A major subprime auto lender has reached a sweeping settlement with nearly every U.S. state to resolve allegations of predatory lending practices. The agreement requires the company to pay hundreds of millions in penalties and implement significant reforms across its nationwide operations. Regulators accused the lender of targeting vulnerable borrowers with high-interest loans and deceptive terms. The settlement marks one of the largest enforcement actions against a subprime auto finance company in recent years.
Credit Acceptance Corp., one of the largest subprime auto lenders in the U.S., agreed to pay $710 million and overhaul its lending practices nationwide to settle claims by 40 states and Washington, ...
