Credit Acceptance Corp
In my professional opinion, they are...Hands down!
Credit Acceptance Corp (CAC) could quite possibly be the best subprime auto lender in the country.
I have been able to secure auto loan approvals for customers with:
- A bankruptcy.
- Multiple bankruptcies.
- Major derogatory credit after a bankruptcy.
- A repossession.
- Multiple repossessions.
- First time buyers with terrible credit.
- Bad credit and looking for a 2nd, 3rd or even a 4th auto loan.
- And the list goes on and on...
No matter what your credit situation, Credit Acceptance Corp offers 100% guaranteed credit approval.
All New! Want to learn how to buy a car with bad credit? Check out the Bad Credit Car Buying Guide and it's 4 simple steps to buying a car!
What's covered below aboutFor Current Customers:
my favorite subprime auto lender:
Payment Address and Customer Service Contact Info
Acceptance Corp Works
First I'd like to tell you that CAC, unfortunately, does not lend direct to the consumer and only works with dealers that they have agreements with.Don't worry, I'll show you a great
source to find dealers in your local area.
As mentioned above CAC offers 100% guaranteed credit approval. There is no such thing as a turn down and your credit "will be approved."
They have ten different
Credit Tier Levels
that range from 1 - 10, with 1 being the best.
Once your application is submitted into their Credit Approval Processing Systems (CAPS) an approval takes no longer than 15 seconds...How's that for fast?
CAPS uploads the dealers inventory nightly and knows exactly what vehicles are available on the lot.
After you've received your approval, CAPS will then create a list of vehicles, on the dealers lot, that will work for their program based on your application.
Now, if you had come to the lot knowing what vehicle you had wanted prior to getting your approval, then CAPS would tell the dealer what requirements you'd need to meet in order to be able to make the deal. It's all very simple and very quick.
Another excellent benefit of Credit Acceptance Corp, is that they do report your monthly loan payments to all three major credit reporting agencies, which means you will be able to build and/or rebuild your credit.
To find dealers in your local area that use Credit Acceptance Corp and/or similar lenders that specialize in subprime auto loans you can apply here - Bad Credit Car Loans!
Funding Your Credit
Acceptance Corp Auto Loan
The guaranteed credit approval is the first half of getting an auto loan. To actually fund your auto loan Credit Acceptance Corp is going to want you to prove some things and meet some minimum requirements.
They are very flexible when it comes to funding requirements and in the list below are some general guidelines.
If there is something unique to your situation that's not covered below, there is probably some sort of exception that can be made. I have never had a deal returned to me because it could not fund.
They will require:
- A minimum of $500 down payment.
For the types of credit that Credit Acceptance Corp is willing to loan money to this is very strong. Most lenders will have minimum down payments of $1,500 or even up to 20-40%.
Where it gets even better is that this down payment does not have to be all cash. In fact, it can be no cash and all trade in equity.
If you have any type of a trade in with equity, then you can use this to substitute for a cash down payment.
Again, this is very strong and a lot of other bad credit auto lenders will only accept cash for their minimum down payment requirements.
- Minimum of $200 a month payment with maximum 25% payment to income.
I'm not really sure why they have a minimum monthly payment of $200, but they will not fund a deal if the monthly payments are $199.99 or less.
The max 25% to gross monthly income is figured by simply multiplying your gross (before taxes or deductions) monthly income by 0.25.
Example, you make $2,000 gross income each month, then your max allowable monthly payment would be $500.
- Having a checking account greatly improves your approval.
Having a checking account will typically help improve your credit tier within the CAPS program by 2-3 levels, which means you'll probably have more vehicles to choose from.
If you do have a checking account, they will ask you to provide proof with a copy of a current bank statement.
- You'll need to prove income.
Any one of the following are usually considered acceptable:
- Current pay check stub
- 2 years tax returns
- 3 months bank statements showing deposits
- Handwritten pay stubs showing tax deductions supported by canceled checks
- Social Security benefit letter
- You'll need to prove where you live.
Any one of the following are usually considered acceptable:
- Current Bank statement / Credit card statement / Mortgage statement mailed to home and showing physical address
- Current Phone bill / Cable bill / Garbage bill mailed to home
- Current utility bill (can't be final notice or disconnect)
- Current parent's bill if you are under 24 years old
- Lease / Rental agreement if at residence for less than 2 months
- They will make certain exceptions for Indian Reservations and for rural areas, see dealer for details
- Have full coverage insurance.
Listing Credit Acceptance Corp as the loss payee with a maximum deductible of $550.
- Have 5-10 references.
- Need complete physical address
- Must have working phone
- People living at a shared address count as one reference
- Can be family, friends, neighbors, co-workers
- Verify Employment
They will need to verify employment with your current employer.
- Landlord or Mortgage verification
They will contact your landlord or mortgage company.
This may seem like a lot, but it's really not as much as it appears to be. Most of my customers can easily come up with this information.
Where To Apply For Credit
Acceptance Corp Guaranteed Credit Approval
Dealerships that are serious about helping customers with bad credit will use Credit Acceptance Corp, or lenders with similar programs.
These dealers will stock the right inventory and will know how to structure loans to get the best approvals.
One of the best, if not the best, sources I know of to find dealers in your local area, that specialize in no credit and bad credit auto loans, is Funding Way.
They are a subsidiary of Auto Credit Express (their service has closed over 1 Billion dollars in online loans) and they have a huge network of dealers that can help you get approved for your new car today.
Remember, if they are working with Credit Acceptance Corp then you are Guaranteed Credit Approval, simply fill out this 60 second application and get approved today!
Make a Payment or
Contact Credit Acceptance
If you have not received your payment coupons yet or maybe even misplaced them, you can contact them at:Customer ServiceM-F 8:00am - 10:00pm ESTSat 8:00am - 7:00pm ESTToll Free 1-800-634-1506Mail Payments To:Credit Acceptance CorpP.O. Box 55000 Dept. 188801Detroit, MI 48255-1888
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