PIERRE, S.D. – South Dakota will receive nearly 105-thousand dollars as part of a multistate settlement with auto finance company Credit Acceptance Corporation.
Attorney General Marty Jackley says the state’s share of the settlement totals just under 105-thousand dollars and will help provide debt relief and payments to South Dakotans with qualifying vehicle loans.
The settlement stems from allegations that Credit Acceptance approved loans that increased the likelihood of consumers defaulting on payments and having their vehicles repossessed.
Under the agreement, eligible consumers may receive debt forgiveness or restitution. Credit Acceptance will contact those who qualify for debt relief, while a claims administrator will notify consumers eligible for payments.
South Dakota joined 39 other states, along with the District of Columbia, in the settlement. Funds received by the state will be deposited into the Attorney General’s Consumer Protection Fund to support future consumer protection efforts.
Consumers with questions can contact Credit Acceptance or the South Dakota Attorney General’s Consumer Protection Division.
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