Credit Acceptance Settlement Dealership Disclosure Requirements, What Car Buyers Must Be Shown Before Signing

If a car dealer financed your loan through Credit Acceptance, new disclosure rules will cover what you’re told before you sign. Credit Acceptance agreed to $694,000,000 in cash and debt relief with 41 state attorneys general on September 17, 2026, and the deal makes it require dealers in its network to show price and add-on details up front. There’s no claim form.

Credit Acceptance Auto Loan Settlement — Key Facts

Field	Detail
Settlement Amount	$694,000,000 in cash and debt relief ($60,000,000 consumer fund plus an estimated $634,000,000 in debt relief), plus $15,500,000 paid to the states
Claim Deadline	None. No claim form is required
Who Qualifies	Consumers the states identify from Credit Acceptance’s records. Dealer disclosure rules apply to loans Credit Acceptance finances through its CAPS software
Estimated Payout	UNVERIFIED — the states decide who gets relief and how much. Minnesota reports more than $7,500,000 in debt relief and more than $1,000,000 in refunds for its residents
Proof Required	No
Settlement Status	Announced September 17, 2026. Minnesota’s consent judgment lists an Effective Date of November 2, 2026
Court & Case Number	Consent judgments entered state by state. Minnesota: Hennepin County District Court, Fourth Judicial District. Court file number UNVERIFIED — blank in the filed document
Law Alleged	Minnesota Deceptive Trade Practices Act (Minn. Stat. § 325D.44) and Prevention of Consumer Fraud Act (Minn. Stat. § 325F.69). Credit Acceptance denies violating any law
Administrator	A settlement administrator chosen by the multistate committee. Name UNVERIFIED
Official Information Page	creditacceptance.com/settlement
Last Updated	September 24, 2026

Who Is Credit Acceptance and What Does It Have to Do With Your Car Dealer?

Credit Acceptance is a Southfield, Michigan lender that buys or takes over car loans written by dealers, mostly for buyers with limited or damaged credit. The dealer picks the car and the price, but Credit Acceptance funds the contract, and that gives it real pull over how dealers sell. That’s why the settlement’s rules land on dealers even though dealers didn’t sign it.

Did your dealer ever say the loan was going through Credit Acceptance?

What Dealership Disclosures Does the Credit Acceptance Settlement Require?

Here’s the catch most summaries skip. The judgment binds Credit Acceptance, not dealers, so the rules reach only dealers who send loan applications through Credit Acceptance’s CAPS software. For those deals, Credit Acceptance must make dealers follow the steps below.

Price and Book Value Disclosure Before You Sign

Before you sign the retail installment contract, the dealer must show you a clear and conspicuous disclosure of the vehicle’s trim level, when it can be identified from the VIN, and the retail book value or values for that vehicle. The point is to let you compare the selling price with what the car is estimated to be worth. If you’re financing through Credit Acceptance and see no such page, ask for it.

For buyers with a credit score under 600, the selling price is also capped at no more than 109% of the highest retail book value, a term that runs seven years after it’s put in place. Say the highest book value is $12,000. The cap in that case would be $13,080.

Dealers also can’t raise the selling price after the vehicle has been tied to your application in CAPS. And Credit Acceptance must check CAPS prices against advertised prices, including audits of at least 35 dealers per quarter that don’t use its inventory feed.

The Add-On Consent Form for GAP and Service Contracts

Credit Acceptance can’t require a dealer to sell you GAP or a vehicle service contract as a condition of financing. If you do choose one from a provider Credit Acceptance has a contract with, the dealer must give you a consent form, and you must sign it before the contract is executed. The form has to list every add-on you agreed to finance, say the products are optional, and say you can buy the car at its stated price without them.

It must also show your monthly payment and your total payment both with and without each add-on. Dealers must acknowledge that they told you the products are optional. That’s a lot of detail for a form most buyers skim.

The 10-Day Notice After Your Loan Is Assigned

Within 10 days after Credit Acceptance accepts your contract, it must tell you in writing, by text, email, letter or app notification, which add-ons you bought and what they cost. The notice repeats your payments with and without the products, says the products are cancelable, and gives contact methods for cancelling. If you cancel while current, or within 30 days of origination, your remaining balance is re-amortized and your monthly payment recalculated.

If Credit Acceptance verifies that a dealer required a product you never wanted, it must backdate your cancellation to the date you bought it. Two or more accounts from one dealer in 12 months with cancellations or complaints saying add-ons were required trigger an investigation. For a related look at how service contract sales go wrong, see CarShield Lawsuit Settlement Alert, $9.6M Distributed To 168,179 Consumers In FTC Settlement — Did You Miss A Payment?

Other Dealer Limits

Credit Acceptance must keep barring dealers from using starter interruption devices or GPS tracking on its contracts, though you can still finance an anti-theft device voluntarily. If it hears five or more pricing complaints about one dealer in 12 months, it must investigate, and it can end the relationship if the dealer won’t fix the problem.

That’s the dealer side. It’s worth knowing before you’re sitting at the desk.

What Does Credit Acceptance Have to Disclose Before You Sign?

For buyers with a credit score under 600 or no credit score, Credit Acceptance itself must clearly tell you what percentage of similar subprime and deep subprime borrowers have fallen 30 and 60 days behind on auto loans, plus what non-payment can cost you. The data comes from public sources. It must also keep procedures to offer debt relief options, verify your income, and review your payment pattern before recommending a repossession.

Honestly, that delinquency disclosure is the one I’d read twice. It’s the lender telling you, in numbers, how often loans like yours go wrong.

Do You Get Money or Debt Relief From the Credit Acceptance Settlement?

Maybe, and you won’t have to ask. The states will contact eligible consumers, and Credit Acceptance says fewer than 3% of its open accounts get debt forgiveness. The money breaks down like this:

• $60,000,000 for a consumer fund the states control, with amounts and recipients decided by the multistate committee
• An estimated $388,000,000 in full debt relief for open accounts identified as early defaults, and an estimated $246,000,000 for other identified early-defaulted accounts, which also come with lien releases and titles where Credit Acceptance holds them
• 95% of any deficiency waived on qualifying new loans that end in repossession within 12 or 18 months, depending on credit profile

That’s not a payout with a form. It’s a list the states build. If you’re wondering how repossession complaints played out in another lender case, Wells Fargo Class Action Lawsuits 2025, $2+ Billion In Settlements—Are You Owed Money? Check Your Eligibility NOW covers that.

Credit Acceptance Settlement — Key Dates

Milestone	Date
Settlement announced and consent judgment signed	September 17, 2026
Court entry of Minnesota’s consent judgment	UNVERIFIED — the filed copy has no entry date
Effective Date (Minnesota)	November 2, 2026
Debt relief for identified accounts due	On or before the Effective Date, November 2, 2026
Notices, lien releases and credit reporting deletions completed	Within 90 days of the Effective Date, or January 31, 2027 by calendar count
Completion report to the states	Within 120 days of the Effective Date, or March 2, 2027 by calendar count
New dealer and lender procedures fully in place	Within six months of court entry. UNVERIFIED — depends on the entry date
Price cap and disclosure terms end	Seven years after each term is implemented
Loss-waiver term ends	Five years after the Effective Date
Consumer fund refund date	UNVERIFIED — no date is published

What Should You Do if a Dealer Skips a Required Disclosure?

Keep every page you sign, screenshot any text or app notice, and write down the dealer’s name and date. Then complain to Credit Acceptance, which must log and escalate pricing complaints, and to your state attorney general. In Minnesota, the attorney general’s office takes complaints online or at (651) 296-3353.

If you paid for add-ons you didn’t want or a price well above book value, a free legal consultation with a consumer fraud attorney can help you weigh your options. The judgment doesn’t create a private right of action, but it also doesn’t limit any rights you already have. Talk to an attorney soon, because state deadlines to sue vary.

Credit Acceptance Dealership Disclosures — Frequently Asked Questions

Do I need to file a claim for the Credit Acceptance settlement?

No. There’s no claim form and no claim deadline. The states identify eligible consumers from Credit Acceptance’s records, and Credit Acceptance or a claims administrator will contact you by mail, email or text if you qualify for debt relief or a refund.

Is the Credit Acceptance settlement legitimate?

Yes. Attorneys general from 41 states announced it, and the consent judgment is a public document submitted to the court. Credit Acceptance denies wrongdoing and made no admission. Nobody should ask you to pay or share banking passwords to receive relief.

When will Credit Acceptance debt relief and refunds arrive?

Under Minnesota’s judgment, debt relief for identified accounts is due on or before the November 2, 2026 Effective Date, and notices, lien releases and credit reporting deletions within 90 days, or January 31, 2027. Refund timing from the $60,000,000 fund isn’t published, so watch for a notice.

Will my Credit Acceptance settlement payment go on a 1099?

Payments over $600 may appear on a 1099, so check with a tax professional. Debt relief may be treated differently from a refund. The judgment says notices will describe forgiven balances as a compromise of a disputed debt.

What happens if I take out a Credit Acceptance loan after the settlement and it fails?

For qualifying loans originated after December 1, 2025, Credit Acceptance must waive 95% of any deficiency balance if the car is repossessed and sold within 12 or 18 months, depending on your credit score and payment-to-income ratio. It also can’t sue you to collect it.

Which dealers have to follow the new Credit Acceptance disclosure rules?

Dealers that originate contracts through Credit Acceptance’s CAPS software. Dealers aren’t parties to the judgment, but Credit Acceptance must require them to show book value, provide the add-on consent form, and acknowledge that add-ons are optional.

Can a dealer make me buy GAP or a service contract to get a Credit Acceptance loan?

No. Credit Acceptance can’t require dealers to sell any add-on as a condition of financing. You must give written consent, and you can buy the car at its stated price without the product.

Sources Used in This Credit Acceptance Settlement Article

• Minnesota Attorney General — Consent Judgment, State of Minnesota v. Credit Acceptance Corporation, signed September 17, 2026: https://www.ag.state.mn.us/office/Communications/2026/docs/Credit-Acceptance-Corp_Consent-Judgment.pdf
• Minnesota Attorney General — Press release, September 17, 2026: https://www.ag.state.mn.us/Office/Communications/2026/09/17_Credit-Acceptance-Corp.asp
• Maryland Attorney General — Multistate settlement announcement, September 2026: https://oag.maryland.gov/News/pages/Attorney-General-Brown-Co-Leads-$694-Million-Multistate-Settlement-with-Subprime-Auto-Lender-Credit-Acceptance-Corporation.aspx
• New Jersey Attorney General — Settlement announcement, September 2026: https://www.njoag.gov/new-jersey-announces-694-million-settlement-with-subprime-auto-lender-credit-acceptance-corporation-for-making-unaffordable-designed-to-fail-loans/
• Credit Acceptance — Settlement information page, September 2026: https://www.creditacceptance.com/settlement
• Credit Acceptance — Press release via GlobeNewswire, September 17, 2026: https://www.globenewswire.com/news-release/2026/09/17/3364316/3872/en/credit-acceptance-reaches-resolution-with-state-attorneys-general.html
• WSB-TV — Georgia settlement coverage, September 2026: https://www.wsbtv.com/news/local/atlanta/nearly-5000-georgians-get-relief-under-694m-auto-finance-settlement/SM2NZE2O7JBG5JYQ2JYDUIYX6E/

Researched and written by Israr Ahmad, legal content researcher and founder of AllAboutLawyer.com. All facts verified against the Minnesota Attorney General’s consent judgment and press release, the Maryland and New Jersey Attorney General announcements, and Credit Acceptance’s own statements on September 24, 2026. Last Updated: September 24, 2026.

This article is for informational purposes only and does not constitute legal advice. Laws vary by state and individual circumstances differ. For advice about your specific situation, consult a qualified attorney.