Brooklyn Consumer Federation
CFPB and New York Attorney General Suing Credit Acceptance Corporation for Hiding Auto Loan Costs, Setting Borrowers Up to Fail
Washington, D.C. – “For the second time in less than a month, the Consumer Financial Protection Bureau (CFPB) has demonstrated its commitment to ending predatory auto lending practices. Partnering with the New York Attorney General, it has sued one of the nation’s largest auto lenders, Credit Acceptance Corporation, alleging that it targeted credit-challenged consumers by making expensive loans and hiding the actual cost of credit, often with knowledge that consumers could not afford to pay the loan and would suffer devastating consequences. Consumers often look to auto loans as a way to build their credit, not destroy it. We are encouraged to see so many federal and state agencies cracking down on auto-related practices and support these efforts to create a fairer marketplace.”
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