Business ProfileforCredit Acceptance Corporation
Current Alerts For This Business
BBB reports on known significant government actions involving business' marketplace conduct. The following describes a government action that has been resolved by settlement.
On 09/01/21, the Massachusetts Attorney General and Credit Acceptance Corporation entered into an Assurance of Discontinuance in Suffolk County Superior Court, Boston. The Assurance is the result of a settlement by both parties in a lawsuit that was announced by the Attorney General on August 31, 2020 (Action No. 20-1954-BLS2). The suit alleged CAC made subprime auto loans to Massachusetts consumers even though it knew the customers would be unable to pay, in violation of Massachusetts state law. The Massachusetts AG further alleged that the company charged illegal fees, overcharged customers for deficiencies, and engaged in illegal debt collection practices.
Under the terms of the Assurance, the business agreed to pay $27.2 million to an independent trust for purposes of making payments to provide relief for eligible Massachusetts customers. Additional terms of the Assurance require the business to:
- Limit the frequency of unrequested communication with consumers
- Send pre- and post-sale repossession notices to customers with Massachusetts loans. Notices must comply with Williams v Am. Honda Financial (case 479 Mass. 656)
- Provide specific documents/disclosures pertaining to the purchase of a Vehicle Service Contract for Massachusetts loans originated after 12/06/21
The Assurance was for settlement purposes only and does not constitute an admission of guilt or finding of violation of the law. For more details, please see the Massachusetts Attorney General's press release and Assurance of Discontinuance here.
At-a-glance
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Business Details
This is a multi-location business.
- Headquarters
- 25505 West 12 Mile Road, Suite 3000, Southfield, MI 48034-8339
- BBB File Opened:
- 11/8/1990
- Years in Business:
- 52
- Business Started:
- 8/16/1972
- Business Started Locally:
- 8/16/1972
- Business Incorporated:
- 8/23/1972
- Type of Entity:
- Corporation
- Alternate Business Name
- Credit Acceptance
- Additional Contact Information
Fax Numbers
- (248) 353-1915Other Fax
Phone Numbers
- (800) 845-0292Other Phone
- (800) 634-1506Other Phone
- (248) 353-1915
Customer Complaints
0 Customer Complaints
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