Credit Acceptance Loan Modification – Class Action Lawsuit Against Credit Acceptance

Many have likened a Class Action Lawsuit against Credit Acceptance to the tobacco industry’s lawsuit against tobacco. This is an apt comparison, because both are industries that stood to lose tremendous revenue if they were to be taken to court. The banks had long known that allowing unqualified, high risk consumers to maintain their accounts was risky business, but they permitted this anyway. When the lawsuit was brought to light, it turned the whole financial service industry on its head and many lost their jobs or decided to forgo working altogether.

This lawsuit against Credit Acceptance should send a shiver down the spine of all lenders and bankers. Credit Acceptance did not advertise that they were approving loans to high risk consumers. Their advertisements promoted their easy approval of loans for all consumers and did not mention that there were specific borrowers who should not be approved. These consumers had already defaulted on their payments, so their loans would be considered high risk by the bank. The lawsuit stipulated that if a lender failed to follow proper procedures in approving a loan for such a consumer, then the bank had to repay the entire sum of money owed to the lender, including interest.

There were so many plaintiffs that this lawsuit against Credit Acceptance was extremely important. Some of the class action lawsuit names included Southland Credit Management Corporation, Bank of America, Bank of New York, Chase Manhattan Bank, Wells Fargo Bank, Wachovia Bank, and several others. Most of the consumers were former or current customers of these banks, or faced the potential of being de-aled from their accounts at any future time. The lawsuit stipulated that all consumers who had been the victims of Credit Acceptance negligence would be able to receive monetary damages for their injuries and suffering.

If you are a victim of Credit Acceptance/ChexSystems cover, it is imperative that you contact an attorney as soon as possible in order to have the lawsuits filed in court. The reason why is because once these lawsuits are filed, if the defendant is able to prove that no harm was done to the consumer, they could very well be exempt from paying any damages. It will all depend on the judge’s decision. In order to gain an advantage over this corporation, it will be crucial that you hire an experienced class action lawsuit expert who will be able to analyze the documents that will be presented to the judge during the trial. If your class action lawsuit has strong evidence to support your claims of Credit Acceptance negligence, you will be able to receive a fair and just judgment.

If you’re currently going through a Credit Acceptance loan modification program and were not told about this class action lawsuit, you can ask that you be removed from the program during the time of your trial. Although most people are removed during the final stages of the program, there are cases where a loan mod company tried to remove a plaintiff too early and were unsuccessful. This is proof that the process must be completed in order to receive full protection under the law. So keep this in mind if you’re currently being sued for not receiving a proper loan modification from Credit Acceptance – your best interests are usually being protected.

You have the right to join a class action lawsuit against Credit Acceptance if you feel that you have been a victim of Credit Acceptance negligence. If this is your case, you need an attorney who knows how to handle class action lawsuits, since the credit bureaus are notoriously ineffective in pursuing their own interests. By going with a qualified attorney, you will have someone who knows all about the laws in your state and can help you win your lawsuit. So do not delay – go and get yourself a loan modification today.