Mass. AG Secures $27M Deal With Subprime Auto Lender
By Katryna Perera (September 1, 2021, 7:16 PM EDT) -- Massachusetts Attorney General Maura Healey announced Wednesday that her office secured a $27 million settlement with national subprime auto lender Credit Acceptance Corp. over various allegations relating to the company's role in the origination, collection and securitization of subprime auto loans.
The settlement was filed in Suffolk Superior Court and is the largest settlement of its kind, according to a press release from the attorney general's office.
Under the settlement terms, Credit Acceptance Corp., or CAC, will pay a total of $27.2 million and provide debt relief and credit repair to thousands of Massachusetts borrowers.
According to the attorney general's office,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!