Vehicle loan borrowers who incurred losses from the defunct Centrix Financial LLC's indirect lending program are set to receive their share of a $2.6 million settlement, a Kansas judge recently ordered.
According to law firm Walters, Benders, Strohbehn Vaughan PC in Kansas City, Mo., which handled one of the cases against subprime lender Centrix, the settlement of a class action suit from borrowers with the $65 million Kansas Teachers Community Credit Union against Centrix was announced Feb. 3. A judge approved the settlement May 19, confirmed R. Frederick Walters, president of the law firm.
The settlement allows for the 140 class action claimants to receive a cash payment averaging approximately $9,315, plus a write-off of any deficiency or account balances remaining on their vehicle loans, which amounts to an average of approximately $8,968, according to the law firm.
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