Collateral Protection Insurance: Are You Paying for Unnecessary Coverage?

October 11, 2013 Last Updated on 07/27/2017

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Case Update

Report: Wells Fargo Forced Unnecessary Auto Insurance on Borrowers

On July 27, 2017, The New York Times reported that it uncovered a 60-page internal document from Wells Fargo that stated more than 800,000 people who went through the bank for their car loans were charged for insurance that they did not need. The report further claims that these individuals may still be paying for this unnecessary coverage. 

If you took out an auto loan from Wells Fargo, attorneys working with ClassAction.org want to hear from you. Fill out the form on this page and learn more about how you may be able to get your money back for this reportedly unnecessary coverage.

At A Glance

This Alert Affects
Consumers who had collateral protection insurance (CPI) force placed on them by their bank or lender.
Damages
Consumers who had to pay the high costs of lender-placed collateral protection insurance may be able to participate in a lawsuit seeking compensation for the money paid out for this coverage.
Company(ies)
Banks, lenders.
Additional Details
CPI is designed to protect lenders in the event that the borrower fails to obtain auto insurance or allows their insurance to lapse.
Type of Lawsuit
Class Action