Law360 (September 1, 2021, 7:16 p.m. EDT) – Massachusetts Attorney General Maura Healey announced Wednesday that her office has secured a $ 27 million settlement with national subprime auto lender Credit Acceptance Corp. regarding various allegations relating to the role of the company 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 terms of the settlement, 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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