Navy Federal Credit Union Class Action Settlement of Repossession & Post-Repossession Notice Class Action Lawsuit

Navy Federal Credit Union Class Action Settlement Of Repossession & Post-Repossession Notice of Sale Class Action Lawsuit Approved By District Court.

A class action settlement has been approved in a class action lawsuit against Navy Federal Credit Union (“Navy Federal Credit Union” or “Navy Federal” or “Defendant”) pending in the United States District Court for the District of Maryland (styled Donna L. Whitaker v. Navy Federal Credit Union, Civil Action Case No. RDB 09-cv-2288), alleging, among other things, that Navy Federal Credit Union repossessed certain financed cars and sent Notices of Sales advising of its intent to dispose of the repossessed cars that allegedly failed to include certain information required under the Uniform Commercial Code (“UCC”), according to the Navy Federal Credit Union class action settlement memorandum opinion.

The Navy Federal Credit Union repossession and disposition class action settlement reportedly includes the following settlement class members:

All individuals in the United States, including without limitation individuals who serve abroad in the Armed Forces of the United States, who during the four year period preceding the filing of the Action on July 7, 2009:

(a) have or had a finance agreement held by Navy Federal;
(b) had the motor vehicle pledged by that finance agreement repossessed; and
(c) were sent a post-repossession notice under U.C.C. Article 9 with respect to a motor vehicle pledged by the finance agreement.

Individuals are excluded from the Settlement Class if they:

(i) obtained a discharge in bankruptcy;
(ii) filed a bankruptcy petition;
(iii) entered into a post-repossession repayment agreement;
(iv) had a final judgment entered in a collection action; or
(v) have been involved in a dispute in which they are represented by counsel.

Under the terms of the Navy Federal Credit Union repossession and post-repossession notice class action settlement, Navy Federal will reportedly contact the credit-reporting agencies and request that they rehabilitate the class members’ credit report by deleting the information related to the loans at issue in the case.  In addition, Navy Federal will reportedly pay $50,000 to the Army Emergency Relief, an organization that provides financial assistance to members of the armed forces.

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