Personal Finance

Credit Acceptance has reached a proposed settlement with 41 state attorneys general that would provide $60 million in a consumer relief fund and an estimated $634 million in debt waivers for qualifying subprime auto loan borrowers, with court approval still pending. Eligible borrowers with accounts open as of December 1, 2025, who meet specific credit score and repossession criteria do not need to file a claim — Credit Acceptance is required to notify them directly. The settlement also imposes new lending restrictions, including price caps on vehicles financed for borrowers with credit scores below 600 and mandatory disclosures on add-on products.

California Insurance Commissioner Ricardo Lara submitted proposed regulations on September 16, 2026, to prohibit auto insurers from using marital status as a rating factor, a practice permitted since 1996. If finalized, the rule would require insurers to stop using the factor in new rate plans by October 25, 2026, and to file compliant plans by July 1, 2027, though both dates remain proposal terms pending rulemaking completion. Quote-testing data cited in the record found unmarried drivers paying up to $108 more per six-month policy than married drivers at four of five major California carriers.