COVID-19 Update: We are here for you.

Updated on: 11/20/2020

 

Credit Acceptance is working hard to ensure you continue to have access to the account services you need.

The safety and well-being of our customers and team members are a priority for us. In this regard, we have successfully enabled our account representatives to work from home. Our team members remain available to provide you any account support you need.

We also want to encourage our customers to exercise social distancing and not venture out to make payments whenever possible. Keep in mind that payments can be made online or over the telephone, 24 hours a day.

How to make a payment

  • If you have a Customer Portal account you can use it to make payments and to access your account 24/7. Click here to log into your Portal Account.
  • If you do not have a Customer Portal account, you can set one up so you can make payments. Click here to create a new Portal Account.
  • You can also make a one-time payment online without a portal account. Click here to make a one-time payment.
  • If you would like to make a payment over the telephone, call 1-800-634-1506. You can make a payment 24 hours a day using our automated phone system, or with the assistance of an agent during the following business hours:
    • 8:00 a.m. – 11:00 p.m. ET, Monday through Friday
    • 8:00 a.m. – 5:00 p.m. ET, Saturday and Sunday

Update on collection activities, credit reporting and late fees for customers impacted by COVID-19

If you told us that you have been impacted by COVID-19, you may have received an email or letter from us. In the letter or email, we explained that we intended to resume normal credit reporting and resume assessing late fees on October 1, and we intended to resume some collection activities (including repossessions) after October 1. You may have also received a separate email or letter from us explaining that we intended to delay these actions to on or after November 1.

We have decided to further delay resuming normal credit reporting and late fees, and will continue to delay resuming some collection activities (including repossessions), as described in more detail below.

We will primarily communicate further updates to these policies through this page, but also send additional emails and letters to customers as appropriate. Please continue to check this page periodically for up-to-date information.

More detailed information about credit reporting for customers impacted by COVID-19 is also available below.

Information for customers impacted by COVID-19

If you notified us that you were impacted by COVID-19, we took several steps to help you navigate the impact of the pandemic. For a minimum of 90 days, we stopped late fees, we froze the status on your credit reporting, and we suspended collection activities. We call this the COVID Protected Status.

Customers Residing in All States Except AL, DC, IL, MD, MS, NY, NV, SC, and TX

If your account has received the COVID Protected Status for at least 90 days as of November 30, 2020, in order to continue the COVID Protected Status you must make your standard monthly payment in the month of December. For each month thereafter, you must continue to make your standard monthly payment by the end of the month in order to stay in the COVID Protected Status. However, you will not be required to bring your past due balance current while in the COVID Protected Status.

For accounts that have not been in a COVID Protected Status for at least 90 days as of November 30, 2020, we will review your account status at the end of each month after November to ensure your account stays in a COVID Protected Status for at least 90 days.  After your account has been in the COVID Protected Status for at least 90 days, to remain in the COVID Protected Status you must make your standard monthly payment by the end of each month.  However, you will not be required to bring your past due balance current while in the COVID Protected Status.

If your account remains in a COVID Protected Status beyond the minimum 90 days and you do not make your standard monthly payment by the end of each month, your account will be removed from the COVID Protected Status on the first day of the next month.

Beginning December 1, 2020 and monthly going forward, any account that was in the COVID Protected Status for at least 90 days and the credit reporting status is better (or has remained current) compared to the frozen status, we will remove the account from the COVID Protected Status.

Upon removal of an account from the COVID Protected Status, we will resume assessing late fees on payments that come due after the COVID Protected Status ends, we will resume collection activities that may include repossession, and we will remove the credit reporting freeze. See the FAQs below for what happens when the credit reporting freeze is removed.

Customers Residing in AL, DC, IL, MD, MS, NY, NV, SC, and TX

For residents in AL, IL, MD, MS, NY, SC, or TX who told us you have been impacted by COVID-19 and your account has been in a COVID Protected Status for at least 90 days, to remain in the Protected Status you need to make your standard monthly payment by the end of each month beginning in the month specified in the table below.

State

Month

IL or SC

January 2021

AL or MD

February 2021

NY, MS, or TX

March 2021

 

If you are a resident of DC or NV who has told us you have been impacted by COVID-19, we will send you a communication telling you exactly when you will need to begin making your monthly payments in order to continue in the COVID Protected Status.

 

If you have any questions, including a question about the date you were first placed in the COVID Protected status, please call one of our customer service representatives at 1-800-634-1506.

To make a payment, please call one of our account representatives at 1-800-634-1506, or click here to learn about all of our payment options.

If you call us, please be patient. Our account representatives are here to help. However, call volume is high and it is taking us longer than normal to get to all calls. Thank you for your understanding.

Information for customers not impacted by COVID-19

For customers who have not told us that they were impacted by COVID-19, on December 1, 2020, we will resume assessing late fees on late monthly installment payments in accordance with the terms of your retail installment sale contract. (If you reside in AL, DC, IL, MD, MS, NY, NV, SC or TX, this date will be different, as explained below).

If you are a resident of IL or SC, we will resume assessing late fees on late monthly installment payments in accordance with the terms of your retail installment sale contract on January 1, 2021.

If you are a resident of AL or MD, we will resume assessing late fees on late monthly installment payments in accordance with the terms of your retail installment sale contract on February 1, 2021.

If you are a resident of NY, MS, or TX, we will resume assessing late fees on late monthly installment payments in accordance with the terms of your retail installment sale contract on March 1, 2021.

If you are a resident of DC or NV, we will send you a communication telling you exactly when we will resume assessing late fees.

You may have previously received a letter or email from us explaining when we will begin assessing late fees and when we will restart some collection activities (including repossession). The dates provided above as to when we will restart late fees replace any dates previously communicated to you. However, any dates previously provided to you regarding restarting some collection activity (including repossession) are unchanged.

Information about Credit Reporting

For each month you are in the COVID Protected Status, we will report your account to the credit bureaus with the status your account was in when you notified us that you were impacted by COVID-19, essentially freezing the status of the account. We will also report a special code that indicates your account has been affected by a declared disaster. For customers whose credit reporting was frozen, your payment history will show a “D” during the months credit reporting was frozen, which indicates that no information is available for that reporting period.

Please review the FAQs below for additional information.

Q. What does it mean to have my credit reporting frozen?

A. During the time your account was in the COVID Protected Status, we will report the status your account was in at the time you notified us that you are impacted. For example, if your account was reported as current when you notified us, it will continue to be reported as current, even if you do not make a payment. However, if your account is being reported with a frozen delinquent status and you bring the account current while you are impacted, we will report the current status. As of the date we resume normal credit reporting, your account status will no longer be frozen, and the account will be reported with the status your account is in at that time. Even after the account status is unfrozen, the payment history will show a “D” during the months credit reporting was frozen.

Q. When will reporting on my credit be frozen?

A. We will report the frozen status of the account in the next monthly reporting period immediately after you inform us that you have been impacted.

Q. How long will credit reporting on my account stay frozen?

A. How long we report the frozen status is dependent upon your state of residence, as described above. However, all accounts will report a frozen status for at least 120 days from the date the account entered the COVID Protected Status.

Q. Will freezing the reporting in any way negatively impact my credit score?

A. The purpose of freezing your account status while you are impacted is to help reduce the negative impact to your credit. However, each credit reporting agency considers different factors in determining your credit score, not just your account status with Credit Acceptance. Please contact the appropriate credit bureau for specific questions relating to your credit score.

Q. If I wanted the freeze to be removed from my credit report, can I do that?

A. If you would like the freeze to be removed from the credit report, please call one of our account representatives at 1-800-634-1506 and state that you no longer want to have your credit report frozen. Our account representative will take steps to remove the freeze and the special code indicating you have been affected by a declared disaster. We are unable to retain the special disaster code if the reporting freeze is also removed.

Q. If I wanted the freeze to remain on my credit report, but I want the special code removed indicating I have been affected by a declared disaster, can I do that?

A. If you would like the freeze to remain on your credit report, but you want the special code removed, please file a dispute by completing and submitting to us the dispute form on our website.

Q. What will happen once my credit reporting is no longer frozen?

A. When Credit Acceptance stops freezing your credit reporting in accordance with the schedule described above, your account will stop reporting the frozen status and instead will report with the status it is in at that time. For example, if your account had been frozen in a current status over the past few months, but you stopped making payments and became delinquent, your account will go from reporting current in the last month we reported the frozen status to reporting the appropriate delinquent status in the following month. Each month, Credit Acceptance reports account information to the credit bureaus with the account information from the prior month. For example, if we stop freezing your account status in February, you will not see the February account status on your credit report until March. After the account status is unfrozen, the payment history will show a “D” during the months credit reporting was frozen.

Additional assistance

If COVID-19 is causing a significant financial stress on you and your family, you can consider the assistance of a reputable credit counseling organization to help you with a budget. The Consumer Financial Services Bureau has information on credit counseling at https://www.consumerfinance.gov/ask-cfpb/what-is-credit-counseling-en-1451/.

Finally, if you’re considering working with a debt settlement company, the CFPB also advises to be skeptical of any company that promises to help you in exchange for an upfront fee.  https://www.consumerfinance.gov/ask-cfpb/whats-the-difference-between-a-credit-counselor-and-a-debt-settlement-or-debt-relief-company-en-1449/

Be aware of online scams

Please be extra vigilant about online scams trying to exploit COVID-19. The Federal Trade Commission has tips for avoiding COVID-19 scams on their website at https://www.consumer.ftc.gov/blog/2020/02/coronavirus-scammers-follow-headlines.

CDC updates

For current information on developments related to COVID-19, visit the Centers for Disease Control and Prevention website at www.cdc.gov.