RAPID CITY, S.D. — South Dakota will receive $104,976.64 as its share of a multistate settlement with auto finance company Credit Acceptance Corporation, Attorney General Marty Jackley announced Thursday.
What the settlement covers
The payment follows allegations that Credit Acceptance approved loans that contributed to consumers defaulting and having their vehicles repossessed. Under the terms reached with a coalition of states, eligible borrowers may receive either debt relief or restitution.
"The state’s share is $104,976.64," Attorney General Marty Jackley said Thursday.
South Dakota joined 39 other states, the District of Columbia and New York in the agreement. New York reached a separate settlement with Credit Acceptance over related litigation in federal court.
How consumers will be notified and what to expect
Officials say Credit Acceptance will contact consumers who qualify for debt relief directly. Those eligible for restitution will be notified by a claims administrator appointed as part of the settlement process.
- If you financed a vehicle through Credit Acceptance and believe you may be eligible, wait for direct contact from the company or the claims administrator.
- For questions, South Dakotans can contact Credit Acceptance at 1-800-634-1506.
- The Attorney General’s Consumer Protection Division can be reached at 1-800-300-1986 for state-level inquiries.
Where the money goes
The state’s settlement funds will be deposited into the Attorney General’s Consumer Protection Fund. That fund is used to support future consumer protection efforts, including investigations, enforcement actions and public education aimed at preventing deceptive or unfair business practices.
Although the dollar amount allocated to South Dakota is modest compared with larger states, the money is intended to directly benefit consumers harmed by the lending practices at issue and to bolster ongoing consumer protection work at the Attorney General’s office.
Context on Credit Acceptance and the multistate action
Credit Acceptance is a finance company that works with dealer-arranged auto loans, often serving borrowers with challenged credit histories. The multistate action alleged the company approved loans under practices that, in some cases, contributed to borrower defaults and subsequent repossessions.
The settlement does not necessarily mean the company admitted wrongdoing; rather, it resolves the states’ claims and sets procedures for compensating consumers who meet the settlement’s eligibility criteria.
| Item | Detail |
|---|---|
| South Dakota share | $104,976.64 |
| Participating jurisdictions | 39 states + D.C. and New York (New York separate agreement) |
| Primary consumer contacts | Credit Acceptance: 1-800-634-1506; SD AG Consumer Protection: 1-800-300-1986 |
What South Dakotans should do now
Consumers who believe they might qualify should keep an eye out for mailed notices, emails or phone calls from Credit Acceptance or the claims administrator. Do not provide personal financial information in response to unsolicited contacts unless you can verify the identity of the caller or sender.
Those with questions about their rights under the settlement or who suspect they were harmed by the lender’s practices should contact the Attorney General’s Consumer Protection Division at the number above. The division can explain how the settlement process works and advise on next steps.
State officials said placing the funds into the Consumer Protection Fund helps ensure the settlement benefits are used to support broader protections for South Dakota consumers going forward.
Reporter: Hannah Steele, WE NEWS.
