The companys response focuses on the existence of the loan agreement and payment obligation but fails to address the central issue : the condition of the vehicle at the time it was sold and financed, the defects that existed shortly after purchase, and the evidence provided showing that the vehicle should not have been approved as safe for operation.
Credit Acceptance was placed on notice of the defects shortly after the transaction. I provided documentation, including an independent inspection report, after the company requested that information. The company had an opportunity to review the evidence and investigate the circumstances surrounding the vehicle sale and financing.
However, Credit Acceptance has not provided : A detailed explanation of the investigation performed ; The documents reviewed during its investigation ; An explanation of how the vehicle condition was considered ; An explanation of why the company believes the financing should continue unchanged despite the documented defects.
The response does not dispute that Credit Acceptance received notice of the vehicle defects. Instead, it avoids addressing whether the vehicle was properly represented, inspected, and financed based on accurate information at the time of sale.
This complaint is not simply a disagreement over payment. The dispute concerns whether the underlying transaction involved material issues affecting the value, safety, and condition of the vehicle that was financed.
I acted in good faith by notifying the parties promptly, providing requested documentation, and attempting to resolve the matter before seeking outside assistance. Credit Acceptances failure to provide a meaningful investigation or resolution has left me responsible for a loan connected to a vehicle that I believe was misrepresented and improperly financed.
I request that CFPB require Credit Acceptance to provide a complete response addressing the actual issues raised, including : The vehicles condition at the time of financing ; The inspection documentation provided; The companys investigation process ; The basis for refusing to provide a remedy ; Any steps the company will take to correct the situation.
I also request that Credit Acceptance preserve all records related to this account, including communications, underwriting documents, dealer communications, and any internal investigation records concerning this dispute.
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