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Attention Credit Acceptance Customers

Important Information Regarding Credit Acceptance’s Settlement with State Attorneys General

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Learn more about Credit Acceptance's settlement with the New York Attorney General and participating state attorneys general, including information about customer relief and frequently asked questions

A Message from Our CEO, Vinayak Hegde

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First, let me just start by saying thank you for being a Credit Acceptance customer.

We know that hearing about a legal settlement may raise questions, and we appreciate the opportunity to provide clear information about what happened and what it means for you.

Credit Acceptance recently reached a settlement with the New York Attorney General and a group of other state attorneys general that resolves litigation and regulatory matters that have been ongoing for several years. We are pleased to close this chapter and continue to prioritize our customers every single day.

The settlement allows all parties to move forward and was reached without any admission of wrongdoing by Credit Acceptance. The settlement includes certain commitments related to customer disclosures, dealer oversight, and consumer protections, many of which reflect practices we already have in place today.

For the vast majority of our customers, nothing about your account will change. Fewer than 3% of our open accounts are impacted by settlement-related debt forgiveness and you do not need to take any action. Any customers entitled to settlement-related relief will be contacted.

Our commitment to you remains unwavering: our goal is to treat all of our customers fairly, provide clear and transparent information, and help people obtain the transportation they need to support, and ultimately enjoy, their daily lives. We are also taking this opportunity to strengthen certain disclosures and processes to make the customer experience even more transparent going forward.

Reliable transportation can make a meaningful difference in people's lives, and our mission remains helping consumers who may have limited financing options gain access to vehicle ownership. We are grateful for the trust our customers place in us and remain committed to serving them with respect, accountability, and transparency.

Thank you for taking the time to learn more about this resolution and about the resources available on this website.

Vinayak Hegde

What You Should Know

• Credit Acceptance reached a settlement resolving litigation and regulatory matters involving the New York Attorney General and a group of other state attorneys general.

• The settlement was reached without any admission of wrongdoing by Credit Acceptance.

• All customers should continue making their scheduled payments as usual at this time.

• Most customers are not eligible for settlement-related relief.

  • A small segment of customers (fewer than 3% of open accounts) is eligible for debt forgiveness under the settlement.
  • Credit Acceptance and the States will take responsibility for contacting each eligible customer directly.
  • You do not need to contact us to find out whether you are eligible for relief.

What This Means for You

We’ve answered the most common and important questions here so you can quickly understand what the resolution means for you. If you are eligible for settlement-related relief, you will be contacted directly.

How will I know if I’m affected?

Only a small percentage of our customers are impacted by the resolution. If you are one of them, Credit Acceptance or an administrator working on behalf of the States will contact you directly by mail or email, explain what the resolution means for your account, and provide any instructions you need. The overwhelming majority of customers are not affected and will not need to take any action.

Do I need to keep making payments?

Yes. Your contract has not changed simply because of the resolution. Please continue making your scheduled payments unless Credit Acceptance contacts you directly and gives you different instructions.

What should I do if I receive a communication?

Please review it carefully and follow the instructions it provides. If you have questions about the communication, contact Customer Support using the details at the bottom of this page.

Because eligibility is determined through the settlement process, our team cannot confirm over the phone whether you qualify for relief. The fastest way to make sure you don’t miss anything is to keep your contact information current (see below).

What’s Not Changing

For the overwhelming majority of customers, day-to-day account servicing stays exactly the same. You can still count on:

• The way you contact us. Our phone, online, and mail options are unchanged.
• The way you manage your account. How you make payments and view your account stays the same.
• Access to Customer Support. Our team is here to help with everyday account questions.
• Information about optional products and services. You can still ask about, and get help with, any optional products on your account.

Looking Ahead

Credit Acceptance is committed to applying the lessons and expectations reflected in the resolution, strengthening consumer disclosures and protections, and continuing to improve the experience we provide to customers.

Frequently Asked Questions

Select a question to see the answer. These answers mirror what our Customer Support team will tell you, so you get consistent information wherever you reach us.

Consumer Relief Fund

As part of the resolution, funds have been established and certain relief measures will be provided for accounts identified through the settlement process. The nature and amount of any relief is determined by the terms of the resolution and the responsible settlement administration process.

The consumer relief fund is administered by the participating state attorneys general. Credit Acceptance does not control or administer the fund and does not decide who receives relief from it.

Protect Yourself from Scams

Received a letter, text, email, or call about “settlement money”?

Please be careful with any unexpected communication. If your account is affected, Credit Acceptance will contact you directly. We recommend that you:

• Follow only verified communication instructions.
• Don’t click links or share personal information through communications you can’t verify.
• If you receive something suspicious from a third party, contact us so we can document and review it.

Financial Education and Consumer Resources

Credit Acceptance provides educational resources to help consumers better understand vehicle financing, budgeting, affordability, and other financial topics. As part of the resolution, we’ve also made commitments related to consumer financial education and informed decision-making.

Helpful topics include:

• Vehicle Financing Basics
• Budgeting Resources
• Understanding Credit
• Understanding Vehicle Ownership Costs
• Frequently Used Financial Terms
• Consumer Account Resources

Learn more on our Consumer Financial Education Resource page.

Contact Us

If you have questions about the resolution, a communication you’ve received, or your account, please contact Customer Support.