Explanation of the American Credit Acceptance refund policy

American Credit Acceptance's corporate customer service representatives explain that the company has no standard procedure for repossessions and is open to dialogue before starting the process.

American Credit Acceptance staff will be sure to contact you before impounding your car. The confiscation process will be expedited if you have a bad credit history or are frequently delinquent on payments. Conversely, if your credit history is spotless and you pay your bills on time, your grace period will be longer.

Importantly, some states allow property forfeiture after only one missed payment and American Credit Acceptance adheres to these rules as well. So, if you anticipate not being able to pay your bill on time, you'd better contact American Credit Acceptance at (866) 544-3430 in advance to let them know about the problem.

Note: American Credit Acceptance has nothing in common with Credit Acceptance, except similarity in name. We have done research on the repossession policies of other lending companies and you can read about them at Exeter Finance and Ally Financial.

What to do if you have had your car impounded?
Generally, lenders are sure to notify customers about the car being put up for auction, and until then you can try to get your car back. There are several options for this return:

Loan reinstatement:
First, you have to pay the late payment penalty, directly all missed payments, repossession fees, etc., and only then do you get to resume all current payments and get your car back.

But you should note that American Credit Acceptance reserves the right to decide if you can have your credit restored.

Redeem the car in full:
You can pay off the amount owed and pay off the remaining loan amount and related fees in full, and then the car is yours. It is worth bearing in mind that this procedure also requires the cooperation of the lender. 

Buy the car back from the auction:
You have the opportunity to participate in the auction and redeem your car directly there by contacting the lender before doing so.
Note: If you manage to get the car back in this way, this procedure requires that the registration and title of the car be reissued back into your name.

Illegal confiscation
There are times when your car is confiscated by illegal methods. 

For example:

• deprivation of property through threats, the use of physical measures, or by violating personal boundaries;
• Lender's mistake in payment date;
• confiscation of the car based on incorrect information about the lack of insurance.

If in your opinion, the car has been impounded illegally for one of the above reasons (or for any other reason), you may want to contact an attorney for qualified assistance.

Customer Reviews
The Better Business Bureau (BBB) website has left more than 400 claims against American Credit Acceptance. For the most part, customers complain about billing and collection of debts that do not correspond to reality. Also, the company is accused of charging hidden fees, poor customer service department, and failure to provide information to credit bureaus on-time payments.
American Credit Acceptance customers are also very dissatisfied with the fact that basically all payment options are charged a processing fee. The only option not to pay for processing is to activate the automatic payment feature or mail a paper check. This information is listed on the company's website.