Credit Acceptance Welcomes CFPB’s Withdrawal From Lawsuit

Southfield, Michigan, April 24, 2025 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that on April 24, 2025, the Consumer Financial Protection Bureau (“CFPB”) filed an unopposed motion to withdraw from the lawsuit that it initiated jointly on January 4, 2023, with the Office of the New York State Attorney General (NYAG) against Credit Acceptance in the United States District Court for the Southern District of New York. As of the filing of the CFPB’s motion, Credit Acceptance’s motion to dismiss the case in its entirety remains fully briefed and pending before the Court. Credit Acceptance expects that, if the CFPB’s motion is granted, the NYAG would be the sole remaining plaintiff, and the case would thus be limited to New York consumers only.

As outlined in Credit Acceptance’s motion to dismiss, this lawsuit seeks to create new law through litigation and asserts legal theories that conflict with established statutes. Credit Acceptance believes that actions like this harm hardworking Americans by targeting companies that offer financing to customers with non-prime or non-existent credit. The financing provided by Credit Acceptance and other finance companies through auto dealers is essential to millions of Americans who otherwise would be unable to purchase the cars they need to get to work or school, or obtain quality healthcare or groceries, and otherwise take care of their families. The CFPB’s withdrawal would be a significant step toward ensuring that this lawsuit against Credit Acceptance is not used to sidestep the legislative process and impose sweeping regulatory reform.

“We are pleased with the CFPB’s decision to withdraw from this case, which we believe never should have been brought in the first place,” stated Erin Kerber, Credit Acceptance’s Chief Legal Officer. “We are proud to have provided over five million people with the opportunity to own a vehicle through our network of dealers. We look forward to millions more consumers having such an opportunity and remain committed to operating with integrity and in compliance with all applicable laws.” 

About Credit Acceptance  

We make vehicle ownership possible by providing innovative financing solutions 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.