next car. If not, I may look at Credit Acceptance Corporation.

[improving]

Thanks for sharing. You know at one point we needed a loan and had clean title and then used vehicle to get loan and just aren't getting anywhere with it. I wonder if they take over loans at all? I pay close to 20% and $200 on a $5k loan and our credit isn't too bad. craziness.

[rmiller0410]

I had a loan with Credit Acceptance at one point my problem with them was the high intrest. On their behalf i would point out that if i was going to be late as long as i called they never in any way harrassed me.

[Viva_v34]

I too had a an account with them. I had problems with even more once it got real close to when the vehicle was to mine. Had the vehicle for only four months when this fool hit me from the front. I called CAC and told them what had happened and for them to come and get it. I was volunteering for them to repo it. It was drive able and everything just body work was damaged. They wouldnt come and get it. I even told them that I would not be able to make payments at this time until the other resources kicked in. Payments were 293 a month so I would just make a even 300. Couldn't go back to work for awhile so I just had to wait until everything began to be put in place. Plus I don't like keep a vehicle once its been hit. Call me superstitious, once it's been hit, it becomes a target. No, no, no they will work something out, going above and beyond to keep my business. So that was cool. A year and a half later, a chick on her cell phone its raining and she slides and hits me in the back, I hit the person in front of me. He and I both were at a stand still waiting for the lights. Dang, unbelievable it happened on the same main street, same direction I was facing before just 14 blocks up the way. Anyway it was still drive able and I was able to only make two payments until everything kicked in again. This time they didnt want to work with me at all. Threaten to repo it, would except nothing on it. Just nada, no go. So I put it in hiding and told them they could not and would not get only had I think 3-5 payment more and it was mines. They are crazy!! A month before my last payment was due I paid it off in full. Then they wanted to be all up in my face(not literally) O regardless on how your car looks we can trade it in and upgrade you with a less interest and payments since you are a very good customer and we want to keep your business. Told them send me what you need, call the dmv and peace.. Never again will I deal with CAC or another company where I got my truck a year or so later after my car is Consumer Portfolio Services(CPS)..

[uhohitsamb]

How can I go about finding a dealership that is partnered with CAC?