Is gap refund settlement legit? Did you know that Wells Fargo is facing a lawsuit for not paying gap money to consumers? It is about those people who can receive benefits on paying their loans earlier. Read further to know more.
The people of the United States who have auto protection insurance from Wells Fargo may be eligible to benefit from a class action settlement of almost $500 million. If you have paid your loans earlier than expected, this article can be beneficial to you.
Is the gap refund settlement legit?
Wells Fargo is a well-known brand that is facing a lawsuit in the district court of California. They are the culprit for not providing partial funds for Guaranteed Asset Protection or Guaranteed Auto Protection (“GAP”). It is a return to customers after the early fulfilment of their finance’s agreement.
The customers can benefit almost $500 million altogether from this. Continue reading to know if you are eligible for it; the settlement is classified into two classes:
- The class members: This contains people who signed up finance agreement with Wells Fargo and paid their debts earlier. This early payoff leads to a GAP fund which they did not receive. Different state has different policies for their class member.
- The statutory subclass: This includes people who took finance services with the GAP agreement in Wells Fargo. These people got their contract terminated because of early payoff but did not receive any funds. Wells Fargo has not received any confirmation letter from the dealer about paid refunds. Then you are eligible for the benefit.
How to get this benefit?
Is gap refund settlement legit? Yes! To benefit from gap refund settlement, you can follow these steps:
- Make sure to use a device with an active internet connection.
- Now go to the browser and search www.gaprefundsettlement.com.
- Load the page.
- Now go through the entire website and read the eligibility criteria to confirm you can get the money.
- Now click on the option saying please select an option.
- You will see various choices, select the option of file a claim and load the page.
- On the next page, enter the settlement administration claim number from your claim form and press next.
- Follow the further prompts.
- Your claim is filed and, it will get reviewed by the authorities.
- If you are eligible, you will soon receive the benefit into your account.
If You do not know your Settlement Administration Claim Number, contact the Settlement Administrator by email at email@example.com or toll-free by phone at 1‑833‑636‑2118.
What are the privileges in the settlement?
There is no doubt about gap refund settlement legitimacy. Wells Fargo has started to give the following benefits for the resolution of the gap refund settlement lawsuit:
- From 1 January 2022, Wells Fargo will directly give away early payoff refunds without any delay.
- The customers in the United States will have the right to finance the charges of the GAP.
- The class and subclass statutory members will receive the pending funds from them.
- Benefits will also include the charge of compensation for not using these funds according to the U.S. maturity treasury rate.
- Wells Fargo claims to have made a payment of $33,357,919.81 collectively to the people from 20/12/18 to 31/03/21.
- Any member who has not yet received the benefits must file a claim immediately and, they will provide your fund.
- Extra $5.00 is for all statutory subclass members.
- The GAP funds are to be paid till 2026 due to all the existing agreements.
- The total settlement fund to be paid is $45,000,000.00
- Wells Fargo will separately pay for the cost of providing notice to the Class and the administrative expenses incurred by the Claims Administrator. These costs will be paid directly by Wells Fargo and will not reduce the Settlement Fund.
All the benefits get calculated through the pro-rata method for an individual. The Claims Administrator will be responsible for calculating the Early Payoff GAP Refunds based on the information provided by Wells Fargo.
You can visit the gap refund settlement legit website for more queries. They have an FAQ section that can help you. Please share your experience with us.