Action 9: You may be getting money back because of your car loan

Attorneys general in multiple states -- including North Carolina’s Jeff Jackson -- say Credit Acceptance Corporation (CAC) targeted “low-income and high-risk borrowers.”

They claim the company knew the drivers “couldn’t afford” the payments. The AGs say the business “misled consumers about the true costs of the loans and used aggressive debt-collection tactics when borrowers defaulted” and that people lost their cars.

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The AGs settled with the company for almost $700 million.

This means three things for you:

1. Restitution for about 1,300 North Carolinians (about $1,400 each). Restitution for 1,292 South Carolina drivers (about $1,400 each).
2. About $7.5 million in debt relief for several thousand North Carolina drivers, who had “certain risky loans made between Nov. 1, 2015, and Nov. 30, 2025.” About $11.8 million in projected debt relief recovery for South Carolina drivers.
3. New rules limiting the company moving forward.

You don’t have to do anything to claim your money. If you’re eligible for restitution, a claims administrator will contact you. If you’re eligible for debt relief, CAC will contact you.

CAC emailed Action 9 a statement standing by their practices, saying they don’t admit “fault or wrongdoing” and implying they didn’t prey on borrowers, and that they provided a service drivers may not have gotten elsewhere.

NC Attorney General Jeff Jackson told Action 9 attorney Jason Stoogenke: “That’s the song that predatory lenders always sing. They always say, ‘No, no, no, we’re just helping out people with low income who otherwise wouldn’t be able to afford this.’ There are lenders who focus on folks with low income and, God bless them, and then there are predators whose business model is taking advantage of people and misleading them in order to pad their pockets. That is exactly what this company was doing.”

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