$1.2 Billion Settlement for Auto Parts, Most Car Owners Qualify for $100 Rebate

$1.2 Billion Settlement for Auto Parts

This is a lawsuit that has been going on for years and it involves many companies. Twenty-three defendant groups and their affiliates have agreed to settlements resolving claims that they fixed the price of certain vehicle components. This may have caused individuals and businesses to pay more for certain new vehicles and replacement parts.

The settlement was initially $600M back in 2016. It then jumped to just over $1 billion in 2018. And now there’s even more money for those affected, an extra $183,958,000, for a total of about $1.2 billion. The deadline to file a claim is on June 18, 2020.

Eligibility

You can check if your vehicle is included here. I assume that most people who have or have had a card in the past will qualify as all major makes and models are included in the settlement. But some states are excluded from monetary benefits. You are part of one or more of the Settlement Classes if, at any time from 1990 to 2019, you:

• bought or leased a qualifying new vehicle in the U.S. (not for resale), or
• paid to replace one or more of the qualifying vehicle parts (not for resale).

In general, qualifying vehicles include new four-wheeled passenger automobiles, vans, sports utility vehicles, crossovers, and pickup trucks.

Payout

The settlement fund is approximately $1.2 billion. Payments are expected to be issued to consumers by the end of 2020. Below is a summary of how claims will be paid:

• Minimum of $100 for each claimant
• Claims exceeding $100 will be paid $100 plus a pro rata (or proportional) share of the remaining applicable Net Settlement Funds as determined separately for each automotive part (after paying all of the $100 minimum payments).
• If the Net Settlement Funds are insufficient to allow a minimum payment of $100 to each claimant, the amount to be paid to each claimant will be adjusted based on a pro rata basis.

File a Claim

If you are eligible for compensation, make sure you file a claim before June 18, 2020. You can file the claim online here. You are supposedly getting a $100 check, but the final value could be higher or lower, depending on how many claims are filed.

Also check out this list of other settlement rebates that you could be eligible for.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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