.png)
Owners whose vehicles Prestige Financial Services Inc. repossessed and who received a pre- or post-sale notice from the company may be eligible to receive a cash payment, debt reduction and credit reporting relief from a class action settlement.
Prestige Financial Services agreed to pay $6.5 million to settle a class action lawsuit alleging it sent noncompliant notices to borrowers after repossessing and/or selling vehicles that secured their auto loans.
Who are the class members?
Class members must meet all of the following criteria:
- They had a finance agreement Prestige Financial Services held that they used to purchase a vehicle.
- Prestige repossessed the vehicle.
- Prestige mailed them a pre- or post-sale notice within the applicable statute of limitations.
- They resided in the United States at the time they received the notice.
The settlement considers both primary borrowers and co-borrowers on the agreement as class members. This includes estates, heirs, representatives, successors or assigns of deceased class members.
How much can class members get?
Eligible class members can receive the following benefits:
- A pro rata cash payment from the $6.5 million settlement fund
- A reduction of $2,000 from any outstanding deficiency balance. If the balance is less than or equal to $2,000, Prestige will waive the entire balance.
- Removal of negative deficiency balance information from credit reports for those whose deficiency balance is less than or equal to $2,000.
The amount of the cash payment depends on the total number of class members, the cash price and amount financed in the class member's finance agreement, and the remaining settlement fund after deductions for attorneys' fees and costs, administration costs and service awards.
No action needed to receive compensation
Class members do not need to file a claim to receive settlement benefits. If they are eligible, the settlement administrator will automatically issue cash payment and other relief.
If a class member's mailing address has changed, they should update their information using the online address update form or by contacting the settlement administrator.
Settlement administrator's mailing address: Prestige Financial Services v Mansell, c/o Settlement Administrator, P.O. Box 23489, Jacksonville, FL 32241
Settlement administrator's email address: info@PrestigeNoticeClass.com
Settlement administrator's phone number: 877-312-9154
Required proof/documentation
- Class members who need to update their name due to marriage, divorce or court order must provide supporting documentation, such as a marriage license or court order.
- Individuals claiming on behalf of a deceased class member must provide a death certificate and documentation showing the new payee as legal beneficiary.
- Class members using the online address update form must provide the notice ID and PIN they received in their settlement notice.
Payout options
The settlement administrator will mail checks to each class member's last known address unless they update it.
$6.5 million settlement fund breakdown
The $6,500,000 settlement fund includes:
- Settlement administration costs: Amount not specified
- Attorneys' fees: Up to $975,000
- Attorneys' expenses: Up to $90,000
- Service award to class representative: Up to $50,000
- Payments to eligible class members: Remainder of the fund
Important dates
- Deadline to opt out: Dec. 17, 2026
- Fairness hearing: Jan. 7, 2027
When is the Prestige Financial Services settlement payout date?
The settlement administrator will issue payments to eligible class members after the court resolves any appeals and grants final approval of the settlement.
Why is there a class action settlement?
The class action lawsuit alleged Prestige Financial Services sent notices to borrowers after repossessing and/or selling vehicles that did not comply with statutory requirements.
The company denied any wrongdoing but agreed to settle to avoid the expense and uncertainty of continued litigation.
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.svg)