Porsche Finance Overcharge $299K Class Action Settlement

PORSCHE FINANCE SETTLEMENT UPDATE:

• The Court granted final approval to this class action settlement Oct. 31, 2021.
• Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

Consumers in Florida who entered into a single-payment vehicle lease with a Florida Porsche dealer and traded in a vehicle may be eligible for a payment thanks to a recent $298,891.34 class action settlement.

Settlement Class Members include consumers who entered into a single-payment lease in Florida with a Florida Porsche dealer through a Porch Financial Services Motor Vehicle Lease Agreement and traded in a vehicle that wasn’t credited as a capitalized cost reduction.

Plaintiffs allege Porsche Financial Services at Florida Porsche dealers accepted single-payment lease agreements that were unfair to Class Members. These agreements failed to use the trade-in-value as “Capitalized Cost Reductions,” which ultimately led to Class Members being overcharged for both rent and taxes. 

According to the class action lawsuit, this action violated the Florida Unfair and Deceptive Trade Practices Act.

The company denies the plaintiff’s allegations of wrongdoing. Porsche Financial Services does not believe it violated the law in any way in connection to the lease of a Porsche vehicle and says the claims asserted in the class action lawsuit are meritless.

Despite that, both parties have decided that it would be in the best interests of everyone involved to agree to the $298,891.34 class action settlement. 

The Court did not determine who was right and who was wrong in this lawsuit. For that reason, the settlement agreement should not be received as an admission of guilt or liability.

Each Class Member will receive a monetary payment. 

The amount of this payment varies, but should cover 100 percent of the overcharge suffered by the Class Member. That means the payment could range anywhere from $254.29 to $13,465.55. The estimated average payout is $3,985.22.

Class Members do not have to file a claim in order to be eligible to receive the overcharge payment. Once the settlement agreement is approved, each Class Member will receive a check in the amount they’re owed.

The final approval hearing is scheduled to take place Oct. 28, 2021.

Class Members who do not do anything at this time will remain Class Members. 

Those who wish to exclude themselves from this settlement must complete and sign an Exclusion Request Letter. Class Members who do not object or exclude themselves will not be eligible to pursue future litigation regarding this matter.

The deadline for Class Members to exclude themselves from this class action settlement is Oct. 14, 2021.

Who’s Eligible

Settlement Class Members include consumers who entered into a single-payment lease in Florida with a Florida Porsche dealer through a Porch Financial Services Motor Vehicle Lease Agreement and traded in a vehicle that wasn’t credited as a capitalized cost reduction.

Potential Award

Varies

Proof of Purchase

No proof of purchase necessary

Claim Form

No claim form required.

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Exclusion/Objection Deadline

10/14/2021

Case Name

Cox v. Porsche Financial Services, Inc., Case No.: 1:16-cv-23409-Gayles, in the U.S. District Court for the Southern District of Florida

Final Hearing

10/28/2021

Settlement Website

CoxvPFS.com

Claims Administrator

Settlement Administrator:
Tilghman & Co., P.C.
PFS Litigation
P.O. Box 11487
Birmingham, Alabama 35202-1487

Class Counsel

Ronald P. Weil
Marguerite Snyder
WEIL SNYDER & RAVINDRAN PA

F. Jerome Tapley
Hirlye R. “Ryan” Lutz, III
Adam W. Pittman
CORY WATSON PC

Defense Counsel

Thomas M. Byrne
Valerie S. Sanders
Stacey M. Mohr
EVERSHEDS SUTHERLAND (US) LLP

Jacqueline S. Miller
Steven Ellison
NELSON MULLINS BROAD AND CASSEL LLP