This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

Credit Acceptance subprime car lender sued by US, New York for allegedly hiding loan costs

( January 4, 2023, 17:51 GMT | Official Statement) -- MLex Summary: The US Consumer Financial Protection Bureau and the New York State Office of the Attorney General sued Credit Acceptance, one of the country’s largest publicly traded auto lenders, for allegedly concealing loan costs and tricking customers into high-cost loans on used cars. “The car-buying experience turns into a nightmare for many of Credit Acceptance’s borrowers, who face unaffordable monthly payments, vehicle repossessions, and debt collection lawsuits,” CFPB said. The Southfield, Michigan-based company funds and services used-car loans for people with low credit scores, and does business with a network of more than 12,000 affiliated used-car dealers.Statement follows in full. Also see document below. ...

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

Documents

Related Sections