Kentucky consumers to receive $10 million in Credit Acceptance settlement

Credit Acceptance Corporation (CAC) settled a lawsuit with 40 states and D.C., agreeing to provide $694M in relief to 55,000 consumers. The settlement includes $630M in debt relief, $60M in restitution, and $15.5M to states. CAC was accused of predatory lending practices, including high interest rates and misstated loan terms. The settlement also mandates consumer-friendly reforms for CAC over the next five years.

The state of Hawaii settled with Credit Acceptance Corp. (CAC) over allegations of predatory auto loans. If approved, eligible consumers will receive $830,000 in debt forgiveness and $115,000 in cash restitution. The settlement includes reforms to CAC's lending practices, such as disclosing loan risks and preventing unwanted add-ons. This is part of a nationwide settlement involving 40 other states, with up to $60M in cash restitution and $634M in debt forgiveness.

Kentucky consumers will receive $10 million in debt relief and restitution from a $694 million settlement with Credit Acceptance Corporation, announced by Attorney General Russell Coleman. The settlement alleges predatory lending practices and requires CAC to reform its lending practices, including disclosing loan risks and providing protections for high-risk loans. The agreement is pending court approval.

Kentucky and other states reached a $694M settlement with Credit Acceptance Corporation (CAC) over predatory auto loans. CAC will provide $10M in debt relief and restitution to Kentucky, implement customer protections, and cap vehicle prices. The settlement awaits court approval.

Georgia and 40 other states reached a $694M settlement with Credit Acceptance Corporation (CAC) over subprime auto loans. CAC will provide $28.19M in relief for 4,890 Georgians and $373,562.28 to the state. The settlement requires CAC to improve loan disclosures and protections. Eligible customers will be notified. The settlement takes effect on Nov. 2, according to Georgia Attorney General Chris Carr’s office.

Credit Acceptance Corporation (CAC) agreed to a $694M settlement with 41 states, including $60M in cash restitution and $388M in debt relief for consumers with risky car loans. The settlement resolves allegations of predatory lending and unfair practices, with CAC required to reform its lending and disclosure practices.