Borrowers with one Kansas credit union are set to receive a $2.6 million settlement as a result of losses they incurred through indirect loans obtained with subprime auto lender Centrix Financial LLC.
According to law firm Walters, Benders, Strohbehn, Vaughan PC in Kansas City, Mo., which handled one of the cases, the settlement of a class action suit from borrowers with the $65 million Kansas Teachers Community Credit Union against Centrix was announced Feb. 3. A judge approved the settlement May 19, confirmed R. Frederick Walters, president of the law firm.
The settlement allows for the 140 class action claimants to receive a cash payment averaging approximately $9,315, plus a write-off of any deficiency or account balances remaining on their vehicle loans, which amounts to an average of approximately $8,968, according to the law firm.
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