Interview

20 Credit Acceptance Interview Questions and Answers

Prepare for the types of questions you are likely to be asked when interviewing for a position at Credit Acceptance.

Credit Acceptance is a leading provider of financing solutions for non-prime automotive customers. Headquartered in Southfield, Michigan, Credit Acceptance has been helping customers with less-than-perfect credit get behind the wheel of a new or used car since 1972.

If you’re interviewing for a job at Credit Acceptance, you can expect to be asked a variety of questions about your qualifications, work history, and availability. In this guide, we’ve assembled a list of Credit Acceptance interview questions and answers to help you prepare for your interview.

Credit Acceptance Interview Process

The interview process at Credit Acceptance is thorough and professional. The company seeks to ensure that each candidate is a good fit for the role they are applying for, and takes the time to get to know them through multiple rounds of interviews. The length of the process varies depending on the position being applied for, but generally takes around a month from start to finish.

1. Why do you think Credit Acceptance is a good fit for you?

This question is a great way to show the interviewer that you have done your research on their company and are excited about working there. When answering this question, make sure to highlight some of the unique aspects of the role or company culture that attracted you to apply in the first place.

Example: “I think Credit Acceptance is a good fit for me because I am passionate about helping people achieve financial freedom. Your company’s mission statement really resonated with me when I read it online, and I feel like my skillset would be an excellent addition to the team. I also love how innovative your company is, especially since I am always looking for ways to learn new things.”

2. What are your strengths and weaknesses?

This question is a common one in interviews, and it’s important to answer honestly. Employers ask this question because they want to know what you’re good at and where you can improve. When answering this question, be sure to focus on your strengths rather than your weaknesses.

Example: “I am very organized and detail-oriented. I also have excellent communication skills and work well under pressure. My weakness is that sometimes I’m too hard on myself when things don’t go as planned. I’ve been working on learning how to accept failure and move forward.”

3. What do you know about the automotive industry?

The automotive industry is a large part of the credit acceptance process. Knowing about this industry can help you understand how to accept and decline customers based on their financial history. When answering this question, it’s important to show that you have knowledge of the industry while also explaining why you’re interested in working for this company.

Example: “I know quite a bit about the automotive industry because I worked at an auto shop for two years. I learned how to work with different types of vehicles and how to fix them when they break down. This experience has helped me understand what makes people choose certain dealerships over others. It’s also given me insight into how to make sure customers are happy with their purchases.”

4. Do you have any experience working in collections?

Credit acceptance specialists often work with customers who are delinquent on their payments. Employers ask this question to make sure you have experience working in collections and can handle the job if they hire you. If you do, share an example of a time when you helped someone get back on track with their payments. If you don’t, explain that you’re willing to learn how to do it.

Example: “I’ve worked in collections before, but I haven’t had much experience doing so. However, I’m eager to learn more about credit acceptance and am happy to take any training courses necessary to help me succeed in this role.”

5. Describe a time when you had to deal with an angry customer, how did you handle it?

An interviewer may ask this question to see how you handle conflict. This is an important skill for a credit acceptance agent because they will likely have to deal with customers who are upset about their credit scores or other issues related to their accounts. When answering, it can be helpful to focus on the steps you took to resolve the situation and emphasize your ability to remain calm under pressure.

Example: “When I was working as a sales associate at a clothing store, I had a customer come in looking for a specific item of clothing that we didn’t have in stock. The customer became very angry when I told them we couldn’t order the item from our supplier. Instead of arguing with the customer, I offered to give them a discount on another item so they could leave happy. They agreed, and I helped them find something else they liked.”

6. Do you feel comfortable cold calling customers?

Cold calling is a common practice in the credit industry. It involves contacting customers who have not applied for credit with your company before and convincing them to do so. This question can help an interviewer determine whether you are comfortable talking on the phone and if you feel confident enough to make sales pitches. In your answer, try to show that you enjoy speaking with people and that you are willing to learn how to cold call effectively.

Example: “I am definitely more of a person who prefers face-to-face interactions than phone calls. However, I understand that cold calling is a necessary part of this job. I would be happy to take on this task as long as I receive training on how to do it most effectively.”

7. How would you handle a situation where a customer was not paying their bill?

This question can help the interviewer understand how you handle conflict and whether or not you have experience with credit collections. In your answer, try to highlight your problem-solving skills and ability to work under pressure.

Example: “I would first call the customer to find out why they haven’t paid their bill yet. If it’s because of a financial hardship, I would offer them an alternative payment plan that is more affordable for them. If they still refuse to pay, I would send them a letter explaining that if they don’t make a payment within five days, we will report them to a collection agency.”

8. Tell me about a time that you were successful at getting someone to pay off their debt.

This question is a great way to show your ability to work with clients and help them achieve their goals. When answering this question, it can be helpful to mention the client’s name and how you helped them pay off their debt.

Example: “I had a client who was struggling to make payments on his credit card. He was late on several of his payments and I called him up to talk about what we could do to get him back on track. We talked for quite some time about his financial situation and he told me that he just couldn’t afford to pay off his balance. I offered to lower his interest rate so that he would have more money to put toward paying off his balance. After doing that, he was able to start making payments again.”

9. Give us an example of a time when you felt like you went above and beyond for a customer.

Interviewers ask this question to see if you have a strong customer service ethic. They want to know that you’re willing to go the extra mile for their customers, and they also want to know what kind of things you might do to make your customers happy.

Example: “I once had a customer who was having trouble with his credit card machine. He called me at home because he couldn’t get it working. I stayed on the phone with him until we figured out the problem. It turned out that he needed a new cord for the machine. I told him I would overnight one to him so he could start taking payments again as soon as possible. He was very grateful, and he ended up referring several other businesses to us.”

10. If hired, what would be your approach to handling delinquent accounts?

This question can help the interviewer determine how you would handle a challenging situation. Use examples from your previous experience to show that you have what it takes to be successful in this role.

Example: “I would first try to reach out to the customer and find out why they haven’t been making their payments. If I couldn’t get through to them, I would contact other family members or friends who may know where they are. If all of these attempts failed, I would send a final notice before taking legal action. This is because I believe there’s always a chance for customers to come back and make good on their debts.”

11. Are you comfortable being on the phone all day?

Credit representatives often spend a lot of time on the phone with customers. The interviewer wants to make sure you’re comfortable talking for long periods of time and that you have good phone etiquette. If you haven’t done this type of work before, explain how you would adapt to it.

Example: “I’ve worked in customer service roles before, so I’m used to being on the phone all day. However, I know credit acceptance is different because we are helping people rather than selling products or services. I am committed to providing excellent customer service and making sure my customers feel heard.”

12. Have you ever worked in sales before?

This question can help the interviewer determine if you have experience in a sales environment. If you do, they may ask you more questions about your previous job to learn more about your skills and how they relate to this position. If you don’t have experience in sales, you can talk about any other customer service or management roles that involve selling ideas to clients or customers.

Example: “I haven’t worked in sales before, but I did work as an account manager for my last company. My role was to manage client accounts and ensure our team met their needs while also meeting ours. This helped me develop strong communication and problem-solving skills that I think will be helpful in this role.”

13. In your opinion, what makes a great salesperson?

Interviewers may ask this question to see if you have the skills and qualities that are important for success in their company. They want to know what you value as a salesperson, so they can determine whether your values align with those of the organization. When answering this question, think about what makes you successful at selling and highlight these traits.

Example: “I believe a great salesperson is someone who has strong communication skills and empathy. I am always willing to listen to my customers’ needs and find solutions that work for them. I also feel it’s important to be confident in myself and my product or service. If I don’t believe in what I’m selling, how can I expect others to?”

14. Can you tell me about a time when you had to work under pressure?

Interviewers ask this question to see how you handle pressure. They want to know that you can work under stress and still perform your job well. When answering, think of a time when you had to meet a deadline or solve a problem quickly.

Example: “When I was working as an assistant manager at my previous job, the store manager called me in on a Saturday morning because they were sick. I didn’t have much time to prepare for the day’s tasks, but I managed to get everything done by the end of the day. The next week, the store manager returned to work and told me how impressed they were with how I handled myself.”

15. What is your experience with analyzing credit information?

This question can help the interviewer understand your experience with credit reports and how you use them to make decisions about accepting or denying a customer’s application. Use examples from past experiences where you used credit information to determine whether a customer was likely to repay their loan on time.

Example: “In my last role, I worked as a credit analyst for a small business that provided loans to customers who needed financial assistance. My job was to review each applicant’s credit report and decide if they were eligible for a loan based on their credit history. If an applicant had no previous credit history, I would look at other factors like their income level and debt-to-income ratio to determine if they were a good candidate for a loan.”

16. How well do you work independently?

Credit acceptance specialists often work independently, so employers ask this question to make sure you can complete your tasks without much supervision. When answering this question, explain that you are a self-motivated individual who is able to stay on task even when no one else is around.

Example: “I am very independent and motivated. I have always been the type of person who gets things done without needing someone to check up on me or motivate me. In my previous role as a credit specialist, I was responsible for accepting applications online and making sure they were processed correctly. I worked alone in this position, so I had to be completely independent. I learned how to manage my time well and got used to working without anyone checking in on me.”

17. Do you consider yourself a competitive person?

Credit managers need to be competitive in order to meet sales goals. Employers ask this question to see if you have a strong work ethic and are willing to go the extra mile for your company. In your answer, share an example of when you were motivated by competition. Explain how it helped you achieve success.

Example: “I am definitely a competitive person. When I was in college, I had a friend who was also studying finance. We would constantly challenge each other to get better grades. It made us both study harder and learn more about our subject matter. By the end of the semester, we both got A’s on all of our assignments. I think that being competitive can help motivate others to do their best work.”

18. What skills do you think are necessary to be successful as a Market Area Manager?

This question is an opportunity to show your knowledge of the role and how you can be successful in it. When answering, think about what skills you have that would help you succeed as a Market Area Manager. You can also talk about which skills you are working on developing.

Example: “I believe communication skills are essential for success as a Market Area Manager because they allow me to effectively communicate with my team members and customers. I am always looking for ways to improve my communication skills so that I can better understand others’ perspectives and needs. Another skill I think is important is problem-solving, as this helps me find solutions to challenges when they arise.”

19. What is your experience managing a team?

This question can help the interviewer determine your leadership skills and how you interact with others. Your answer should include a specific example of when you managed a team, what responsibilities you had as a leader and what results you achieved.

Example: “In my previous role, I was responsible for managing a small team of credit analysts who were in charge of reviewing applications for new loans. My primary responsibility was to ensure that all members of the team completed their work on time and met our company’s standards for loan approval. In this role, I learned how to delegate tasks effectively so that everyone could complete their assignments without needing much assistance from me.”

20. When was a time that you struggled in a leadership position?

This question can help employers understand your leadership skills and how you overcame challenges. When answering this question, it can be helpful to mention a time when you had to make a tough decision or solve a problem that impacted others.

Example: “In my last position as a credit analyst, I was responsible for reviewing applications from new customers. One day, I received an application from a customer who had excellent credit but wanted to open several lines of credit. This is usually a red flag, so I called the customer to discuss their situation. The customer told me they were in financial trouble and needed more credit to pay off debt. I decided to approve the application because I felt like there wasn’t another option. After speaking with the customer, I also contacted the company’s human resources department to see if we could offer any assistance.”

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