Car Buying Questions

Credit Acceptance
Corp Auto Loan

A car buying question from Andrew from Long Island, NY...
Had an issue with a Credit Acceptance Corp auto loan.

So, I was issued a loan from Credit Acceptance Corp in 2004 I believe - it was a 36 month loan - I paid the first 24 months on time (relatively) - and then I didn't make a payment for probably 2 years.

I recently settled the balance, paying them $800 on $1200 due. They never repo'd the car, primarily because they couldn't find it.

There should be noting on my credit very soon that there is no balance due. My question for you is - now that I have used up the best resources for bad credit loans, do I have any options for a car loan?

I still have pretty bad credit - score is around 600, although I have been paying someone to repair it for almost 6 months now.

I appreciate your time, Thanks again


Hi Andrew,

One of the great things about Credit Acceptance Corp is that they will loan you money again. The fact that you have settled the loan is a positive, because in order to get an auto loan with them again, they would have required that.

There are definitely other lenders out there that will loan you money on a new "used" car.

The best suggestion I can give to customers looking for bad credit auto loans (outside of repairing credit, this can take awhile) is to save up some money for a decent down payment, especially with how tight lenders are these days.

Trade equity can also usually be used either in addition to or as a replacement for cash.

It's not always necessary to have a big down payment, but it gives you so many more options as to what kind of car you are able to buy.

One key point to keep in mind, is that truly bad credit lenders do not lend direct to the customer. There are way too many variables involved with structuring the loan and the only source is through a car dealership.

The sources I have throughout my bad credit auto loans pages are the best sources I know of to find local dealers that specialize in bad credit.

Apply with Auto Credit Express and they'll get your application to a bad credit specialist in your local area who should be able to help get you approved.

Two other great places for you to consider, if there is one in your area, is either JD Byrider or DriveTime. They are the dealer and the lender. I used to compete against them in TX and they could oftentimes do things for customers that my "traditional" lenders couldn't do.


Credit Acceptance Corp will certainly still approve you for an auto loan, bigger is better when it comes to down payment and there may be even better options for you than Credit Acceptance. Thanks for your question and I hope this helps, Justin.

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