Utah to get $2M in auto loan settlement, attorney general announces

Credit Acceptance Corporation will cancel $634M in auto debt for 55,000+ borrowers under a proposed consent order. The deal resolves a lawsuit by NY AG and CFPB, addressing high interest rates and repossession practices. Eligible loans meet specific criteria, including origination dates, credit scores, and payment-to-income ratios. The order also imposes new lending rules for the company, including price caps and add-on product disclosures.

Credit Acceptance Corporation will pay $694 million to settle claims of predatory lending practices. The settlement includes cash payments and debt forgiveness for borrowers, with $60 million going directly to consumers and $634 million as debt relief. The company must also pay $15 million to states. The settlement resolves allegations that the company approved high-risk loans with a high chance of default, targeting low-income borrowers.

Credit Acceptance Corporation settled a multistate lawsuit for $694 million, providing cash and debt relief. The subprime lender was accused of issuing loans to borrowers it knew couldn't repay, based on its own risk assessments.

Credit Acceptance Corporation agreed to a $694 million settlement with 41 state attorneys general over allegations of approving loans despite internal predictions of borrower failure. The settlement includes cash restitution and debt relief for affected consumers. The company will also implement future protections, such as clearer warnings and price caps. The settlement takes effect November 2, 2026.

Utah joined 39 states in a $694M settlement with Credit Acceptance Corporation, resolving allegations of predatory auto lending. The company will provide cash restitution and debt relief to consumers, including $1.9M for Utah residents. The settlement requires changes to the company's lending practices, including clearer disclosures and limits on dealer practices.

Credit Acceptance Corporation settled multistate allegations, agreeing to debt forgiveness and operational changes. The settlement may impact loan economics and credit risk. The company extended funding facilities until 2028 at higher rates. Credit Acceptance projects $4.2B revenue and $707.2M earnings by 2029, with potential 13% upside from current price, according to analysts.