GM Recall Affects Millions: Settlement Loans Available
General Motors continues to make headlines this year by issuing 60 separate recalls that affect over 30 million vehicles in the United States. The auto maker is currently facing litigation from some 600 crash victims who are demanding just compensation for their injuries and losses. The recalls were mandated for problems with faulty ignition switches, seat defects, power steering problems and other flaws with certain Chevrolet, Buick, GMC, Saturn and Cadillac models. 2014 has been a record-breaking year for vehicle recalls in the U.S., with GM designers responsible for the lion’s share of potentially life-threatening auto defects.
The company’s botched ignition switch recall is at the heart of intense criticism after it was discovered that GM employees knew of the problem for more than 10 years, but failed to take action. This summer, GM proposed a settlement fund to compensate the surviving relatives of those who died after driving one of the 2.6 cars that was recalled for ignition switch defects. It is estimated that GM will shell out more than $400 million in an effort to rectify a “unique set of mistakes that were made over an extended period of time,” according to GM spokesman Dave Roman.
Meanwhile hundreds of other crash victims whose vehicles were not part of GM’s first ignition switch recall are now suing the auto maker in federal court since they are not eligible for compensation under the settlement terms. “GM needs to step up and acknowledge the blood on its hands from all of these recalled cars,” said legal counsel for the plaintiffs, who suspects thousands more may file suit for damages they sustained from GM auto defects.
Officials for GM maintain that they want to do right by victims who died or were physically injured because of ignition switch issues, but as many plaintiffs are quickly discovering, the legal process can be frustratingly slow. Those who are eligible for the car maker’s compensation fund may need a helping hand until their settlement monies come through.
GM recall settlement loans: a cash advance on your future payout
The family of Brooke Melton, who died in a 2010 GM auto crash, filed suit against the company alleging they had proof that the auto maker had hidden critical evidence about the faulty Chevrolet ignition switch, and that one of their engineers who testified in the case had lied under oath. Reuters reports that GM failed in its attempt to have the lawsuit dismissed, which means the Georgia family can continue their pursuit of justice and fair compensation for their daughter’s death.
In cases like these, where a settlement or verdict is on the horizon yet still months away, legal funding can help alleviate pressing financial needs. A GM recall lawsuit loan may prove advantageous for those who have already filed suit, but need cash now to help make mortgage payments, pay off medical bills, or simply make ends meet while their cases resolve.
Unlike a high-interest bank loan, this cash advance comes with no strings attached, and plaintiffs are under no obligation to repay the funds unless they win or settle their lawsuit with GM.
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- Reuters, GM must face suit claiming it covered up ignition-switch defect http://www.reuters.com/article/2014/08/10/us-gm-recall-melton-idUSKBN0GA0QG20140810
- CNN Money, GM sued by more than 600 recall victims http://money.cnn.com/2014/07/30/news/companies/gm-recall-lawsuit/