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What is American Credit Acceptance?

Dena Standley | June 16, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: With American Credit Acceptance, you can refinance your existing car loan or trade your old car for a new one. They assist consumers whose credit scores may prevent them from getting a loan from a bank, dealer, or other financial institution. They promote themselves as helpful, but their debt collection habits can be unpleasant, and you can protect yourself against American Credit Acceptance (ACA) if you know your rights. Use SoloSuit to respond to a debt lawsuit against ACA.

The American Credit Acceptance company, headquartered in Spartanburg, South Carolina, provides financing solutions for subprime consumers. Consumers can secure automotive loans through ACA. As a partner of over 2,500 dealers, the company has provided affordable vehicle options to more than 630,000 consumers.

Among the services American Credit Acceptance provides are sales, underwriting, funding, and loan servicing. As a subprime auto lender, ACA partners with four key groups:

  • Borrowers seeking affordable auto financing
  • Dealers who aim to offer consumers competitive options
  • Equity holders of auto companies
  • Dealers who connect consumers with affordable deals

The loan application can be processed online, but the approval will only be completed after offline verification and vetting. Here is more.

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How American Credit Acceptance works

Essentially, ACA helps you refinance your existing car loan with another loan or trade your old car for a new one. Some dealerships require that you buy a car directly from them. For example, you can use their payment gateway to pay for your car loan or repay Electronic Money Institutions (EMIs).

Though they're primarily known for providing auto loans and refinance options, they've expanded into other sectors. They "aim" to refinance and lend to Americans with subprime credit scores. Hence, they help consumers whose credit score may prevent them from getting a bank, dealer, or other financial institution loan.

The advantage of taking out a refinanced loan with them is the ease of approval and proper documentation. Payments are transferred to the auto dealership or whichever service you need to pay once your loan is approved.

If you are struggling financially and fall behind on payments, the relationship with ACA goes south quickly. In most states, repossession laws last 3 to 5 months after you've stopped making payments on your American Credit Acceptance loan. Defaults are defined in each contract you sign when you get your car and loan from American Credit Acceptance.

In some states and under certain contracts, repossession may occur within 45 days of default (or within a month and a half). You can also be declared in default if you haven't paid the American Credit Acceptance late fees.

Paying off your missed payments doesn't automatically remove you from the defaulter's list. For American Credit Acceptance to consider you out of default, you must pay them everything you owe.

American Credit Acceptance contact information:
Address: 961 E Main St Fl 2 Spartanburg, SC 29302-2185
Tel: +1 (866) 544-3430

Do consumers complain about American Credit Acceptance (ACA)?

Yes. There are ongoing complaints against American Credit Acceptance with the BBB and the CFPB. The company has been the subject of multiple complaints, some unrelated to debt collection. The CFPB's Complaint Database has 835 complaints about credit reporting, credit repair, and other personal consumer reports.

Consumers have complained that their information was manipulated and given misleading information. Furthermore, American Credit Acceptance failed to report some consumers' monthly payments. The purpose of this was to get them to pay late fees.

BBB's database shows more than 700 complaints regarding billing/collections and products or services. Numerous complaints relate to tampered information or incorrect reporting of monthly payments. Consequently, their credit score was affected, or they accrued overdraft fees and overdue charges.

As a result, American Credit Acceptance, LLC (ACA) is settling a class action asserting it violated the Rees-Levering Automobile Sales Finance Act by issuing written notices to consumers after repossession in California.

Protect yourself from American Credit Acceptance

You can take action if you or someone you love has been involved with American Credit Acceptance Corp, and identifying the debt is the first step. Send a debt validation letter to verify the debt is legitimate. SoloSuit helps Consumers send Debt Validation Letters to debt collectors. The letter asserts your rights under the Fair Debt Collection Practices Act (FDCPA).

A Debt Validation Letter often leads to debt collectors giving up. Your best defense against debt collectors is this document, which forces them to provide documentation to prove their claims.

They must cease communicating with you until they can validate the debt if they do not have the necessary proof.

Here's how to beat American Credit Acceptance

American Credit Acceptance's primary goal is to collect unpaid debt. When these collection efforts fail, American Credit Acceptance may sue you if the debt is within the statute of limitations in your state.

If you receive notice of a debt lawsuit, take action as soon as possible, and as a first step, draft an Answer using SoloSuit. Your Summons will include a copy of the American Credit Acceptance Complaint and your hearing date. You will find the amount owed and other relevant information in the Complaint.

Review the Complaint carefully for errors, as these can be used as affirmative defenses. Finally, file your Answer with the court and send a copy to ACA's attorneys.

Watch this video to learn more about how to respond to a debt lawsuit against ACA:

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