DETROIT -- General Motors Acceptance Corp. has agreed to settle a six-year-old class-action lawsuit that alleged the company routinely charged higher interest rates to black and Latino customers financing car purchases.
In the settlement, GMAC agreed to impose a 2.5% markup cap on loans with terms up to 60 months, and a 2% cap on extended-term loans. GMAC also agreed to create a credit program designed to provide minority car buyers with special rate financing. This credit program will be similar to one planned by Nissan Motor Acceptance Corp., which last year settled a similar case brought by the same group of attorneys.
