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Wednesday, November 15, 2006

Sell your auto notes for cash, we buy auto paper!

Ford Credit Affiliate Pays $2.5M Discrimination Case Settlement


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

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