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Mass. AG Secures $27M Deal With Subprime Auto Lender

Law360 (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,…

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Source: on 2021-09-01 19:15:00

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