Credit Acceptance Corp to forgive over $630 million in consumer debt
Credit Acceptance Corp (NASDAQ: CACC) will pay $75.5 million, forgive more than $630 million of consumer debt, and reform lending practices to resolve allegations by most U.S. state attorneys general over consumer protection law violations.
Credit Acceptance Corp NASDAQ:CACC will pay $75.5 million, forgive more than $630 million of consumer debt and change its lending practices to settle allegations from most U.S. state attorneys general that the subprime auto lender violated various consumer protection laws. The agreement covers the debt forgiveness, the payment and the lending practice reforms tied to the allegations.