AutoMoney $3,000,000 Title Loan Class Action Settlement

If you are a North Carolina resident who entered into a car title loan with AutoMoney, Inc. or Auto Money North, LLC, you may be eligible to claim compensation from a class action settlement.

AutoMoney, Inc. has agreed to pay $3,000,000 to settle a class action lawsuit for alleged violations of the North Carolina Consumer Finance Act, Unfair and Deceptive Trade Practices Act, and Usury Code. This settlement aims to address claims that the company charged excessive interest rates on car title loans.

Who is eligible?

To qualify as a class member, you must meet specific criteria:

• You must be a resident of North Carolina.
• You should have entered into a car title loan with AutoMoney, Inc. or Auto Money North, LLC.
• The loan must have been made between January 1, 2011, and the effective date of the settlement.
• The interest rate on the loan must have exceeded 30%.
• The security interest granted by the car title loan should have been perfected with the North Carolina Department of Motor Vehicles.

How much are the payouts?

The settlement provides a total fund of $3,000,000. From this fund, administration expenses, class service awards, and attorney fees will be deducted. The remaining amount will be distributed to qualifying class members based on the interest they paid on their loans.

Pro Rata Distribution: If the total claims exceed the available funds, the payments will be distributed on a pro rata basis. This means each claimant will receive a proportionate share of the remaining funds.

For example, if a class member paid $500 in interest and the total valid claims equal $1,000,000, but only $900,000 is available after deductions, the member would receive 90% of their claim, or $450.

What docs are needed to file a claim?

Claimants need to provide proof of their eligibility. This includes details about the loan, such as the date, interest rate, and vehicle information.

Supporting documents like loan agreements or receipts should be submitted.

How to claim an award

To claim an award, class members must submit a claim form. You can file a claim online or download the PDF claim form to mail it. The completed form should be sent to:

AutoMoney Settlement

Claims Administrator

P.O. Box 2869

Portland, OR 97208-2869

Ensure your claim is submitted online or postmarked by May 12, 2025.

Claim instructions

1. Visit the settlement website to access the claim form.
2. Complete the form with your personal and loan details.
3. Attach any supporting documents, such as loan agreements or receipts.
4. Submit the form online or mail it to the address provided above.

Payment methods

Class members can choose from the following payment options:

• Digital Payment: Options like Venmo, Zelle, or a virtual prepaid card.
• Physical Check: Mailed to the address provided in the claim form.

$3 Million settlement fund

The settlement fund of $3,000,000 will cover various expenses:

• Administration expenses
• Class service awards
• Attorney fees (up to 33.33% of the fund)
• Remaining funds distributed to class members

Important dates

• Fairness Hearing: March 6, 2025
• Deadline to File a Claim: May 12, 2025

When is the AutoMoney Settlement payout date?

After the Fairness Hearing on March 6, 2025, the court will decide whether to approve the settlement. If approved, the claims will be processed, and payments will be distributed to eligible class members.

Why is there a class action settlement?

The lawsuit alleged that AutoMoney, Inc. and Auto Money North, LLC violated North Carolina laws by charging excessive interest rates on car title loans. The settlement aims to resolve these claims without further litigation.