Shub Law Firm is investigating claims against auto lenders for allegedly denying payment flexibility and wrongfully charging customers with late fees during the COVID-19 pandemic.
According to the report recently released by the U.S. Public Interest Research Group (PIRG), Americans filed more than 2,800 complaints about their car loans between March and July. This is the biggest spike the federal Consumer Financial Protection Bureau has seen since it first started taking complaints. Additionally, recent Federal Reserve data indicate that Americans are currently carrying $1.3 trillion in car loan debt, which is the highest amount of car loan debt in U.S. history.
BORROWERS’ COMPLAINTS ABOUT THEIR AUTO LENDERS
Due to COVID-19, millions of Americans are facing financial hardship. For example, borrowers who are waiting for their unemployment claim approval have complained that their auto lenders are refusing to work with them on payment extension, lowered payments, or deferment. Some complaints also involve online payment systems crashing, causing borrowers to accumulate late fees, as well as auto lenders changing the terms of a loan after borrowers said they had signed the paperwork. Other complaints involve auto lenders canceling the autopay option on a loan, causing borrowers to unknowingly fall behind on their payments. The PIRG report states that Santander Consumer and First Investors Servicing are the two auto lenders that received the most complaints. Additional complaints were filed against Capital One, GM Financial, and Credit Acceptance.
LET’S FIGHT BACK
Auto lenders cannot be allowed to take advantage of their customers, especially during these vulnerable times. We’re here to help you fight back against companies who rely on overcharging their customers to boost their bottom line. At Shub Law, our attorneys specialize in representing consumers who are victims of fraudulent and deceptive business practices.
CONTACT US TODAY IF YOU WERE CHARGED IMPROPER LATE FEES
If you or someone you know has been financially wronged by an auto lender, please contact us via email at leads@shublawyers.com or give us a call at 856-772-7200. Shub Law Firm is a national leader in representing consumers, just like you, against some of the nation’s largest companies. Our experienced class action attorneys are here to help you get justice. Contact us now! All consultations are free of charge.
