AmeriCredit Settlement Preliminarily Approved! What the Settlement Does:

Great Victory for California Consumers Won by The Hanson Law Firm! Here is the info class members need to know. First, YOU DO NOT NEED TO DO ANYTHING IF YOU WANT THE BENEFITS OF THE SETTLEMENT. AmeriCredit has the records of how much you paid after the repo, and will simply cut you a check if the Court grants Final Approval in October 2012. Second, here is what the settlement provides: the Settlement permanently bars AmeriCredit from tryin collect and money they think the Class Members owe them. This amounts to over $384 million in allegedly owed deficiency balances. AmeriCredit will also give back to the Class over $4.3 million of the sums paid in satisfaction of AmeriCredit’s improper demands.
This $388 million Settlement has several elements: 1) 100% relinquishment of all claims by AmeriCredit to the over $384 million in allegedly outstanding deficiencies; 2) full credit repair for 100% of the Plaintiff Settlement Class Members (over 35,000 California consumers); 3) restitution of 89% of the deficiency collections from the Plaintiff Settlement Class members with non-arbitration RISCs; 4) restitution of 57% of the deficiency collections from the Plaintiff Settlement Class members with arbitration clauses banning participation in class actions; 5) free legal representation and class administration for the Plaintiffs and Plaintiff Class members; and 6) the automatic provision of full benefits to Plaintiff Class member, with no claims process or other need for affirmative action (credit cleaned immediately and checks to be cut and sent by mail directly to the class).