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Ford Motor Credit Reaches Settlement with States over Leasing Practices
The office of the Michigan Attorney General has announced that it has reached a multistate settlement with Ford Motor Credit regarding its leasing practices. This settlement will affect more than 150,000 Ford customers and bring $485,500 to the state of Michigan in legal fees and costs.
In addition, 37 other states have joined in the settlement involving Ford Motor Credit's “Red Carpet” leasing program, which came under scrutiny when a multistate group of investigators found that early termination of vehicle leases resulted in charges that were sometimes higher than the actual balance owed in the lease. Dealers would notify customers of the balance due, which included an additional charge not owed to Ford Motor Credit under the terms of the lease. The dealer would discharge the lease obligation to Ford Motor Credit but kept the extra amount charged to consumers, who were unaware of the correct payoff figure.
In reaching this settlement, Ford Motor Credit and 1300 participating Ford and Lincoln Mercury dealers have agreed to pay more than $6.2 million in legal fees and costs. Further, 77 dealers in Michigan have committed to the reforms set forth in the settlement. The result will be that approximately 150,000 customers nationwide will be notified by Ford Motor Credit and may qualify for a $100 restitution check from the company. The company estimates, however, that less than 10% of these customers will be eligible for restitution.
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