(CN) – JP Morgan Chase Bank and Chase Auto Finance Corp. are repossessing cars illegally, a class action claims in Cook County Court.
Chase sales contracts let customers redeem their cars within 21 days of repossession if they have paid 30 percent or more of the “deferred payment price” and catch up on delinquent payments, plus repossession costs, the class says. But Morgan Chase takes the cars and refuses to return them unless the customers pay off the entire balance due, says named plaintiff Isa Fatai.
Fatai says he had paid off more than 30 percent of his Mercedes when it was repossessed, but Chase demanded the entire balance of the contract. He claims at least 50 other Illinois residents have suffered the same thing.
He demands an injunction and punitive damages for breach of contract, consumer fraud and conversion. The class is represented by Daniel Edelman with Edelman, Combs, Latturner & Goodwin of Chicago.