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Wells Fargo Refund of GAP Fees Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

This settlement resolves a class action against Wells Fargo Bank, NA, on the subject of Guaranteed Asset Protection or Guaranteed Auto Protection (GAP). GAP offers extra protection beyond that provided by typical auto insurance policies in event of a total loss of the vehicle. The complaint alleged that when a vehicle’s financing is paid off early, customers may be entitled to partial refunds of GAP fees paid for what would have been the remaining term of the financing agreement. Wells Fargo claims it has already made some of these refund payments.

Docket Number:

8:18-cv-00332-JVS-MRW

Company: Wells Fargo

Filing Deadline: October 6, 2021

Class Period: February 27, 2003 to June 8, 2021

Objection Deadline: October 6, 2021

Exclusion Deadline: October 6, 2021

Final Approval Hearing: November 15, 2021

Proof of Purchase:

If you received a Notice, no proof of purchase is required.

Eligibility:

You may be eligible if you are a member of the Class and/or the Statutory Subclass.

- The Class is all persons in the US who (1) had a finance agreement with a GAP agreement that were assigned to Wells Fargo, (2) where the finance agreement ended with an early payoff that took place during the class period, and (3) who did not receive a GAP refund.
The class period differs by state, according to the state in which the persons entered into the finance agreement. The dates begin on February 27, 2003 at the earliest; presumably the end date is June 8, 2021, the date of the Preliminary Approval. See Exhibit B of the Settlement Agreement at https://www.gaprefundsettlement.com/admin/services/connectedapps.cms.extensions/1.0.0.0/asset?id=9fc866e2-7c3a-45de-8872-ccb41ae1fe60&languageId=1033&inline=true.

- The Statutory Subclass is persons (1) who had a finance agreement with a GAP agreement that were assigned to Wells Fargo, (2) where the finance agreement was subject to state refund laws, (3) where the finance agreement ended with an early payoff that took place during the statutory class period for their state, and (3) who did not receive a GAP refund from Wells Fargo or for whom Wells Fargo did not get written confirmation from the dealer or GAP administrator that the GAP refund had been paid.
The Statutory Class period differs by state, according to the state in which the persons entered into the agreement. The dates run from February 27, 2008 at the earliest to June 8, 2021. Members of the Statutory Subclass are also members of the Class. See Exhibit E of the Settlement Agreement at https://www.gaprefundsettlement.com/admin/services/connectedapps.cms.extensions/1.0.0.0/asset?id=9fc866e2-7c3a-45de-8872-ccb41ae1fe60&languageId=1033&inline=true.

Typical Settlement Amount:

Benefits: (1) Class members who are not Statutory Subclass members: Payment up to the full amount of the early payoff GAP refund, with no deduction for a cancellation fee. Final amounts depend on the number of valid claims received. (2) Statutory Subclass members: Payment up to the full amount of the early payoff GAP refund, with no deduction for a cancellation fee, plus compensation for the loss of the use of the funds; in addition, a payment of up to $5. Wells Fargo claims to have already paid refunds to some of the Statutory Subclass members.

Total Settlement Amount: $45,000,000

Class Representative Proposed Incentive Fee:

$7,500

Law Firms:
Frank Sims Stolper LLP
Franklin D. Azar & Associates, PC
Levin Sedran & Berman

Claim Form: Wells Fargo Refund of GAP Fees Settlement Claim Form

Case Name: Herrera, et al. v. Wells Fargo Bank, N.A., et al.

Settlement Website: Wells Fargo Refund of GAP Fees Settlement Website

Claims Administrator:
JND Legal Administration

Claims Administrator Contact Information:

Herrera v. Wells Fargo
c/o JND Legal Administration
PO Box 91338
Seattle, WA 98111
info@gaprefundsettlement.com
833-636-2118

Tags: Auto Insurance, Failure To Pay For Refund, GAP Coverage