U.S., HSBC in Deal Over Service Members’ Car Repossessions
The Justice Department says it’s reached a $434,500 settlement with HSBC Finance Corporation over the repossession of cars owned by military service members.
The settlement announced Monday covers repossessions of 75 cars that occurred between 2008 and 2010.
The deal resolves allegations that HSBC violated the Servicemembers Civil Relief Act by conducting repossessions without court orders. Under the SCRA, judges are supposed to review and approve repossessions involving service members.
The Justice Department in February 2015 reached a much larger settlement with Santander Consumer USA Inc., which acquired HSBC’s car lending operations and assets. That deal provided service members with more than $10.5 million in compensation.
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