Primus Ruling May Prompt Lenders to Settle Suits
The ruling last week against Primus Automotive Financial Services, a unit of Ford Motor Credit, may put more pressure on lenders to settle similar class-action lawsuits.
The ruling last week against Primus Automotive Financial Services, a unit of Ford Motor Credit, may put more pressure on lenders to settle similar class-action lawsuits.
Several captive finance companies that faced similar suits settled their cases before going to trial. They have unofficially set the industry standard markup cap at 2.5 percent.
Attorney Kenneth Rojc said suits are still pending against Toyota Financial Services, DaimlerChrysler Services North America and Ford Motor Credit, reported Automotive News. The Primus decision may prompt these lenders to settle as well.
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