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     | Sunday, October 29, 2000 - 05:52 pm  Thought you might find this of interest. It is a lawsuit brought on because of the practices of GMAC & NMAC (Nissan Motor Acceptance Corp). They would give approval for an auto loan at a certain interest rate however the auto dealer was free to up the rate, if it was accepted then they would share in the "windfall". It appears that whites were given better rates than blacks!!!!!!http://news.excite.com/news/ap/001022/03/financing-discrimination
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| | Tuesday, October 31, 2000 - 11:52 pm This really IS interesting. Not surprising at all, people get screwed all the time. Interesting to see it in court, I'd like to know how it turns out. Appreciate any updates!
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| | Wednesday, November 01, 2000 - 07:30 am Beware of a company called Credit Acceptance Corp out of Michigan. They have been sued by consumers in Ohio and other states because they specialize in high risk used car loans. Problem is they own a lot of the dealers through which they give loans. To top that off, in the lawsuits, CAC was accused of unloading lemons to people with really spotty credit/no credit histories. If you look at their SEC filing a few years ago they even admit they have to write off tons of bad loans because how are they going to collect on cars that no longer run? My experience comes as a car lot in California sold me a nice 89 Ford Thunderbird for around 4K. It stopped running within 6 months. When I asked them to repo the car they told me they did not want it back and told me they would let me know how to settle the matter. Six months later and no word (with interest at 25% piling up on 2+ thousand in debt compounded over the six unpaid months AND the city of Los Angeles takes the car as it can't be driven and CANNOT be parked on the streets) from these rocket scientists. An attorney starts to call me out of the blue and makes my life a living hell. I told him I more than offered to settle this with them (1200 settle AND the car back) and they wanted no part of it. I told him I would pay (big mistake) and did for 6 more months since the interest jacked the total back to around 3.5K. I stopped paying because I lost a job and needed the 6-800 I was making part time to pay for food and rent. They would NOT leave me alone (attorney, NOT CAC). I finally told them I was filing for ch7 (which I decided not to do later another big mistake). So I let it go never hearing a word again. I decided to file for ch7 and I called the attorney to get the account number and corporate address for the ch7 filing. He was all but rude and condescending by telling me to, in nicer phrasing, f-off. I called CAC and after being transferred 8 time over 1 hour I finally got the information I needed. Moral: DON'T SIGN ANYTHING FOR A CAR IF CAC IS UNDERWRITING THIS. I AM NOT THE ONLY PERSON TO HAVE PROBLEMS WITH THESE SCHMUCKS. THEY ARE BAD PEOPLE. (DISCLAIMER: The following moral was MY opinion and based on documented fact. If the corporation takes offense to this after seeing MY opinion, TOO BAD). BTW: I just called CAC again to threaten them with regards to continuing to report my account as delinquent AFTER filing and including them in my ch7.
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