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Nearly 5,000 Georgians to get relief under $694M auto finance settlement - WSB-TV

Credit Acceptance Corporation has reached a multistate settlement to resolve claims of predatory auto lending. While some reports cite the settlement at $694 million, others state the company will pay $710 million. The agreement covers most US states, providing relief to consumers across the country. Specific state allocations include more than $786,000 for New Hampshire residents and nearly $105,000 for South Dakota. In Georgia, nearly 5,000 residents are expected to receive relief under the terms of the agreement.

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  • ✓ Credit Acceptance reached a predatory auto lending settlement with most US states.
  • ✓ Some sources report the settlement value as $694 million, while others report $710 million.
🛡️ Source Corroboration: 7 independent reporting domains (80% confidence) ⏱ Read time: ~2 min

What changed

Credit Acceptance Corporation entered a multistate settlement to resolve predatory auto lending claims.

Live updates

  1. Credit Acceptance reaches multimillion-dollar predatory lending settlement

    Credit Acceptance Corporation has reached a multistate settlement to resolve claims of predatory auto lending. While some reports cite the settlement at $694 million, others state the company will pay $710 million. The agreement covers most US states, providing relief to consumers across the country. Specific state allocations include more than $786,000 for New Hampshire residents and nearly $105,000 for South Dakota. In Georgia, nearly 5,000 residents are expected to receive relief under the terms of the agreement.

    Why it matters

    Predatory lending typically involves unfair or abusive loan terms on borrowed funds. This settlement addresses systemic car loan practices across a majority of US states. It aims to provide financial restitution to consumers affected by these practices.

    What is confirmed

    • Credit Acceptance reached a predatory auto lending settlement with most US states.
    • Some sources report the settlement value as $694 million, while others report $710 million.

    Still unconfirmed

    • South Dakota will receive nearly $105,000 in settlement funds.

    What to watch next

    • Clarification of the final total settlement amount
    • Distribution schedules for consumer relief payments
    Sources used for this update (7)
    1. WSB-TV — Nearly 5,000 Georgians to get relief under $694M auto finance settlement
    2. thv11.com — Arkansas AG enters multistate $694 million settlement with Credit Acceptance Corporation
    3. wmur.com — NH consumers to receive more than $786K in multimillion-dollar settlement
    4. Automotive News — Credit Acceptance to pay $710 million in states’ predatory lending settlement
    5. dakotanewsnow.com — SD to get nearly $105K in settlement over car loan practices
    6. KTVZ — Oregon Attorney General announces $694 million settlement helping Oregonians in predatory auto loans
    7. Reuters — Credit Acceptance reaches $710 million predatory auto lending settlement with most US states
    confidence 80%
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