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This settlement is closed!
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American Credit Acceptance agreed to forgive over $98 million in deficient account balances as part of a settlement resolving claims of improper car repossession.
The settlement benefits individuals who received written notice from American Credit Acceptance of the pending sale or disposal of their repossessed or surrendered vehicles between Dec. 2, 2015, and Feb. 11, 2021, whose vehicles were later sold, and who were charged a deficiency balance on their accounts.
The settlement does not benefit individuals who meet this description but who previously reached a court judgment over deficiency balances, who filed for bankruptcy, or who are deceased.
American Credit Acceptance (ACA) is a lending company specializing in connecting consumers with dealers to secure automotive loans. The company partners with over 2,500 dealers and has helped more than 630,000 consumers find affordable vehicle options.Â
However, according to a class action lawsuit against the company, ACA failed to comply with California lending laws.Â
Plaintiffs claim ACA violated California’s Rees-Levering Automotive Sales Finance Act with insufficient written notices. Then, the company allegedly assessed deficiency balances on customer accounts based on these notices, resulting in credit reports.
The court ordered plaintiffs to arbitrate their claims outside of court, a process that started in 2020. ACA has not admitted any wrongdoing but agreed to forgive over $98 million in deficiency balances as part of the arbitration settlement.
Under the terms of the settlement, around 8,500 accounts with deficiency balances will be wiped clean. As a result, ACA will no longer try to collect on these accounts.Â
The company will also request that credit reporting agencies delete any reference to these accounts. This could improve consumer credit scores.
The deadline for exclusion and objection is May 9, 2022.Â
The final approval hearing for the American Credit Acceptance improper repossession settlement is scheduled for July 28, 2022.
No claim form is required to benefit from the settlement. Instead, Class Members who do not exclude themselves will automatically receive benefits.
Who’s Eligible
The settlement benefits individuals who received written notice from American Credit Acceptance of the pending sale or disposal of their repossessed or surrendered vehicles between Dec. 2, 2015, and Feb. 11, 2021, whose vehicles were later sold, and who were charged a deficiency balance on their accounts.
The settlement does not benefit individuals who meet this description but who previously reached a court judgment over deficiency balances, who filed for bankruptcy, or who are deceased.
Potential Award
Deficiency balances forgiven.Â
Proof of Purchase
No proof of purchase applicable.
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.
Claim Form Deadline
N/A
Case Name
Jay Sherrard, et al. v. American Credit Acceptance LLC, Case No. 19STCV43101 in the Los Angeles County Superior Court
Final Hearing
07/28/2022
Settlement Website
Claims Administrator
Sherrard v. American Credit Acceptance
c/o Kroll Settlement Administration LLC
P.O. Box 225391
New York, NY 10150-5391
1-833-910-3609
Class Counsel
Brandon A. Block
LAW OFFICES OF BRANDON A. BLOCK, A PROFESSIONAL CORPORATION
Alexander Trueblood
TRUEBLOOD LAW FIRM APC
Defense Counsel
Scott Hyman
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84 thoughts onAmerican Credit Acceptance Improper Car Repossession $98M Class Action Settlement
This applies in 2011 as well. I had vehicle voluntarily repossed. I never heard anything until june 2022 when I called an attorney on another case and he told me I owed 2990.00 from 2011. I’m still shocked. I go to court a week from tomorrow. I never received anything on them selling it, what they got for it or the deficiency amount. Anyone help me?
Add me
Please add me to I got a 2014 Ford Taurus SEL with 178 thousand milesmissed 1payme.t andfhey took not only the car but all my belongings and wouldn’t disclose a location of where my stuff they stole From me was untill I made the missing payment and iff I couldn’t get my car it be auctioned and I’d have to pay 100 bucks to get personal property back now I owe over 20000
These people reposed my vehicle with the device on it and told me I have to pay the cost of repo. I had another car finance by them that I no long have and now have to pay 30,000$ for a car that was only 4995$ Prior to, they are garnishing my wages after paying off a car in November 2021. I did not know of court proceedings and did not get an opportunity to make payment arrangements. I am now paying close to 800$ a week for a car that they sold and I no longer have. Total rip off. Add me please.
They are straight crooks but if you were never serve with a summons to appear in court you need to get that judgment vacated
Please add me
Add me
I need to be added to this lawsuit please. They have repoed mine 2 times but I been able to get it back out.
Please add me to this lawsuit. Paid $3000 down on a $6000 car. 5 months later they said I owed them $10000 and repossessed my car while awaiting my car insurance to fix it.
Add me I’m currently being garnished for this now. Unfair practice
Please add me horrible 3 years with them