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.
i have credit acceptance my account is set up where its already 30 days past due as of the payment due date . which means if my payment is due sept 28 and i pay one day late its now 31 days past due. i didnt know this when i got the loan. also i was told due to covid moretorum no repo would occur. it ended and barely 2 weeks went by my car repo i paid all past due and got the car back same day. but they told me the agreement of what is owed changed and since i had a zero balance as of 9/28 my next payment would not be due with repo fees added until Oct 25th. when i went on line to pay i now had a past due balance of $1007. which was sept and now oct and repo fees. i called them and they said i was wrong that sept was still due and owed. they are looking at my repo fees as past due even though they are added to my monthly bill and have reported me negatively over this. there is no way to fix my credit over this BS becs of their BS agreements . and they have breached their own agreement i was heckeld and told maybe if i paid my bill this would not have happened wtf > i need to know what my recourse is against these asshold
i have a repoed car from them with predatory lending stealing my down payment and even proof of where they ADDED my down payment to my financed amount instead of deducting i was on unemployment for covid and NEVER was allowed any options to help past due payments resulting in my cars repo
I have from day one had issues with this company. I need them off my credit report I dont have the truck no more. And it still on my credit report. Insurance paid for the truck I need to get this done asap
the car i got lasted 4 months transmission blew water pump,radiator and gas sensor all went out including fuel pump. was gonna cost more then worth to repair i cant get anything new with this on my credit .and they will not help