Quick Answer: Joining American Credit Acceptance lawsuits won’t automatically pay off loans or remove delinquencies from credit reports unless there’s an underlying legal error by the company. Borrowers facing unwarranted repossession should consult a consumer attorney or file complaints with their state Attorney General office.
Question:
Dear Steve,
I own a vehicle with a loan held by American Credit Acceptance, LLC. I live in South Carolina, and my vehicle currently has repossession orders.
Each weekday I send one short email: one money story that caught my attention, why it might matter to you, and one manageable thing you can do with it. A couple of minutes, and a dad joke.
In the latest issue (Oct 15): The ones who need the Social Security raise the most keep the least of it
Free. I sell nothing. Unsubscribe any time.
Please let me know if there is any way that I can link my vehicle to these lawsuits, have it paid off and the delinquencies removed from my credit report?
The Daily Money Brief — Free, at 10 AM
Money you may be owed, scams to dodge, and the fine print decoded — the consumer money news that affects your wallet, every weekday.
Please let me know if there is any way that I can link my vehicle to these lawsuits, have it paid off and the delinquencies removed from my credit report?
Jenna
Answer:
Dear Jenna,
I think you might be thinking of this post from 2019 about American Credit Acceptance.
There have been many federal suits that involved American Credit Acceptance over the years. That doesn’t even count the suits filed in state court.
If you feel the repossession is not warranted and you are not delinquent on your payments then you should see assistance from a vehicle consumer attorney in South Carolina or file a complaint with the South Carolina Attorney General Office.
It would be unrealistic to expect the vehicle to be paid off and your payment history removed unless there is an underlying legal issue or error created by American Credit Acceptance that has created the situation.
Dealing With Debt? Understanding your options is the first step. See how all your debt relief options compare — including ones most sites won’t tell you about. The Find Your Path quiz gives a recommendation based on your actual numbers, and the Scam-O-Meter checks any company’s complaint history before you sign. Federal Reserve research shows bankruptcy filers recover faster than those who don’t file.
I feel as if my loan is not getting paid down through American credit acceptance. I heard there is so many lawsuits. Is there anyone I can do to get out of this car?
You can hand the car back and attempt to settle the default balance, file bankruptcy and hand the car back, pay more than the minimum to pay the balance off faster, refinance at a lower interest rate, or sell the car and pay any difference due between the sales price and loan balance.
Asked question about American Credit Acceptance.
Follow the link to read my answer.