{"id":916,"date":"2022-07-08T12:25:18","date_gmt":"2022-07-08T12:25:18","guid":{"rendered":"https:\/\/www.sweepstakesbible.com\/blog\/?p=916"},"modified":"2023-01-09T05:37:14","modified_gmt":"2023-01-09T05:37:14","slug":"rrcu-gap-settlement-rrcugapsettlement-com","status":"publish","type":"post","link":"https:\/\/www.sweepstakesbible.com\/blog\/settlement\/rrcu-gap-settlement-rrcugapsettlement-com\/","title":{"rendered":"RRCU Gap Settlement for Insurance Refund"},"content":{"rendered":"

Red Rocks Credit Union has agreed to resolve claims that it failed to refund customers for GAP insurance refunds with a settlement<\/a> of approximately $394000. The settlement terms will benefit consumers who had a loan with Red Rocks Credit Union with GAP protection in Colorado which was paid off before time between 1st October 2014 and 1st July 2020 but didn\u2019t receive a GAP refund. However, borrowers whose vehicles were repossessed by Red Rocks due to failure in making loan payments are not included in the settlement.<\/p>\n

Settlement Website:<\/strong>\u00a0RRCUGapSettlement.com
\nObjection Deadline:<\/strong>\u00a008\/04\/2022
\nExclusion Deadline:<\/strong>\u00a008\/04\/2022
\nDeadline For Submitting Claim Form:<\/strong>\u00a0Not applicable
\nFinal Hearing Date:<\/strong>\u00a009\/08\/2022
\nSettlement Amount:\u00a0<\/strong>$394K
\nPotential Claim Amount<\/strong>: Variable
\nProof Of Purchase:\u00a0<\/strong>Not applicable
\nClaim Form:\u00a0<\/strong>Eligible class members will receive their settlement payment automatically in their Red Rocks Credit Union account or through the mail as a check if they aren\u2019t a Red Rocks account holder. Thus, no claim form will be required to benefit from this settlement.<\/p>\n

Red Rocks Credit Union is a financial institution based in Colorado offering a variety of services including GAP insurance and automotive loans. GAP protection is an addition to a customer\u2019s Finance Agreement guaranteeing that the creditor on the Finance Agreement will waive certain amounts owed if the customer\u2019s car is stolen or totaled.<\/p>\n

A class-action lawsuit has been filed against Red Rocks as they allegedly violated Colorado law by failing to refund unused GAP coverage to customers when they paid off their loans early. According to the lawsuit the customers are entitled to a partial refund or credit of the amount paid for GAP protection if they pay off the finance agreement early.<\/p>\n

However, Red Rocks failed to refund its borrowers for the unused portion of their GAP insurance on paying off early. Colorado law requires refunds for \u201cunearned\u201d fees and the actions of Red Rocks allegedly violated the same. Though Red Rocks Credit Union hasn\u2019t confessed any wrongdoing, they have agreed to resolve all allegations brought against them with a $393,522.10 settlement. This comprises a payment fund of $312,267.84 and $81,254.26 in fees.<\/p>\n

Under the settlement terms, the class members are eligible to recover payment from the fund. Each consumer can collect the full amount that they were eligible to receive as a GAP refund. The amount will vary for each class member depending on early payoff circumstances and the financing agreement. Apart from funding GAP refunds, Red Rocks have also agreed to continue a new business practice it executed after filing the lawsuit. Under this policy, Red Rocks Credit Union will ensure all GAP refunds are paid to consumers in the event of an early payoff.<\/p>\n","protected":false},"excerpt":{"rendered":"

Red Rocks Credit Union has agreed to resolve claims that it failed to refund customers for GAP insurance refunds with a settlement of approximately $394000. The settlement terms will benefit consumers who had a loan with Red Rocks Credit Union with GAP protection in Colorado which was paid off before time between 1st October 2014… Continue reading RRCU Gap Settlement for Insurance Refund<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-settlement","entry"],"yoast_head":"\nRRCU Gap Settlement for Insurance Refund - Sweepstakesbible Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sweepstakesbible.com\/blog\/settlement\/rrcu-gap-settlement-rrcugapsettlement-com\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RRCU Gap Settlement for Insurance Refund - Sweepstakesbible Blog\" \/>\n<meta property=\"og:description\" content=\"Red Rocks Credit Union has agreed to resolve claims that it failed to refund customers for GAP insurance refunds with a settlement of approximately $394000. 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