Fireside Class Action Does Not Include Repossessions Past October 2007
Many of you have called or emailed about Fireside Bank's repossession of your vehicle. You are hoping that you are included in our Fireside class action settlement. That settlement resulted in Fireside clearing class members' credit reports of Fireside's tradeline. The settlement also required Fireside to reduce class members' obligations to zero.
California law requires repossessing finance companies to exactly comply with the law when they send post-repossession notices of intent to dispose (NOIs). If the finance company makes a mistake, then the defaulting consumer does not owe any deficiency following the repossession sale. We reached the Fireside settlement because Fireside's NOIs from October 2003 to October 2007 did not comply with California law.
Fireside changed its NOIs in October 2007. Therefore, unfortunately the Fireside settlement class does not include consumers who received NOIs past October 2007.
