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Credit Acceptance: A Comprehensive Overview

Credit Acceptance Corporation (CAC) is a publicly traded subprime auto finance company based in Southfield, Michigan, United States. Founded in 1972, CAC provides financing to non-prime borrowers, who are typically those with low credit scores or limited credit history. The company operates in the United States, Canada, and the United Kingdom.

As of 2022, CAC had approximately 1,300 employees and serviced over 1.4 million active loan accounts. The company's primary business is providing auto loans to subprime borrowers, who are typically those with credit scores below 620. CAC also offers a variety of other financial products, including personal loans, credit cards, and insurance.

CAC has been criticized for its high interest rates and fees, which can make it difficult for borrowers to repay their loans. The company has also been accused of predatory lending practices, such as targeting low-income borrowers and using deceptive marketing tactics.

In 2017, CAC settled a class-action lawsuit alleging that the company had engaged in predatory lending practices. The settlement required CAC to pay $140 million to borrowers and to change its lending practices.

Despite the controversy, CAC remains one of the largest subprime auto lenders in the United States. The company has a strong track record of profitability and has consistently increased its market share in recent years.

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