Oregon Attorney General Announces $694 Million Settlement Helping Oregonians in Predatory Auto Loans
The company will forgive $634 million in debt and pay $60 million in restitution after states said it pushed borrowers into unaffordable loans.
- On Thursday, Credit Acceptance Corporation agreed to a $710 million settlement with 40 states and Washington, D.C. to resolve allegations it drove thousands of low-income borrowers into predatory auto loans.
- Attorneys general alleged the Michigan-based lender encouraged dealers to engage in unlawful "packing" of unwanted Vehicle Service Contracts and Guaranteed Asset Protection products while ignoring borrowers' inability to repay loans.
- The agreement provides $634 million in debt forgiveness for more than 55,000 borrowers, $60 million in cash restitution, and a $15.5 million penalty, though Credit Acceptance denied wrongdoing.
- Starting November 2, 2026, the company must institute lending reforms, including "off-ramps" for risky loans and price caps at 109% of retail book value for certain consumers.
- The U.S. Consumer Financial Protection Bureau withdrew from a parallel federal lawsuit in April 2025, describing the move as "consistent with principles of justice and fairness." This settlement concludes the legal dispute.
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Attorney General Raoul Announces $694 Million Multistate Settlement With Subprime Auto Lender Credit Acceptance Corporation
CHICAGO – Attorney General Kwame Raoul, as part of a bipartisan coalition of 41 states, secured a settlement with Credit Acceptance Corporation (CAC), providing $694 million in cash and debt relief to consumers across the country in connection with their car loans.CAC is one of the nation’s largest auto finance companies, providing car loans to consumers with limited or impaired credit histories. In addition to relief for consumers, the settleme…
Credit Acceptance reaches $710 million predatory auto lending settlement with most US states
By Jonathan Stempel NEW YORK, Sept 17 (Reuters) - Credit Acceptance Corp agreed to a $710 million settlement with 40 U.S. states and Washington, D.C. to resolve charges it drove thousands of borrowers with low incomes and low credit scores into preda...
Credit Acceptance Reaches Resolution With State Attorneys General
Southfield, Michigan, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that it has entered or will enter into consent judgments with the Office of…
Oregon Attorney General announces $694 million settlement helping Oregonians in predatory auto loans
BEND, Ore. (KTVZ) -- Oregon Attorney General Dan Rayfield announced a $694 million settlement with subprime auto lender Credit Acceptance Corp. following a multistate investigation into predatory financing practices. Oregon will receive just over $754,000 under the agreement. The state's allocation includes $548,431 in debt relief for 58 Oregonians, $96,142.35 in restitution for 67 Oregonians
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