If you used U.S. Equity Advantage’s auto loan Payment Accelerator Program, a check may be on the way
Obtaining consumer redress is a top priority in any enforcement action, and when the CFPB enforces the law, we or a court may require the person or company to compensate its victims for this harm by providing consumer redress out of its own funds. In certain circumstances, when the person or company doesn’t have sufficient funds, however, the CFPB uses a victims relief fund (also known as the Civil Penalty Fund) to compensate victims who haven’t received full compensation for their harm through redress paid by the defendant in their case. Learn more about the victims relief fund and other distributions.
If you were one of the more than 120,000 consumers who were subjected to misleading practices and paid enrollment fees to U.S. Equities Advantage, Inc. (USEA) for their auto loan Payment Accelerator Program, you may be getting a check in the mail. In August 2022, the CFPB began mailing checks to eligible consumers who enrolled in a program to accelerate their loan payments through USEA. The checks are being sent from RUST Consulting.
If you have questions related to the case, you can call 1-833-630-1414 (toll-free) or email email@example.com .
Details about the victims relief fund distribution against U.S. Equities Advantage, Inc.
Number of consumers impacted: 121,233
Total distribution amount: $9,399,723.78
U.S. Equities Advantage violated the Consumer Financial Protection Act by misleading consumers about the benefits of its “AutoPayPlus” payment accelerator program. The company failed to disclose that its fees were higher than any interest savings and misrepresented the projected amount someone could save with their program. Read more about the order.