Credit Acceptance
Credit Acceptance Corp is a consumer finance company that specializes in automobile loans. These loans are offered through a U.S. nationwide network of automobile dealers that benefit from sales of vehicles to consumers who could otherwise not obtain financing. The company also benefits from repeat and referral sales, and from sales to customers responding to advertisements for financing, but qualify for traditional financing. The company derives its revenue from finance charges, premiums earned on the reinsurance of vehicle service contracts, and other fees. Of these, financing charges, including servicing fees, are by far a source of revenue.www.creditacceptance.com
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Search complete. 19 mentions across 6 episodes found for "Credit Acceptance".
Sep 26, 2026
Jerry ReynoldsHOST
That opened the line at 800-926-7777, 800-926-7777.
Jerry ReynoldsHOST
Also in the newsletter yesterday, if you had a loan with a company called Credit Acceptance Corporation, otherwise known as CAC in the business, They got themselves in a little bit of trouble, and they are forgiving $634 million in loans.
Jerry ReynoldsHOST
Oof.
Jerry ReynoldsHOST
That's going to leave a mark.
Will FioriteCORRESPONDENT
More than 120 Utah residents will be receiving financial relief after a multi-state investigation revealed that a national auto finance company had engaged in predatory lending practices.
Will FioriteCORRESPONDENT
Credit Acceptance Corporation will deliver $694 million in canceled debt across 40 states, including Utah.
Will FioriteCORRESPONDENT
Now, Utah's Division of Consumer Protection reported that the company had targeted vulnerable buyers with high-interest loans padded with unnecessary add-on fees and service contracts that set borrowers up to default.
Will FioriteCORRESPONDENT
Now, Katie Haas, who's director of the Utah Division of Consumer Protection, advised that car buyers should scrutinize principal costs, interest rates, and mandatory add-ons like gap insurance payments.
Brad WieseGUEST
Mm-hmm.
Chris MartinezHOST
But when I look at these things, Credit Acceptance is gonna have to restructure their whole book because they just got, you know, did a settlement, uh, of like $700 million.
Chris MartinezHOST
They're writing off 55,000 consumer loans because how they're, they kind of like, you know, set up those programs.
Chris MartinezHOST
So, you know, the in- I see independents gonna be struggling even more.
IndyHOST
Kentucky consumers will receive more than $10 million in debt relief and restitution through a proposed $694 million.
IndyHOST
nationwide settlement with Credit Acceptance Corporation.
IndyHOST
Attorney General Russ Coleman made that announcement yesterday.
IndyHOST
The settlement alleges that the auto lender made predatory loans to consumers it knew could not afford them.
ZachHOST
We've got a big show today, Dad.
ZachHOST
Credit Acceptance Corporation to pay $710 million in states predatory lending settlement.
ZachHOST
This is the FTC and state AGs going crazy here, getting money back for consumers.
ZachHOST
Break down what happened here.
ZachHOST
So curious to dig into this story today, Dad.
ZachHOST
$710 million because Credit Acceptance Corp. got caught.
RayHOST
Well, yeah, well, got caught.
RayHOST
What did they do? They lent money to people that they shouldn't have lent money to.
JosieHOST
Lender settlement prompts refunds.
JosieHOST
Credit Acceptance Corporation has entered a multi-state settlement that will deliver almost $34.7 million in cash and debt relief to Hoosier consumers and the state of Indiana, Attorney General Todd Rokita announced Thursday.
JosieHOST
The settlement resolves allegations that Credit Acceptance Corporation originated car loans consumers could not reasonably afford and failed to stop dealers from packing those loans with unwanted add-on products, a news release said.
JosieHOST
Sometimes Hoosiers need a loan to buy a car.
JosieHOST
That's a major purchase, and they deserve to be treated honestly when they finance it, Rokita said in a statement.