Dozens of Utahns are set to have their debt cancelled and get a check in the mail after a national auto loan company agreed to settle claims that it exploited borrowers with low credit scores.
Utah and 39 other states reached the roughly $700 million settlement in September with the Michigan-based Credit Acceptance Corporation. The states accused the company of quietly piling on extra costs that buyers didn’t know were optional and issuing loans they couldn’t afford.
“No company should be able to profit by setting its own customers up to fail,” Utah Attorney General Derek Brown said in a prepared statement issued last week. “This settlement holds Credit Acceptance accountable and makes…