Credit Acceptance agrees to pay $75.5 million, waive some customer debt in multistate AG settlement
CACC•New consumer and dealer requirements
The consent terms add consumer disclosures on vehicle pricing, affordability protections, and tighter dealer oversight requirements.
The company said it expects no incremental financial statement charges beyond amounts it had previously accrued.
Settlement ends multistate probe and 2023 federal lawsuit
Credit Acceptance reached consent judgments with the New York attorney general, ending a 2023 federal lawsuit tied to a multistate probe opened in 2020.
The settlement calls for $60 million to a consumer relief fund, $15.5 million to participating states, and debt waivers for certain customers.
