A major subprime auto lender has agreed to cancel outstanding debts for tens of thousands of borrowers as part of a sweeping settlement. The company will also pay a combined total of $75.5 million in restitution and penalties, addressing allegations related to its lending practices. The resolution follows regulatory scrutiny over potential violations affecting borrowers nationwide. Details on the specific claims and enforcement actions remain under review.
Credit Acceptance will forgive debt for over 55,000 borrowers and pay $75.5 million combined in restitution and penalties under the settlement.
