Cosgrove v. Citizens Auto Finance, Inc.
2011 WL 3740809 (E.D. Pa. 2011)
This lawsuit was brought on behalf of 1,854 Pennsylvania consumers that had vehicles repossessed. The bank mistakenly advised the borrowers that they had to pay off their car loan in full to get their repossessed vehicle back, while the finance contract allowed them to catch up and get their car back by making only past due payments. The class settlement, valued at over $10.65 million paid out cash to each consumer, released class members from any post-auction deficiency or shortfall claimed to be due, and required the bank to have the negative listing removed from the class members' credit reports. In approving the settlement, the federal judge overseeing the case noted, “Class counsel is highly experienced in consumer class actions and, as already noted, has consistently submitted excellent work to the Court.”
To learn more about a consumer's rights when a vehicle is repossessed: Repossession
To learn more about class action lawsuits: Class Action
Vehicle Repossessions 101
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