AG Tong today joined 40 other state attorneys general announcing a settlement with Credit Acceptance Corporation (CAC) to direct $694 million in cash and debt relief to consumers in connection with their car loans. Connecticut consumers will be eligible for up to $2 million in financial relief, in addition to a $177,650 payment to the state.

“CAC profited off risky loans destined to fail, padded with worthless services and so-called protections. Their irresponsible business practices and ruthless repossession and collection practices destroyed consumer finances. This settlement directs hundreds of millions of dollars in debt relief and restitution directly to the consumers most harmed, and sends a message that states, acting together, will not tolerate abusive lenders.” – AG Tong