Subprime Auto Lender Settles For $694 Million Over Loans “Destined To Fail”
States allege Credit Acceptance knowingly approved unaffordable subprime auto loans. Consumers will receive $60 million in cash and $634 million in debt relief. New rules target packed add-ons, inflated prices, and loans that quickly fail. Buying a car is difficult enough without a finance company allegedly approving a deal that its own calculations suggest you…