There is an ongoing class action lawsuit against Crescent Bank & Trust Corporation, filed in the Northern District of Texas in 2021. The lawsuit alleges that Crescent Bank engaged in a pattern of unfair and deceptive practices in its auto loan servicing practices, including:
- Charging borrowers unauthorized interest, fees, and penalties
- Misrepresenting the terms of borrowers’ loan agreements
- Failing to properly apply borrowers’ payments
- Aggressively pursuing repossession of borrowers’ vehicles, even when they were making timely payments
The lawsuit is seeking damages for all borrowers who were harmed by Crescent Bank’s practices, as well as injunctive relief to prevent Crescent Bank from continuing to engage in these practices.
The case is still pending, and no trial date has been set. However, the court has certified a class of borrowers who were harmed by Crescent Bank’s practices. This means that all members of the class are automatically eligible to participate in the lawsuit, unless they opt out.
If you are a Crescent Bank auto loan borrower and believe that you were harmed by the bank’s practices, you should contact an attorney to discuss your legal options. You can also visit the website of the law firm representing the plaintiffs in the class action lawsuit for more information.
1 Comment
I got a loan for a Nissan Altima back in 2016 and I believed I was about 2 months from complete payoff. I hit a deer and the car was determined to be unsalvageable. But the insurance agent used my gap insurance and said I owed about 10000 to pay crescent bank. So my credit showed up with a mark against it because crescent bank said I didn’t pay it off. My point is that I feel like I should have been given the option to get another vehicle or it to not show up as a default when I clearly paid it off , and I actually think I may have overpaid it. And I feel like I was owed money for this whole debacle.