If you were charged for collateral protection insurance on a Wells Fargo auto loan, you could receive a cash payment from a class action settlement.
This statement is TRUE.
This is because if something happens to the collateral in the hands of a lending institution, you can receive compensation and this is known as Notice of Proposed Settlement of Class Action (“Notice”) and is authorized by the government.
<h3>What is collateral protection insurance?</h3>
This refers to the type of insurance that insures property that is on hold as collateral by a financial institution.
Hence, we can see a class action settlement has to do with the proceeds of financial rewards that is gotten as a result of winning a class action lawsuit and involves payment to a defendant.
With this in mind, we can see that you can receive compensation and this is known as a Notice of Proposed Settlement of Class Action (“Notice”) if you proceed with a class action lawsuit.
Read more about collateral protection insurance here:
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