SAN FRANCISCO, Jan. 06, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges Credit Acceptance Corporation CACC Investors who have suffered significant losses Submit your losses now.

Visit: https://www.hbsslaw.com/investor-fraud/CACC
Contact a lawyer now: CACC@hbsslaw.com
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Credit Acceptance Corporation (CACC) investigation:

Credit Acceptance, one of the nation’s largest subprime auto lenders, offers financing programs that allow auto dealers to sell vehicles to consumers regardless of their credit rating. The company has repeatedly claimed that “we offer consumers the opportunity to improve their lives by improving their credit scores and moving to more traditional sources of finance.”

Credit Acceptance has claimed that this business model has fueled the high growth rate of its consumer credit order volume.

The accuracy of Credit Acceptance’s statements was questioned on January 4, 2023, when the New York Attorney General and the Consumer Financial Protection Bureau sued the company for enticing thousands of New Yorkers into high-interest loans.

According to the NYAG/CFPB lawsuit, Credit Acceptance: (1) forced unaffordable credit on tens of thousands of low-income consumers without considering their ability to fully repay loans; (2) misstatement of key terms in loan agreements (including amounts of principal and interest); (3) has not disclosed thousands of dollars in credit fees; and then (4) packaged illicit loans into securities, which it sold to investors.

This news drove the price of Credit Acceptance shares down over 11% on January 4, 2023.

“We are focused on investor losses and whether Credit Acceptance’s illegal practices were the real engine behind the touted growth,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.

If you have invested in Credit Acceptance and are experiencing significant losses or have knowledge that may assist the Firm’s investigations, Click here…