Photo: CAC
The state Attorney General's Office and Consumer Financial Protection Bureau are teaming up to take legal action against an auto lender.
The agencies have filed a lawsuit against Credit Acceptance Corporation which is one of the largest subprime auto lenders in the country. Officials claim that CAC deceived low-income New Yorkers into high-interest car loans without considering whether people would be able to repay their loans in full. The goal of this lawsuit is to end CAC's practices and also collect restitution for affected consumers.