Hundreds of Washington residents will receive financial relief after a multistate settlement with a major auto lender.
The Washington State Office of Attorney General Nick Brown announced that Credit Acceptance Corporation will pay $694 million to resolve claims it steered consumers into risky car loans they would struggle to repay.
About 260 Washington residents will receive payments averaging $1,400, totaling about $373,000 in restitution. The settlement also includes about $2.4 million in loan forgiveness for eligible Washingtonians.
Credit Acceptance Corporation is one of the nation’s largest auto finance companies, providing loans to people with limited or impaired credit histories. The settlement requires the company to make…