Value Finance $350K Improper Repossession Notices Settlement

Value Finance $350K Improper Repossession Notices Settlement

If you received a notice from Value Finance, Inc. following the repossession of your vehicle between February 6, 2013, and June 5, 2021, you may be eligible to claim a portion of a $350,000 settlement from a class action settlement.

Value Finance, Inc. has agreed to pay $350,000 to settle a class action lawsuit for allegedly failing to send borrowers proper notice of their rights after vehicle repossession and sale.

Can I Claim an Award?

To be eligible for an award, you must be a borrower who received a notice from Value Finance following the repossession of your vehicle between February 6, 2013, and June 5, 2021. The official settlement website states that Value Finance's records reflect that you and any co-borrower on your vehicle loan were sent such a notice during this period.

The court has preliminarily certified the class, which includes all borrowers who were sent notices after their vehicle was repossessed within the specified period. This means that if you fall within this group, you are automatically considered a class member and eligible for the settlement benefits.

What Does the Settlement Provide for Me?

The settlement provides several benefits for class members:

• Cash Component : Value Finance has agreed to create a Settlement Fund of $350,000. After deducting administrative costs, Class Counsel fees and expenses, and a service award for the Class Representative, the remaining Net Fund will be distributed to the class members. If fees and expenses are allowed as requested, it is expected that your cash payment will be the amount stated in the notice you received, unless there were multiple borrowers on your loan, in which case you will receive a portion of this amount. This amount will be sent to you by check unless you promptly contact the Settlement Administrator at info@valuefinancereposettlement.com to request one of the other available payment methods.
• Credit Reporting Relief : Value Finance will request that the credit reporting agencies update your credit report to remove any reference to the auto loan account with Value Finance. Details about how and when this will be done, and limits on Value Finance’s obligation to provide credit reporting relief, are spelled out further in the Settlement Agreement.
• Elimination of Disputed Deficiency Balances : If you have been advised by Value Finance that there is a shortfall after the auction of your repossessed vehicle, that balance claimed due is called a “Deficiency” or “Deficiency Balance.” Your Deficiency Balance on your vehicle loan will be eliminated as a result of this settlement. The average Deficiency Balance claimed due is around $3,700. Yours could be more or less than this amount.

Is Proof Required to Claim the Reward?

Not applicable. You do not need to provide any proof to claim your award. The Settlement Administrator already has your information, and you will receive a payment and any credit reporting benefit automatically, assuming court approval of the Settlement.

How to Claim Your Award

To claim your award, you do not need to take any further action. You will automatically receive your payment and any credit reporting benefit if the court approves the settlement. However, if you prefer a different payment method other than a check, you should promptly contact the Settlement Administrator at info@valuefinancereposettlement.com to request one of the other available payment methods.

Submitting a Claim

Since you do not need to submit a claim proactively, you will automatically receive your award. However, if you need to update your contact information, you can do so by contacting the Settlement Administrator.

How do I Get Paid?

You will receive your payment by check unless you contact the Settlement Administrator to request a different payment method. Ensure your contact information is up-to-date to avoid any delays in receiving your payment.