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Several States Investigating Major Company For Alleged Predatory Car Loans | NBC Nightly News

COMPLAINTS THAT A MAJOR COMPANY IS ALLEGEDLY TARGETING.MAJOR COMPANY IS ALLEGEDLY TARGETING PEOPLE WITH PREDATORY.ALLEGEDLY TARGETING PEOPLE WITH PREDATORY PRACTICES..PEOPLE WITH PREDATORY PRACTICES. HERE IS VICKY NGUYEN..PRACTICES. HERE IS VICKY NGUYEN. >> THIS CAR IS A SHAM..HERE IS VICKY NGUYEN. >> THIS CAR IS A SHAM. IT WAS A LITTLE –.>> THIS CAR IS A SHAM. IT WAS A LITTLE — >> Reporter: WILLIAMMONIQUE.IT WAS A LITTLE — >> Reporter: WILLIAMMONIQUE WILLIAMS BOUGHT THIS.>> Reporter: WILLIAMMONIQUE WILLIAMS BOUGHT THIS CAR TO GET TO WORK..WILLIAMS BOUGHT THIS CAR TO GET TO WORK. SHE LOST HER JOB AS A.CAR TO GET TO WORK. SHE LOST HER JOB AS A RECEPTIONIST DURING.SHE LOST HER JOB AS A RECEPTIONIST DURING THE COVID CRISIS..RECEPTIONIST DURING THE COVID CRISIS. >> I DIDN’T HAVE A.THE COVID CRISIS. >> I DIDN’T HAVE A JOB, I DIDN’T HAVE.>> I DIDN’T HAVE A JOB, I DIDN’T HAVE ANYTHING..JOB, I DIDN’T HAVE ANYTHING. I COULD BARELY EAT OR.ANYTHING. I COULD BARELY EAT OR PAY MY BILLS..I COULD BARELY EAT OR PAY MY BILLS. >> Reporter: AFTER.PAY MY BILLS. >> Reporter: AFTER FOUR YEARS OF MAKING.>> Reporter: AFTER FOUR YEARS OF MAKING PAYMENTS, SHE ASKED.FOUR YEARS OF MAKING PAYMENTS, SHE ASKED THE LENDER, CREDIT.PAYMENTS, SHE ASKED THE LENDER, CREDIT ACCEPTANCE, TO DEFER A.THE LENDER, CREDIT ACCEPTANCE, TO DEFER A PAYMENT..ACCEPTANCE, TO DEFER A PAYMENT. >> THEY TOLD ME THEY.PAYMENT. >> THEY TOLD ME THEY DON’T DO THAT..>> THEY TOLD ME THEY DON’T DO THAT. I SAID WE ARE IN A.DON’T DO THAT. I SAID WE ARE IN A PANDEMIC..I SAID WE ARE IN A PANDEMIC. THE WATER COMPANY, THE.PANDEMIC. THE WATER COMPANY, THE LIGHT COMPANY,.THE WATER COMPANY, THE LIGHT COMPANY, EVERYBODY’S TRYING TO.LIGHT COMPANY, EVERYBODY’S TRYING TO HELP PEOPLE DURING.EVERYBODY’S TRYING TO HELP PEOPLE DURING THESE HARD TIMES..HELP PEOPLE DURING THESE HARD TIMES. >> Reporter: WILLIAMS.THESE HARD TIMES. >> Reporter: WILLIAMS WAS PAYING 23%.>> Reporter: WILLIAMS WAS PAYING 23% INTEREST FOR HER LOAN..WAS PAYING 23% INTEREST FOR HER LOAN. CREDIT ACCEPTANCE IS.INTEREST FOR HER LOAN. CREDIT ACCEPTANCE IS ONE OF THE COUNTRY’S.CREDIT ACCEPTANCE IS ONE OF THE COUNTRY’S LARGEST SO-CALLED.ONE OF THE COUNTRY’S LARGEST SO-CALLED SUBPRIME CAR LENDERS.LARGEST SO-CALLED SUBPRIME CAR LENDERS SPECIALIZING IN LOANS.SUBPRIME CAR LENDERS SPECIALIZING IN LOANS TO PEOPLE WITH.SPECIALIZING IN LOANS TO PEOPLE WITH TARNISHED CREDIT..TO PEOPLE WITH TARNISHED CREDIT. A PROFITABLE APPROACH.TARNISHED CREDIT. A PROFITABLE APPROACH WITH $2 BILLION IN.A PROFITABLE APPROACH WITH $2 BILLION IN REVENUE LAST YEAR..WITH $2 BILLION IN REVENUE LAST YEAR. COMPANIES SHARES HAVE.REVENUE LAST YEAR. COMPANIES SHARES HAVE SOARED DURING THE.COMPANIES SHARES HAVE SOARED DURING THE PANDEMIC..SOARED DURING THE PANDEMIC. SEVEN TOP EXECUTIVES.PANDEMIC. SEVEN TOP EXECUTIVES WERE GRANTED.SEVEN TOP EXECUTIVES WERE GRANTED $55 MILLION TOTAL IN.WERE GRANTED $55 MILLION TOTAL IN STOCK OPTIONS LATE.$55 MILLION TOTAL IN STOCK OPTIONS LATE LAST YEAR, SUBJECT TO.STOCK OPTIONS LATE LAST YEAR, SUBJECT TO SHAREHOLDER APPROVAL..LAST YEAR, SUBJECT TO SHAREHOLDER APPROVAL. NOW CREDIT ACCEPTANCE.SHAREHOLDER APPROVAL. NOW CREDIT ACCEPTANCE IS BEING ACCUSED OF.NOW CREDIT ACCEPTANCE IS BEING ACCUSED OF PREDATORY LENDING.IS BEING ACCUSED OF PREDATORY LENDING PRACTICES..PREDATORY LENDING PRACTICES. >> I THINK THEY ARE.PRACTICES. >> I THINK THEY ARE DECEPTIVE..>> I THINK THEY ARE DECEPTIVE. >> THEY ARE TARGETING.DECEPTIVE. >> THEY ARE TARGETING VULNERABLE PEOPLE..>> THEY ARE TARGETING VULNERABLE PEOPLE. >> Reporter:.VULNERABLE PEOPLE. >> Reporter: MASSACHUSETTS ATTORNEY.>> Reporter: MASSACHUSETTS ATTORNEY GENERAL MAURA HEALEY.MASSACHUSETTS ATTORNEY GENERAL MAURA HEALEY SUED CREDIT ACCEPTANCE.GENERAL MAURA HEALEY SUED CREDIT ACCEPTANCE ACCUSING IT OF BURYING.SUED CREDIT ACCEPTANCE ACCUSING IT OF BURYING FEES, IN SOME CASES.ACCUSING IT OF BURYING FEES, IN SOME CASES ADDING 68% INTEREST TO.FEES, IN SOME CASES ADDING 68% INTEREST TO LOANS..ADDING 68% INTEREST TO LOANS. THE SUIT SAYS THE.LOANS. THE SUIT SAYS THE COMPANY ILLEGALLY.THE SUIT SAYS THE COMPANY ILLEGALLY CALLED BORROWERS UP TO.COMPANY ILLEGALLY CALLED BORROWERS UP TO EIGHT TIMES A DAY..CALLED BORROWERS UP TO EIGHT TIMES A DAY. >> CREDIT ACCEPTANCE.EIGHT TIMES A DAY. >> CREDIT ACCEPTANCE MADE HIGH-INTEREST.>> CREDIT ACCEPTANCE MADE HIGH-INTEREST LOANS TO BORROWERS.MADE HIGH-INTEREST LOANS TO BORROWERS THAT THE COMPANY KNEW.LOANS TO BORROWERS THAT THE COMPANY KNEW THEY COULDN’T REPAY..THAT THE COMPANY KNEW THEY COULDN’T REPAY. IT’S ALSO A MATTER OF.THEY COULDN’T REPAY. IT’S ALSO A MATTER OF RACIAL EQUITY BECAUSE.IT’S ALSO A MATTER OF RACIAL EQUITY BECAUSE SO MANY TIMES WE SEE.RACIAL EQUITY BECAUSE SO MANY TIMES WE SEE THE TARGETING OF.SO MANY TIMES WE SEE THE TARGETING OF COMMUNITIES OF COLOR..THE TARGETING OF COMMUNITIES OF COLOR. >> Reporter: ON.COMMUNITIES OF COLOR. >> Reporter: ON THURSDAY THE COMPANY.>> Reporter: ON THURSDAY THE COMPANY ANNOUNCED IT’S.THURSDAY THE COMPANY ANNOUNCED IT’S SETTLING THE LAWSUIT.ANNOUNCED IT’S SETTLING THE LAWSUIT FOR OVER $27 MILLION.SETTLING THE LAWSUIT FOR OVER $27 MILLION AND THE CEO IS.FOR OVER $27 MILLION AND THE CEO IS STEPPING DOWN..AND THE CEO IS STEPPING DOWN. 43 OTHER STATES AND.STEPPING DOWN. 43 OTHER STATES AND THE CONSUMER FINANCE.43 OTHER STATES AND THE CONSUMER FINANCE PROTECTION BUREAU IN.THE CONSUMER FINANCE PROTECTION BUREAU IN WASHINGTON ARE ALL.PROTECTION BUREAU IN WASHINGTON ARE ALL INVESTIGATING CREDIT.WASHINGTON ARE ALL INVESTIGATING CREDIT ACCEPTANCE AND.INVESTIGATING CREDIT ACCEPTANCE AND MISSISSIPPI HAS FILED.ACCEPTANCE AND MISSISSIPPI HAS FILED SUIT..MISSISSIPPI HAS FILED SUIT. A COMPANY SPOKESWOMAN.SUIT. A COMPANY SPOKESWOMAN SAID THEY INDTEND TO.A COMPANY SPOKESWOMAN SAID THEY INDTEND TO DEFEND THEMSELVES..SAID THEY INDTEND TO DEFEND THEMSELVES. WHAT ADVICE WOULD YOU.DEFEND THEMSELVES. WHAT ADVICE WOULD YOU GIVE PEOPLE?.WHAT ADVICE WOULD YOU GIVE PEOPLE? >> SAVE AND BUY A CAR..GIVE PEOPLE? >> SAVE AND BUY A CAR. I WOULDN’T FINANCE A.>> SAVE AND BUY A CAR. I WOULDN’T FINANCE A CAR..I WOULDN’T FINANCE A CAR. >> Reporter: IF YOU.CAR. >> Reporter: IF YOU THINK YOUR LENDER IS.>> Reporter: IF YOU THINK YOUR LENDER IS ENGAGING IN UNFAIR.THINK YOUR LENDER IS ENGAGING IN UNFAIR PRACTICES, FILE A.ENGAGING IN UNFAIR PRACTICES, FILE A COMPLAINT WITH YOUR.PRACTICES, FILE A COMPLAINT WITH YOUR STATE ATTORNEY.

7 Comments

  1. I’m glad I paid them off within 4 or 5 months they definitely have crazy interest rates

  2. Here in the Niagara Peninsula, last summer I got a few easy car loan advertisements in the mail.

  3. Most people do not understand how PREDATORY LOANS WORK….including those that speak English as a second language. Consumers pay up to FOUR times the value of the same vehicle that I could pay cash. A $10,000 car becomes $40,000 due to all the fees and damage created by this type of loan. Our company, HonestCarPayment.com specializes in creating a transparent car loan from the start. https://www.youtube.com/channel/UCmgXwI3LXekHlXUNZ4hnNAg/videos
    In the end, ask the dealership how much they are inflating the purchase price above the KBB to satisfy the lender? It is not unusual to see 200%!

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