Introduction
Bridgecrest is a “subprime” lender, meaning it charges high-interest rates to its borrowers, who are often low-income. The resulting high monthly payments can often lead to a repossession and derogatory credit reporting.
The Trueblood Law Firm is assisting consumers in California whose vehicles were repossessed by Bridgecrest Credit Company, LLC, which is headquartered in Mesa, Arizona. Mr. Trueblood is plaintiff’s counsel in Fernandez v. Bridgecrest Credit Company, LLC (United States District Court, Central District of California, Case No. 5:19-CV-00877 MWF (SHKx)), in which the complaint alleges that Bridgecrest violated the law by transferring vehicles from California to Las Vegas after repossession while requiring that California consumers wishing to reinstate or redeem their contracts travel at their own expense to Nevada to pick up their vehicles. Bridgecrest denies the allegations of the complaint.
For a free consultation, call (800) 616-9325 or click the “Book Online” link above. This blog post is an advertisement by an attorney, and the lawyer responsible for its content is Alexander Trueblood, located at 10940 Wilshire Blvd., Ste. 1600, Los Angeles, California 90024.
Why are there lawsuits against Bridgecrest Financial?
Past California lawsuits brought against Bridgecrest by consumers have alleged that Bridgecrest violates California law by sending consumers defective post-repossession notices. The law requires Bridgecrest to make nine disclosures to consumers in a letter after repossession. If it does not, the law says that Bridgecrest may not collect a deficiency balance. The law requires Bridgecrest to tell you everything you need to do to reinstate your contract in the written notice, not over the phone. If the deficiency balance has been extinguished because of a defective post-repossession notice, then Bridgecrest may not be able to report that you owe a balance on your credit reports.
One lawsuit in which Mr. Trueblood was counsel of record, is Fernandez v. Bridgecrest, which alleged that Bridgecrest committed an unfair business practice by moving California vehicles to a Las Vegas auction, and requiring California consumers to go there to pick up their vehicles. This litigation is now being pursued in private arbitration, where the arbitrator will decide if Bridgecrest violated the law through this practice.
What is the Bridgecrest repossession process?
Like other lenders, Bridgecrest hires repossession agencies to repossess consumers’ vehicles. In California, consumers have a right to reinstate their contracts by paying the past due balance and repossession fees. If no reinstatement occurs, and the loan is not paid off, Bridgecrest will sell the car, and apply the proceeds to the loan balance. In most cases after sale, consumers will be liable for a deficiency balance.
What seems to differ in the Bridgecrest repossession process is that Bridgecrest has been accused of moving California vehicles to Las Vegas, and requiring the reinstating consumer to drive or fly all the way out there just to pick up their car. Bridgecrest has also been accused of making constantly changing phone offers to reinstate, which differ from the post-repossession notice.
Is Bridgecrest Financial Violating California Auto Repossession Law?
Bridgecrest has been accused of committing an unfair business practice by requiring California consumers to pick up vehicles in Las Vegas, which is arguably so expensive and burdensome as to be an evasion of California consumers’ statutory right to reinstate.
Bridgecrest has also been accused of sending California consumers defective post-repossession notices, sometimes called a “Notice of Our Plan to Sell Property.” The legal result of a defective post-repossession notice is that no deficiency balance can be assessed on the account (i.e. the consumer owes nothing to Bridgecrest).
What You Should Do If Bridgecrest Moves Your Vehicle to Las Vegas
Take some good notes of your conversations with Bridgecrest after the repossession. Get your post-repossession notice ready so we can review it. Give us a call for a free consultation at 800-616-9325, well before your deadline to reinstate.