Minnesota consumers could receive more than $8.5 million in refunds and debt relief through a nationwide settlement with subprime auto lender Credit Acceptance Corporation.
Minnesota Attorney General Keith Ellison and attorneys general from 40 other states accused the company of arranging unaffordable loans and financing expensive add-on products without customers’ knowledge.
The settlement requires Credit Acceptance to forgive more than $630 million in debt nationally. The company will also provide $60 million for consumer relief and pay $15.5 million to participating states.
Credit Acceptance did not admit wrongdoing. Eligible Minnesota customers will be contacted automatically and will not need to…