Maryland AG Anthony Brown Co-Leads $694M Settlement with Subprime Auto Lender Credit Acceptance Corporation
This post may contain affiliate links, which means I may earn a small commission at no extra cost to you if you make a purchase through them. Another recent consumer protection bulletin from the Office of the Attorney General of Maryland is bringing major financial relief for local drivers trapped in predatory auto financing. Attorney General Anthony G. Brown, alongside a multistate coalition of attorneys general across 40 other states, announced a landmark $694 million multistate settlement with Credit Acceptance Corporation (CAC), one of the nation's largest subprime auto finance companies. The resolution targets high-risk, unaffordable vehicle loans and deceptive add-on practices that caused thousands of consumers to default on debt and lose their primary family transportation. Here are the takeaways: * Massive Debt Relief & Restitution Package : Under the settlement agreement , CAC must provide $634 million in total debt relief to consumers, alongside $60 milli...