Are you being garnished by Credit Acceptance?
Has Credit Acceptance repossessed your vehicle and attempted to charge you for the deficiency?
Do you have a high interest car loan from Credit Acceptance and your vehicle broke down?
Who is Credit Acceptance?
Credit Acceptance Corporation is an automobile financing company that works with car dealers. Our office has worked with hundreds of individuals who have experienced financial problems as a result of their agreements with Credit Acceptance. We have found that the car dealerships that work with Credit Acceptance have sold a number of vehicles that have problems resulting in the vehicle breaking down shortly after purchase.
Credit Acceptance provides financing to high credit risk individuals at a high interest rate. At times, the interest rate provided will be just below the statutory limit at 24.99%. We have found from our experience that Credit Acceptance is aggressive at repossessing automobiles when an individual becomes past due. After repossession, Credit Acceptance will sell the vehicle and ultimately sue the individual for the difference between the sale price of the vehicle and the amount the individual owed. This is called the deficiency balance. The deficiency balance can range from a small amount to as much as $15,000.00. Once a Complaint is filed seeking judgment on the deficiency balance, it is very difficult to succeed in court as the contract terms have already been agreed upon. In a vast majority of cases, Credit Acceptance will be successful in obtaining a judgment. After Credit Acceptance obtains a judgment, they can begin garnishment proceedings immediately.
How our office can help with problems with Credit Acceptance?
Our office can stop a garnishment by Credit Acceptance immediately and discharge any obligation that was previously owed to them. By filing a bankruptcy case, we will contact Credit Acceptance’s attorneys to get the garnishment stopped. If Credit Acceptance has taken over $600 or more within the last 90 days prior to the filing of the bankruptcy case, we will get that money back for you.
If your monthly payment owed to Credit Acceptance is too high as a result of the interest rate, we can reduce the interest rate in a Chapter 13 plan. If your vehicle is over three years old, we can reduce the amount owed on the vehicle to the fair market value of the vehicle.
Fight back against Credit Acceptance
Don’t accept Credit Acceptance taking 25% of your paycheck. Do not continue to pay a high interest rate on an old vehicle that is breaking down. Contact our office today at 248 237 7979.