How Credit Acceptance bill payment works
Credit Acceptance sends you a payment coupon or statement each month showing what you owe, when it is due, and where to send the money. You can pay by mail, by phone, or online through their website or mobile app. The payment due date is usually the same each month — often between the 10th and 20th. If you pay after that date, you will owe a late fee, which Credit Acceptance adds to your balance.
When you make a payment, it first covers any late fees or other charges, then goes toward interest, and finally toward the principal (the amount you actually borrowed). This means early payments in your loan reduce interest faster than payments made near the due date. Payments typically post within one to three business days, depending on the method you use.
If you pay online or by phone, you may be charged a convenience fee — usually between $1 and $5 per transaction. Paying by mail or in person at a Credit Acceptance office does not carry this fee, but takes longer to process. Check your statement or log into your account to see which payment methods are available to you.
Key Takeaways
- Credit Acceptance sends a monthly statement showing your due date, balance, and payment address or online portal.
- Payments made online or by phone may include a convenience fee that does not go toward your loan balance.
- Late payments trigger a late fee and cause your payment to cover fees and interest before reducing what you owe.
- Paying before the due date reduces the total interest you will pay over the life of the loan.
- You can set up automatic payments through your bank or through Credit Acceptance to avoid missing a due date.
Payment methods and where to send money
Credit Acceptance offers several ways to pay. Online payment through their website or mobile app is the fastest method — payments post within one business day. You will need your account number and a bank account or debit card. Phone payment is available by calling the number on your statement; a representative will take your payment information over the phone, and you will pay the convenience fee at that time.
Mail payment requires you to send a check or money order to the address printed on your statement coupon. Include the coupon with your payment so Credit Acceptance can match it to your account. Mail payments take five to seven business days to arrive and post, so send them at least a week before your due date to avoid a late fee.
Some Credit Acceptance offices accept in-person payments during business hours. Call the number on your statement to find the nearest office and confirm their payment hours. In-person payments post the same day and do not carry a convenience fee, making this the cheapest option if you have an office nearby.
What happens if you miss a payment
If your payment does not arrive by the due date, Credit Acceptance will charge a late fee. The amount varies by state and by your contract, but typically ranges from $10 to $25 or a percentage of your monthly payment. This fee is added to your balance and you will owe it along with your next payment.
One late payment will not immediately harm your credit score, but if you are 30 days late, Credit Acceptance will report it to the credit bureaus. This report stays on your credit report for seven years and makes it harder to borrow money in the future. If you are 60 days late, the damage to your credit score is worse. At 90 days late, Credit Acceptance may begin collection efforts or repossess your vehicle.
If you know you will miss a payment, contact Credit Acceptance before the due date. Some lenders will work with you to defer a payment or adjust your due date, though this usually extends your loan and increases the total interest you pay. The sooner you call, the more options you may have.
Setting up automatic payments
Automatic payments remove the risk of forgetting a due date. You can set them up through your bank's bill pay service or directly through Credit Acceptance's website or app. With your bank's bill pay, you authorize your bank to send a check to Credit Acceptance on a date you choose each month. With Credit Acceptance's automatic payment, you authorize them to withdraw money from your bank account on your due date.
Automatic payments through Credit Acceptance are usually free and post faster than mailed checks. However, you must ensure your bank account has enough money on the withdrawal date, or the payment will fail and you will owe a late fee. Set a reminder a few days before the withdrawal date to confirm your balance.
You can cancel automatic payments at any time by contacting Credit Acceptance or your bank. If you need to change the amount or date, do so at least five business days before the next scheduled withdrawal to avoid a failed payment.
Understanding your statement and what you owe
Your Credit Acceptance statement shows several numbers. The payment due is the minimum amount you must pay by the due date. The current balance is the total amount you still owe on the loan. The interest charges show how much of your previous payment went to interest rather than reducing what you owe. The late fees appear if you missed a previous payment.
The statement also shows your loan term — how many months you have left to pay — and your interest rate. Credit Acceptance loans typically carry higher interest rates than traditional auto loans, often between 18% and 29% depending on your credit history and the vehicle. This means you pay significantly more interest over time if you only make minimum payments.
If you do not understand a charge on your statement, call the number listed on it and ask for an explanation. Credit Acceptance is required to explain how your payment was applied and why fees were charged.
Paying off your loan early
Paying more than the minimum payment or paying off the loan early reduces the total interest you will pay. If you send an extra $50 or $100 with each payment, that money goes directly toward the principal after fees and interest are covered, shortening your loan by months or years.
Some Credit Acceptance contracts include a prepayment penalty — a fee charged if you pay off the loan before the term ends. Check your contract or call Credit Acceptance to ask whether your loan has this penalty and how much it is. If there is no penalty, paying early is always cheaper than paying on schedule.
If you receive a bonus, tax refund, or other lump sum, sending it to Credit Acceptance as an extra payment can save thousands in interest. Make sure to specify that the extra money should go toward principal, not toward future payments.
Troubleshooting payment problems
If your online payment fails, check that your account number and bank information are correct. Some banks block payments to certain lenders if they suspect fraud. Contact your bank to confirm the payment was not blocked, then try again or use a different payment method.
If you mailed a check and it has been more than two weeks without a post, contact Credit Acceptance to confirm they received it. Provide the check number and amount so they can search their records. If the check was lost, you may need to stop payment on it through your bank and send another.
If you see a payment on your statement that you did not make, or if your balance does not match what you expect, call Credit Acceptance immediately. Errors can happen, and the sooner you report them, the faster they can be corrected.
Frequently Asked Questions
Can I pay my Credit Acceptance loan with a credit card?
Credit Acceptance does not accept credit card payments directly. However, some third-party payment processors allow you to pay a loan with a credit card for a fee — usually 2% to 3% of the payment. This fee often exceeds the convenience fee Credit Acceptance charges, so it is usually more expensive than paying with a debit card or bank account.
What if I want to pay twice a month instead of once?
You can make extra payments at any time without penalty. Paying twice a month reduces interest faster than one monthly payment of the same total amount. Contact Credit Acceptance to confirm how to label extra payments so they are applied to principal rather than held as a credit toward your next due date.
Does paying early hurt my credit score?
No. Paying early or paying off a loan early does not harm your credit score. It may slightly lower your score in the short term because you have less active debt, but this effect is temporary and minor. The long-term benefit of paying less interest far outweighs any temporary score change.
What is the difference between my payment due and my current balance?
Your payment due is the minimum amount you must pay this month to avoid a late fee. Your current balance is the total amount you still owe on the entire loan. If you only pay the minimum each month, it will take the full loan term to pay off the balance. Paying more than the minimum reduces the balance faster.
Can I change my due date?
Contact Credit Acceptance to request a due date change. They may allow you to move your due date to align with when you receive income, though this usually requires extending your loan by one month. Ask whether changing your due date will add interest or fees to your total balance.