U.S., New York regulators claim Credit Acceptance is using illegal and predatory practices that trick low-income borrowers into high-cost auto loans that...
Shares of subprime auto giant Credit Acceptance Corp CACC tumbled more than 10% on Wednesday after New York Attorney General Letitia James and a key U.S. consumer watchdog sued the lender, saying it has been illegally tricking low-income borrowers into high-cost car loans that lead to a debt spiral.
The lawsuit aims to force Credit Acceptance to abandon any illegal lending tactics, to reimburse harmed consumers and to extract penalties and the return of “wrongfully earned gains,” according to a statement from the Consumer Financial Protection Bureau, the U.S. watchdog involved in lawsuit. Regulators have been closely monitoring subprime auto lenders for potentially abusive practices since the 2007-2008 global financial crisis, which was fueled partially by an explosion in subprime mortgage lending. The ensuing foreclosure crisis led to the creation of the Consumer Financial Protection Bureau.
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