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Credit Acceptance Corp. enters $710M settlement with 40 states

Lawsuit accused CAC disguised financing costs, pushed consumers into unnecessary add-ons

Credit Acceptance Corp. has agreed to a $710 million settlement after 40 state attorneys general accused the subprime lender of predatory financing practices. The settlement requires the Southfield, Mich.-based lender to: Provide $630 million of debt relief to select customers; Pay $60 million to a trust account the state attorneys general will use to pay […]

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