Credit Acceptance's $710M settlement lands as older used-car prices fall 4.6% year on year
Subprime scrutiny rises as the oldest, cheapest tier of the US used market loses value and gains miles.
Automotive News reported on Sep 25, 2026 that Credit Acceptance Corp., one of the largest US subprime auto lenders, agreed to a $710 million settlement with 40 states and Washington, D.C. over predatory lending allegations, with state attorneys general announcing the agreements on Sep 17, 2026. Read against MarketCheck sold-vehicle data from US dealer websites, the collateral behind that kind of paper is not moving with the headline used market: the median last-list asking price of 2012 to 2019 model-year used cars fell 4.6% from Aug 2025 to Aug 2026, while the median for all used cars rose 4.3%. Prices in this note are advertised asking prices, and figures for cars no longer listed are last-list prices used as a sold proxy, not transaction prices.
What the data shows
| Measure | All used, Aug 2025 | All used, Aug 2026 | Change | 2012 to 2019 MY, Aug 2025 | 2012 to 2019 MY, Aug 2026 | Change |
|---|---|---|---|---|---|---|
| Vehicles sold (units) | 1,738,262 | 1,709,132 | -1.7% | 687,486 | 569,265 | -17.2% |
| Median asking price ($) | 22,998 | 23,988 | +4.3% | 15,990 | 15,250 | -4.6% |
| Median odometer (miles) | 61,714 | 58,947 | -2,767 | 97,741 | 103,890 | +6,149 |
| Median days on market (days) | 25 | 26 | +1 | 19 | 20 | +1 |
| Mean price vs MarketCheck MSRP (%) | -38.56 | -38.20 | +0.36 pts | -54.35 | -56.40 | -2.05 pts |
Reading: the used market firmed overall, but its older, cheaper tier lost value, gained mileage and sold in lower volume. The price rows are medians of advertised asking prices, a last-list sold proxy, and the MSRP row is a mean discount; the table covers MarketCheck sold-vehicle data from US franchise and independent dealer websites for Aug 2025 and Aug 2026.
Why it matters
The settlement is large and specific. It erases an estimated $634 million in auto-loan debt for more than 55,000 borrowers and sets up a $60 million fund, according to SFGate. The attorneys general alleged the company originated loans it knew were likely to default. The New York Attorney General put the settlement figure at $700 million, and American Banker counted 41 attorneys general.
Collateral at the cheap end is weakening while the headline median rises. The median asking price of 2012 to 2019 used cars fell to $15,250 in Aug 2026 from $15,990 in Aug 2025. Over the same window the median for all used cars rose to $23,988 from $22,998. The framing that rising used prices are firming collateral across all used-car loans does not hold for the older tier.
The same cars carry more miles. Median odometer for 2012 to 2019 sales rose to 103,890 miles in Aug 2026 from 97,741 miles in Aug 2025, an increase of 6,149 miles, while the all-used median odometer fell 2,767 miles. Higher mileage sits alongside repair-driven default risk and claim exposure.
Fewer older cars are changing hands at dealers. Sales of 2012 to 2019 model years fell 17.2% year on year to 569,265 in Aug 2026. Part of that reflects a fixed model-year range aging out, but it still thins the supply at the entry tier.
The gap widened through 2026. Since Feb 2026 the all-used median rose about 9.0%, while the 2012 to 2019 median rose only 1.8% and remains below its Sep 2025 level of $15,988.
What to watch
- The 2012 to 2019 median against $15,000. A further slide from $15,250 would widen negative equity on older subprime collateral.
- Repossession documentation practices across the industry. The settlement includes a $60 million restitution fund for borrowers who lost cars to repossession, according to the New York Attorney General.
- Median days on market for 2012 to 2019 cars, which stood at 20 days in Aug 2026 against 19 days in Aug 2025. A sustained rise would signal softening demand at the entry tier.
- The live lot for older cars. MarketCheck live inventory counts 938,975 active listings of 2012 to 2019 used cars, with a median asking price of $14,881, a quarter priced under $10,326, and a median of 157 days listed. Days listed in live inventory measures the age of current listings, which differs from days on market for cars no longer listed.
How this was measured
The figures are monthly sold-vehicle statistics built from dealer-website sales since 2021, plus live US listings. Prices are advertised asking prices, not transaction prices, and exclude auctions and private sales. Sold data lags about two months, so Aug 2026 is the latest complete month. The 2012 to 2019 range is fixed, so the cars in it are one year older in Aug 2026 than in Aug 2025. Days listed in live inventory measures the age of current listings, which differs from days on market for sold cars.
APIs used: MarketCheck Sold Summary API (the get_sold_summary tool in the MarketCheck MCP; docs https://docs.marketcheck.com/docs/get-started/api/mcp/tools/sold-summary); Past Inventory Search, GET /v2/search/car/recents (https://docs.marketcheck.com/docs/api/cars/inventory/past-inventory-search); Inventory Search API, GET /v2/search/car/active (https://docs.marketcheck.com/docs/api/cars/inventory/inventory-search). Data source: MarketCheck sold-vehicle data, US dealer websites, and MarketCheck live inventory. API keys: https://developers.marketcheck.com.
The story we checked
- Story: "Credit Acceptance Corp. Agrees to $710M Settlement Over Predatory Lending Claims"
- Source: Automotive News
- Date: Sep 25, 2026
- Fact-check tally: 4 verified, 1 unverifiable. Verified: the $710 million settlement with 40 states and Washington, D.C.; debt relief of more than $630 million for more than 55,000 borrowers; the allegation that the lender originated loans it knew were likely to default; and its standing as one of the largest subprime auto lenders. The claim that rising used prices are firming collateral across all used-car loans is contradicted for older vehicles by MarketCheck sold-vehicle data, where the 2012 to 2019 median fell from $15,990 to $15,250 between Aug 2025 and Aug 2026.
You can run the same read in MarketCheck AI Desk (https://ai.marketcheck.com/install).
Reproduce this
- search_active_cars: Search live dealer listings with filters such as make, model, state and ZIP to size current supply and asking prices for older model years.
- generate_brand_model_market_pulse: Read used asking-price and days-on-market medians for one make, model and model year, nationally or by state.
- generate_market_movers: Rank nameplates in one local market to see which entry-price models are moving fastest there.
The story we checkedCredit Acceptance Corp. Agrees to $710M Settlement Over Predatory Lending Claims, Automotive News, Sep 25, 2026