May
15

TOO HIGH LOAN ON CHEAP CAR?

By
cheap loan

My husband purchased a car in November of 2007. Its a 2001 Pontiac Grand AM. At the time he had no credit so the only place that the dealership could put him through was CREDIT ACCEPTANCE (BLLLAAAHHHHH). Anyways he has been paying on it faithfully every month. Recently he got laid off….so through that we found out how crooked the company really is….He has a $13000 loan on a 2001 car that is worth $2300 at the most. Hes already paid a good $5000 onto the car. I think the fees are ridiculous, the interest is sky high and it should be illegal for them to charge what they want on a car that isnt woth very much to begin with. What can we do?

Quick House Sale
Categories : cheap loan

3 Comments

1

Welcome to predatory car lots. That is why you needed to research the car lot before buying. There is nothing you can do since you signed a contract.

2

Auto finance is what I do for a living and Credit Acceptance is the bottom of the barrel when it comes to lenders the sad thing is there is nothing that they or the dealer did that is illegal so as far as what you can do the sad answer is nothing except keep making the payments or let the car go back and suffer a repossession on your husbands credit.

This is the main reason I refuse to use Credit Acceptance as a lender.

3

Did it seem illegal or wrong when they were the only ones who would give him a loan when he needed it or just after you FINALLY read the paperwork he signed without reading THEN?

What you can do is learn from this incident and read and know what you are doing regardless of the necessity you perceive.

Get ready if those payments aren’t made they will repo, sell, and then hold him liable for difference in sales price and his loan amount.

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