In late 2019, Oklahoma resident Becky Perrin was searching for a used vehicle to run errands and get to doctor appointments when she came across a 2014 Chevrolet Camaro at a local dealership.
To buy the sedan, Perrin, a retired nurse who was 67 at the time and recovering from cancer, had the dealer arrange the financing, as most Americans do when obtaining a loan for a car. The dealer, according to the complaint in a lawsuit Perrin later filed, ultimately secured the loan through Michigan-based Credit Acceptance Corporation, which primarily caters to consumers with low credit scores.
But the cost of the loan—which had a 20 percent annual percentage rate and a monthly payment of $388—turned out to be more than she says she agreed to and more than she could afford, and Perrin quickly fell behind on her payments. Soon after, Credit Acceptance repossessed the Camaro, forcing her to depend on friends and family for rides.
