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Credit Acceptance settles for $694M over predatory loans

WSB-TV • September 18, 2026 • business

Key Points:

Credit Acceptance Corporation has agreed to a $694 million multistate settlement, including $28 million in relief for nearly 4,900 Georgia consumers, over allegations of issuing unaffordable auto loans and adding unnecessary costs.
The settlement provides various forms of relief, such as cash payments to consumers whose vehicles were repossessed and forgiveness of outstanding loan balances.
Georgia's lawsuit accused Credit Acceptance of deceptive and abusive practices, knowingly approving high-risk loans likely to default and adding optional products without clear consumer consent.
The settlement targets subprime borrowers, described as vulnerable consumers with limited access to traditional financing, who were allegedly exploited by a business model designed to fail.
Credit Acceptance does not admit wrongdoing but will implement changes to its business practices, with affected consumers to be notified by mail about their eligibility for relief.

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