Attorney General Raoul Announces $694 Million Multistate Settlement with Subprime Auto Lender Credit Acceptance Corporation

Nevada AG Aaron Ford settled with subprime auto lender Credit Acceptance Corporation. The deal provides $694M in cash and debt relief to consumers, including $60M in restitution and $388M in debt relief for risky loans. The company must improve disclosures and protect consumers from unfair practices. Nevada will receive $140,182. The settlement resolves allegations that CAC originated unaffordable loans.

Indiana Attorney General Todd Rokita announced a $34.7 million settlement with Credit Acceptance Corporation (CAC) over allegations of unfair auto lending practices. The settlement provides cash restitution and debt relief to affected consumers and requires CAC to change its lending and dealer oversight practices. CAC, a major auto finance company, must implement new disclosures, monitoring, and loan forgiveness provisions.

Credit Acceptance Corp. settled with 40 U.S. states and D.C. for $710M, resolving predatory lending claims. The company will forgive $634M in debt, pay $60M in restitution, and a $15.5M penalty. It will also change lending practices, warning high-risk borrowers and waiving 95% of sums owed if they default within 12-18 months. The settlement follows a lawsuit filed by New York Attorney General Letitia James and the CFPB. Credit Acceptance denied wrongdoing. Shares were down 2.7% at $585.08 in aft

Credit Acceptance Corp. agreed to a $700M settlement, including $630M in debt relief, $60M in restitution, and $15.5M in penalties. The deal, led by New York AG Letitia James and 39 other states, covers 55,000 borrowers. The company must change its default handling and add-on product sales practices. The settlement resolves allegations of predatory lending and misrepresentation of loan terms.

Credit Acceptance Corp. will pay $710M to settle allegations by 41 states that it issued high-risk loans to low-income borrowers. The settlement includes $60M in cash restitution and $388M in debt relief for affected borrowers. The company denies wrongdoing but says the settlement provides business certainty.

Credit Acceptance Corporation (CACC) will pay $694 million to resolve claims of risky loan practices. About 260 Washington residents will receive $373,000 in restitution, with $2.4 million in loan forgiveness. The settlement requires CACC to improve disclosures and protections. The company will provide $388 million in debt relief for repossessed vehicles and $246 million for those still owning their vehicles.