The settlement mandates a $60 million payment into a consumer relief fund, while an additional $15.5 million will cover costs for the participating states. Beyond these cash payments, the company has committed to providing debt relief by waiving outstanding balances for specific affected customers. The litigation, initiated in early 2023 by New York Attorney General Letitia James, centered on accusations that the lender pushed subprime and deep subprime borrowers into high-cost loans often featuring interest rates near 22 percent.

Credit Acceptance maintains that the resolution will not require further financial charges, as the settlement amounts were already accounted for in previous financial disclosures. Despite the scale of the payout, the company finalized the consent judgments without acknowledging liability for the alleged deceptive and abusive practices. The agreement effectively closes the multi-state investigation, allowing the lender to avoid the uncertainty of ongoing court proceedings.