Credit Acceptance Corporation

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On January 4, 2023, the New York Attorney General’s Office and the Consumer Financial Protection Bureau sued Credit Acceptance Corporation for allegedly tricking thousands of low-income New York residents into selecting unaffordable, high-interest rate car loans and then securitizing those illegal loans to sell to investors. Additional allegations in the lawsuit include misstatements of principal and interest amounts on term sheets, and failures to disclose thousands of dollars of credit charges.

Shares of Credit Acceptance Corp. stock dropped more than 12% in intraday trading on January 4, 2023.

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