Credit Acceptance Corporation announced consent judgments entered into or planned with New York and 40 other attorneys general, resolving the New York litigation filed in 2023 and a multistate investigation begun in 2020 without an admission of wrongdoing. The company will pay $60 million into a consumer relief fund and $15.5 million for the participating attorneys general's investigation, alongside waivers of eligible customer balances, with management saying the monetary components require no additional charges beyond previously accrued and disclosed amounts. State announcements also identify $634 million in debt relief, comprising $388 million for consumers whose vehicles were repossessed and $246 million for those whose vehicles were not repossessed. For qualifying loans originated after December 1, 2025, the consent order requires forgiveness of 95% of the balance remaining after involuntary repossession and vehicle sale, with repossession and sale occurring within 12 or 18 months of origination depending on credit score and payment-to-income eligibility criteria, and the provision covers five years from November 2, 2026. For borrowers with credit scores below 600, the vehicle-price cap is 109% of the highest applicable retail book value, a seven-year period beginning when the requirement is implemented.
Credit Acceptance CorporationCredit Acceptance agreed to $75.5M in payments plus $634M in debt relief and mandatory loan forgiveness to settle attorneys-general investigations into its lending practices.
CTBC Financial Holding Co Ltd