Many consumers who purchase a car or other large purchases may often find that their finance agreement contains a credit life or credit disability charge on the loan documents. Without commenting on whether one should purchase credit life or credit disability on a loan, it is important to know that a consumer who pays that loan off early, or trades their car with an automobile loan for another car and that particular credit life or credit disability policy is no longer on that loan, the consumer is due a refund. Often times the banks who make these loans do not refund the unearned premium on those policies that are purchased with a single premium at the time of the loan. These refunds for unearned premium are mandatory.
Our firm has filed several of these credit life, credit disability, and unearned premium cases as class actions and have had much success with these cases. These cases are being handled primarily by Lance Gould (Lance.Gould@BeasleyAllen.com) and Brad Smelser (Brad.Smelser@BeasleyAllen.com), lawyers in the Section.
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