Indiana Consumer Law Group/The Law Office of Robert E. Duff announces the recent filing of a class action lawsuit against Condor Securitization Trust, Condor Holdco Securitization Trust, Condor Assetco Securitization Trust and Condor Recovery Securitization Trust arising out of the repossession of an Indiana couple’s vehicle. The complaint alleges that the Notice of Sale sent to the plaintiffs did not comply with the Uniform Commercial Code (UCC) in a number of respects. The complaint seeks damages and an injunction to prevent Condor from continuing to violate the law.
The plaintiffs’ finance agreement was immediately assigned to Condor Capital Corporation in April of 2014 when they bought a car from a dealership in Indiana. Condor Capital Corporation, commonly known as a subprime auto lender, was at the time a major financier of subprime auto loan contracts and had acquired a portfolio of over $300 million in outstanding loans. Sometime later in 2014, New York state authorities filed a lawsuit against Condor Capital Corporation alleging that Condor “has engaged in a longstanding scheme to steal millions of dollars from its customers — among other unfair, abusive, and deceptive practices.” Eventually, a receiver was appointed by the court to wind down Condor’s affairs. During the winding down process, the plaintiffs allege that their finance agreement was transferred and assigned to one or more of the defendant trusts named in the lawsuit.