The Hawaiʻi Department of Commerce and Consumer Affairs Office of Consumer Protection announced that Hawaiʻi has entered into a settlement with Credit Acceptance Corporation (CAC) that will provide cash and debt relief to Hawaiʻi consumers in connection with their CAC car loans. If approved, individual Hawaiʻi consumers eligible for cash restitution may receive up to $115,000 in restitution or debt relief.
CAC is one of the nation’s largest auto finance companies, providing car loans to consumers with limited or impaired credit histories. The settlement includes injunctive terms that, among other things, require CAC to disclose loan risks and protect consumers from risky CAC loans and from “packing” CAC auto-loan…