Lou Budke’s Arrow Finance Co. repossession $4.85M class action settlement

Lou Budke’s Arrow Finance agreed to a class action lawsuit settlement valued at over $4.85 million to resolve claims that it failed to provide proper repossession notices.

The settlement benefits borrowers who had a loan or finance agreement with Lou Budke’s Arrow Finance Co. under which personal property was pledged as collateral and to whom the company sent a presale or post-sale notice. 

Borrowers are not eligible for the settlement if Lou Budke’s Arrow Finance obtained a final deficiency judgment against them or if they filed for bankruptcy after the date on their presale notice and whose bankruptcy ended in discharge instead of dismissal.

Plaintiffs in the class action lawsuit claim the company failed to meet statutory requirements for presale and post-sale notices. As a result, later repossessions were allegedly invalid.

Lou Budke’s Arrow Finance Co. is an auto financing company based in Missouri.

Lou Budke’s Arrow Finance hasn’t admitted wrongdoing but agreed to pay $185,000 to resolve the repossession class action lawsuit. The settlement provides more than $4.85 million in benefits, including the $185,000 cash fund.

Under the terms of the settlement, class members will receive a cash payment based on the amounts they borrowed and their loan interest rates. No payment estimates are available at this time.

In addition to providing cash payments, Lou Budke’s Arrow Finance will write off around $850,000 in deficient balances. The company will no longer seek to collect outstanding amounts connected with these balances and will close related accounts. Lou Budke’s Arrow Finance will also attempt to delete any deficiency balance information that may have been reported to Equifax, Experian, Innovis and TransUnion.

Class members may wish to consult a tax professional regarding the benefits they receive under the settlement.

The deadline for exclusion and objection is April 5, 2024.

The final approval hearing for the repossession settlement is scheduled for April 15, 2024.

No claim form is required to receive settlement payments. Class members can update their address on the settlement website to ensure they receive their payments to the correct mailing addresses.

Who’s Eligible

Borrowers who had a loan or finance agreement with Lou Budke’s Arrow Finance Co. under which personal property was pledged as collateral and to whom the company sent a presale or post-sale notice. 

Borrowers are not eligible for the settlement if Lou Budke’s Arrow Finance obtained a final deficiency judgment against them or if they filed for bankruptcy after the date on their presale notice and whose bankruptcy ended in discharge instead of dismissal.

Potential Award

Varies

Proof of Purchase

N/A

Claim Form

N/A

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 Deadline

04/05/2024

Case Name

Lou Budke’s Arrow Finance Co. v. Kyles, Case No. 15SL-AC29334-01, in the 21st Judicial Circuit Court for St. Louis County, Missouri

Final Hearing

04/15/2024

Settlement Website

RepoClassActionSettlement.com

Claims Administrator

Lou Budke’s Arrow Finance Co. v. Richard Kyles
c/o Settlement Administrator
PO Box 23678
Jacksonville, FL 32241

Class Counsel

Martin L Daesch
Jesse Rochman
Craig W Richards
ONDERLAW LLC

Defense Counsel

William Whealen Jr
CURTIS HEINZ GARRETT & O’KEEFE PC