Credit Acceptance to Provide $694 Million in Settlement Over Auto Loan Allegations

01:17 PM EDT, 09/17/2026 (MT Newswires) -- Credit Acceptance (CACC) will provide $694 million in cash and debt relief under a settlement with New Jersey and 40 other state attorneys general over allegations of unaffordable auto loans, the New Jersey Attorney General's Office said Thursday. The settlement includes $60 million in cash restitution and $634 million in debt relief. Credit Acceptance will also pay $15 million to the states. New Jersey will receive more than $28.5 million, including about $2.2 million in restitution and $25.6 million in debt relief. The company will also provide "off ramps" for loans that fail quickly for consumers with certain risky CAC loans made starting in December 2025. Qualifying consumers will get 95% debt relief, and CAC will be prohibited from filing collection lawsuits against them, according to the statement. Shares of Credit Acceptance were down 1.3% in Thursday afternoon trading. Price: 593.87, Change: -7.67, Percent Change: -1.28