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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
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.
However, according to a class action lawsuit against the company, ACA failed to comply with California lending laws.
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.
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.
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.
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
Would like to join a class action law suit and have specific issue about this company. I encourage everyone to keep good notes when speaking with anyone at ACA. They are dishonest.
Hi, I live in Michigan and the car dealership I purchased my SUV from have push Credit Acceptance on me and my credit score was 648 before that dealership got it low to push me to credit acceptance corp., the dealership had me sign on a tablet for the warranty I asked for and had the GAP check to and I uncheck it and Sign it, but the whole time I didn’t know it was the Credit Acceptance Corp. Contract to have me to pay Credit Acceptance Corp 742.00 a month my SUV was $27,352.00 and plus the warranty I want and the GAP, I didn’t want the price after $30,352.00, now with Credit Acceptance Corp finances charges of 20% bought my auto loan to $53,352.00 and I never gotten that I sign on the dealership tablet and from the start I told the dealership I didn’t want Credit Acceptance Corp, and when I went to the dealership I drove in with a rental car because my vehicle was down for some time and needed some repair and I work for a living and live 50 miles away from my job. I had asked for payment agreement for me to pay $372.00 biweekly, and barely was able to keep my car insurance. In September 2022 I asked for a payment to be put back from their arrangements they customer service worker told me to pay $72 and then the next payment arrangement that month to pay the $372 I did receive a phone call Oct 2021, and their collection area told me that they don’t have payments to be put back we just have to make the payment they collection agency also inform me that I had to pay a little bit more like $428.00 and I couldn’t, then they report it to the credit bureaus that I was 30 days late, I reached out to Michigan’s attorney general’s office in made a complaint, and I had disputed my credit report about being 30 to 60 to 90 days late October I did ask to put a payment back still and paid the $482 all the way up to January 20, 2023 I receive a letter stating that Credit Acceptance basically want and they from the Michigan attorney general’s office basically suggested me turning the vehicle back in after I paid out all the money I paid that was like $18,000 or to refinance my vehicle so out of me getting contact with the attorney general’s office twice and not winning even after I refinanced it in May 2023, they still had me on $24,374.00 but the weirdest part is I put down $1,700 when I purchased my vehicle in August 2021. Credit Acceptance also mentioned that they was going to take off the 30 day the 60 day in a 90 day when I have brought the payment to current in January 2023 then they end up reported to Equifax a false amount of $25,000, Credit Acceptance also did not report with Equifax that the loan was paid off by the refinance bank that I went to they stayed on my credit report for 4 months, I constantly disputed the first dispute that was in May about a few weeks and a dispute results came back from Equifax and the other bureaus that it was just about right I still owe them so I had to do another dispute with current documents that was sent to the attorney general office that it was paid off to get it off my credit report that can hurt me trying to purchase a home and get approved by a lender to get a letter to start looking for houses. Got my Michigan attorney general’s email letter saying again they went on Credit Acceptance corporation and that they had every right to report of the 30 day 60 day 90 day late and I had refinanced my vehicle but the whole point is I didn’t really owe $24,374.00 how to pay an $18,000 and I did the math subtracting 20% of there finance charge. Credit Acceptance is not fair it should not be a company standing to give nobody a auto loan and Michigan attorney general office also told me to apply for the consumers financial protection bureau they was going to do the same thing like the Michigan attorney’s office did I did start filling out the forms for the consumers financial protection bureau and I called and asked questions and they was going to do the same thing Michigan’s attorney general’s office did and I wanted my case to be added on to New York’s lawsuit
I’ve been dealing with American credit acceptance for the past six years now and I’ll let you know I’m a part of this class action lawsuit because I have my coffee possessed and had money added on to my account and they couldn’t explain it to me neither
I purchase a vehicle and was supposed to be paid in full in April of 2022 my car was repossessed three different times I was never allowed to see my account balance, the last time my vehicle was repossessed was when it was close to being paid off I only owed a month and a half and they came and they reprocessed my vehicle and I had just paid 1800 to hey my car back. I had two months and I was finally going to be done with all the payments and they came and they repossessed my car and only had one month and a half and my loan was going to be paid off. But not even a month and 3 days later they came in they repossessed my car again I was not able to get my vehicle back I made a purchase of $13,000 for 2011 Malibu Chevy , end up paying 28,000 and I believe I still owe.
ACA repossessed my car 11/2020 and it was sold 01/2021 can someone contact about compensation please
My vehicle was repossessed and sold at auction for $500. They garnished my pay for $7200. Will I get this back?
Hey Kimberly my name is Marshall and I’m just now saying this about this class action I was wondering has anybody contacted you about your compensation because I have been terribly screwed and there’s somebody has contacted you could you please give me the information so I can contact them about this compensation please and thank you
Still cant get my title they keep adding fees and fake payments due!!!Can we open another lawsuit on these idiots!!!They cant even pronoounce the name of your car!!!Need hooked on Phonics
Still being harassed and threating by ACA , they email me to help them sent a letter to repose my car not being 30day late. Any legal help will be appreciated contact me by email thank you
Please add me I bought a 2014 Ford Focus from “The Ksr Place” in Escondido and am financed with Credit Acceptance. I did not want to buy this car from the get go but desperately needed a car and was told I buy the Focus or I get no car at all ! I was told the car came with a 25,000 mile warranty only to learn I was charged $1700 for that warranty. Ofcourse I expected ” finance charges but did not expect nor was I told the finance charges were going to cost $9000 which was more than what I was to pay for the car. I have had the car for 6 months and the transmission over heats and jumps and the motor keeps over heating and the check rngone light stays on. When all payments have been made I will have paid $18,000 for a carcthats not even worth $3000.