Anyone who bought a car from a dealership within the last four years and had their vehicle financed through the credit union “preferred” or “recommended” by the dealer.
What’s Going On?
Attorneys believe that many people who signed up for an auto loan with a dealership’s “preferred lender” credit union may have been charged a marked-up interest rate in what appears to be a common scheme. They’re investigating whether class action lawsuits should be filed.
How Can a Lawsuit Help?
A class action lawsuit could help auto loan borrowers recover the difference between the dealership’s marked-up interest rate and the lower rate they would have received had they gone to the credit union directly.
What Can I Do?
If you took out an auto loan with a credit union recommended by the dealership, fill out the form on this page. You may be able to help get a class action lawsuit started and hold these companies accountable for their actions.
If you purchased a car within the past four years and financed it through the credit union recommended by the dealership, you may have overpaid in interest.
It’s believed that car dealerships may be illegally marking up credit unions’ actual interest rates without telling their customers.
Attorneys working with ClassAction.org are looking to file class action lawsuits to help customers recover any money they may have overpaid, but they need to gather more information from people before they can consider filing a case.
If you believe you’ve been affected by an interest rate markup, fill out the form on this page. We’ll forward your information to the attorneys we work with, and they may reach out to you directly.
What’s Behind the Lawsuit Investigation?
Many dealerships use credit unions as their “preferred lenders” when offering auto loan financing to customers. Attorneys believe dealerships have a special deal with credit unions that allows them to offer a higher interest rate without telling customers about the interest rate markup.
A customer is offered financing on a car through the dealership’s “preferred lender.” The dealership says XYZ credit union offers great rates and signs the customer up on the spot if they’re not already a member. The rate offered to the customer is not the credit union’s real rate, but a marked-up rate that allows the dealership to take a cut of the interest. This interest rate markup is never disclosed to the customer.
It’s suspected that this practice is widespread and has affected thousands of auto loan customers.
How Do I Get My Money Back?
A class action lawsuit could help customers recover some of the money they may have overpaid because of interest rate markups. A lawsuit could also stop this practice from continuing to happen.
How Do I Sign Up?
At this point, a class action lawsuit hasn’t been filed yet. Attorneys need more information before they can consider filing a lawsuit, and you may be able to help. If you bought a car at a dealership and financed your purchase with the dealer’s recommended credit union, fill out the form on this page. We’ll forward your information to the attorneys we work with, and they may contact you for more information.
Will This Cost Me Anything?
You won’t need to pay anything to fill out a form. And you’re never obligated to take legal action just because you spoke with an attorney.