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STATE OF WEST VIRGINIA OFFICE OF THE ATTORNEY GENERAL DARRELL V. MCGRAW, JR. CONSUMER PROTECTION DIVISION 1-800-368-8808 or 304-558-8986 |
Press Release |
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FOR IMMEDIATE RELEASE Contact: Charli Fulton Phone: 304-558-8986 |
Release Date: March 29, 2002 |
McGraw Announces Settlement With Ford Motor Company SubsidaryMarch 29, 2002 FOR IMMEDIATE RELEASE CONTACT: Charli Fulton 1-800-368-8808 304-558-8986 ATTORNEY GENERAL DARRELL V. McGRAW, JR. ANNOUNCES SETTLEMENT WITH FORD MOTOR COMPANY SUBSIDIARY Attorney General Darrell V. McGraw, Jr., announced that Primus Automotive Financial Services, Inc., a subsidiary of Ford Motor Company, has agreed to an out-of-court settlement that will provide over $136,000 in consumer restitution, debt cancellation and other relief. This settlement will dismiss Primus as a defendant in the Attorney General's lawsuit against Ideal Motors, Inc., a defunct car dealership which was located in Grafton, West Virginia. The Attorney General's office sued Ideal Motors, its owners, and several financial institutions in 1998 after investigations revealed that Ideal Motors was packing loans it arranged for consumers. Loan packing is the practice of misquoting monthly loan payments in order to add extended warranties, credit life, accident and health insurance and other products to the loan. The settlement will benefit approximately 131 consumers-all those who purchased a vehicle from Ideal Motors on or after June 15, 1994, and who had a loan with Primus. Attorney General McGraw asks consumers affected by this settlement to contact his Consumer Protection Division and provide their current mailing addresses. "Through this settlement and others, we have obtained nearly $2.5 million in restitution and remedies for West Virginia consumers who were misled or deceived by Ideal Motors' sales practices," Attorney General McGraw stated. The defendants remaining in the lawsuit are Ideal Motors, its owners and officers; National City Bank of Pennsylvania; General Motors Acceptance Corporation; Bank One; and The Huntington National Bank. Consumers with questions about the settlement with Primus should contact Attorney General McGraw's Consumer Protection Division by calling 1-800-368-8808 or 304-558-8986, writing to Post Office Box 1789, Charleston, West Virginia 25326-1789, or by e-mailing to consumer@wvnet.edu. | |
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