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Credit Acceptance Pleased to Announce Resolution of Litigation With Massachusetts Attorney General
Southfield, Michigan, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”,
About this update from Credit Acceptance Corporation
[{"type":"text","content":"Southfield, Michigan, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today the finalization of a settlement resolving litigation with the Massachusetts Attorney General, the material terms of which were previously disclosed in April 2021. This matter was vigorously contested. However, Credit Acceptance believes it to be in the best interest of the Company to conclude this litigation, and is pleased to announce its resolution. The Company looks forward to continuing to serve customers in the Commonwealth of Massachusetts through its financing programs. The terms of the settlement are contained in a Settlement Agreement and Assurance of Discontinuance filed in Suffolk Superior Court in the matter of Commonwealth of Massachusetts v. Credit Acceptance Corporation, Civ. Action No. 2084CV01954-BLS2, and in a Form 8-K filed by the Company. Under the agreement, Credit Acceptance made no admission of liability. Description of Credit Acceptance Corporation Since 1972, Credit Acceptance has offered financing programs that enable automobile dealers to sell vehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing. Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com. Cautionary Statement Regarding Forward-Looking Information We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of our for...