Primus Financial Services, a Ford Motor Credit affiliate, to pay almost $2.5M settlement in car loan discrimination case
Company accused of discriminating against minorities in lending practices
Specifically of "marking up" loan interest rates to discriminate against black consumers
Company admits no wrongdoing, says suit settled due to mounting costs
Significant Points
Primus to pay $1.9M in fees to plaintiffs' attorneys, $550K in court-related expenses
3 named plaintiffs to get individual payments between $10K - $20K
Lawyers for both sides negotiated directly, and w/ federal mediator
Primus will limit difference between buy rate and APR on contracts purchased from dealers as part of settlement Read Quotes
Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=20725
Associated Press via Detroit News, November 9, 2006
We buy BHPH auto paper, get top dollar for your buy here pay here auto notes.
Call Russell Crosby today 615-414-6708
