Credit Acceptance, which didn’t reply to a request for comment, is cooperating with the inquiry. “We are unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this investigation,” the company said in its latest annual report.

A spokesman for New York Attorney General Letitia James declined to comment.

Credit Acceptance, a tempting target for regulators, said attorneys general in New Jersey, Maryland and Mississippi have served subpoenas. Last year the Massachusetts attorney general sued it, alleging fraud. The federal Consumer Financial Protection Bureau also is investigating the company after receiving more than 1,400 complaints about it in the past three years.

The scrutiny comes as regulators feel more emboldened in a Biden administration.

“There’s a new sheriff in town,” said Ira Rheingold, executive director at the National Association of Consumer Advocates.

Credit Acceptance isn’t a household name, but more than 12,000 car dealers nationwide use it to write mostly used-car loans for shoppers who struggle to repay debts. Credit Acceptance charges high interest rates and often won’t hesitate to seize vehicles when borrowers fall behind on payments.

Subprime auto lenders frequently go bust, but Credit Acceptance has been around since 1972. Founder Donald Foss owned a 5 percent stake in GameStop before it became a Reddit favorite. He sold all of his 3.5 million shares in the frenzy, according to a regulatory filing.

Last year, Credit Acceptance’s adjusted net income rose slightly to $683 million while revenue reached $1.7 billion — twice 2015’s amount.

Over the years, investigators typically have examined whether Credit Acceptance’s lending or repossession practices violate local consumer-protection laws.

“Their contracts are not transparent and they play this bait-and-switch game promising borrowers they can refinance, but that’s often not true,” said Shanna Tallarico, a consumer debt attorney with the New York Legal Assistance Group.

More recently, authorities have begun looking into whether Credit Acceptance made misrepresentations to institutional investors who purchased securities backed by the company’s car loans. The company has securitized nearly $5 billion worth of loans in the past three years, according to its annual report. That’s where the Martin Act would likely apply.

In the past, the company might have seen penalties levied by regulators as a cost of doing business, Rheingold said.

“Their cost-benefit analysis will have to change because so many parties are going after them,” he said. “They are the bull’s-eye for a lot of enforcement agencies.”

Apart from forcing Credit Acceptance to pay hefty fines, Tallarico hopes regulators will require the company to write loans with understandable terms that don’t shoulder borrowers with so much debt.

“Most people are sensitive about their credit,” she said. “If they were given a clear contract and charged a reasonable rate, they could repay their loans.”