Vehicle loan borrowers who incurred losses from the defunct Centrix Financial LLC's indirect lending program are set to receive their share of a $2.6 million settlement, a Kansas judge recently ordered.
According to law firm Walters, Benders, Strohbehn Vaughan PC in Kansas City, Mo., which handled one of the cases against subprime lender Centrix, 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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
