Credit Acceptance Settles Loan Claims
Credit Acceptance agreed to a 710 million dollar settlement with U.S. states to resolve charges of issuing predatory auto loans to low income borrowers. The company will forgive debt and pay restitution while denying wrongdoing.
Xurve View
Insights:
Xurve View
Credit Acceptance Corp agreed to a $710 million settlement with 40 United States states and Washington, D.C., resolving predatory lending charges. The deal addresses allegations that the subprime lender drove low-income borrowers into unaffordable auto loans. The agreement marks one of the largest state-led multi-state enforcement actions against a subprime auto lender in recent years.
