WASHINGTON (7News) — Some D.C. car buyers will get refunds and debt relief under a multistate settlement with Credit Acceptance Corporation, a major auto lender accused of giving people loans it knew they could not afford.
D.C. Attorney General Brian Schwalb announced the District joined 40 states in the $694 million settlement.
More than $250,000 will go back to D.C. consumers, while the company will pay the District more than $130,000 in penalties and legal fees.
The attorneys general accused Credit Acceptance of approving risky loans for people with poor or limited credit, even when the company expected some borrowers would not repay the full amount.
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