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Auto Loan Lawsuits
Auto loan lawsuits are common in Pennsylvania. These lawsuits are filed by non-bank finance companies, like Americredit Financial and Ally Financial, and by debt buyers, like Autovest LLC.
If you’re getting sued by a non-bank finance company or a debt buyer in an auto loan lawsuit, call us for help. We charge flat fees and refund our fee if we don’t meet your goals. To get a free case review, call us or fill out our free case review form.
Let us answer your debt defense questions:
Why am I getting sued for an auto loan?
When consumers stop paying auto loans, they voluntarily surrender their vehicles or a lender repossesses the car involuntarily. Most consumers think repossession is the end of the story. Unfortunately, this often is not true.
Generally, when a car is repossessed, the lender will sell the car at auction. If the proceeds from the sale do not cover the balance of the loan used to purchase the car, the lender may come after you for the difference. The difference between the balance of the loan and the sale proceeds is called a “deficiency.”
How common are auto loan lawsuits?
Auto loans lawsuits are fairly common in Pennsylvania. There are likely hundreds to thousands of auto loan lawsuits filed each year in the Commonwealth.
Auto loan lawsuits likely occur because of high cost loans, defective vehicles, or poor auctions. Auto loans often come with high interest rates, many fees, and long loan terms. This can greatly increase the cost of a loan and lead to a high balance, even after a car is sold. Other times, car dealers sell defective vehicles to consumers. When this happens, cars are sold for next to nothing. Yet other times, auctions themselves are improper and yield a low sale price. In all of these scenarios, high loan balances are left over, forcing consumers into collection.
Can I win auto loan lawsuits?
Auto loan lawsuits are winnable. And, if they are not, settlement often is a possibility. The chance of success in defending auto loan lawsuits is highly case specific. Relevant factors regarding your chance of success include:
Call us today or complete our contact form for a free case evaluation. We can evaluate your case and let you know your chance of success.
What happens if I lose an auto loan lawsuit?
If you lose an auto loan lawsuit, or if you ignore it, a “judgment” will be entered against you. A “judgment” is a legal decree that you owe the bank, non-bank finance company, or the debt collector what they claim you owe.
“Judgments” allow non-bank finance companies and debt collectors to engage in certain types of collection activity, including:
Bank account garnishments are the most used “post-judgment” collection tool. Some debt collectors, however, will simply use judgments to scare consumers into making payments.
What types of auto loans can turn into a lawsuit?
Most dealers make auto loans through non-bank finance companies, which are entities that finance an auto loan and own the account following a sale. Some of these companies, like Americredit Financial and Ally Financial, file suit against Pennsylvania consumers. Auto loans sometimes are sold to debt buyers, like Autovest LLC. Debt buyers may file suit as well.