More than 50,000 Colorado residents were awarded over $9.5 million by Wells Fargo as part of a settlement regarding unfairly withheld guaranteed automobile protection (GAP) insurance fees.
Attorney General Phil Weiser announced the results of the multistate settlement Wednesday in celebration of National Consumer Protection Week.
“We are committed to protecting hard-working Coloradans, especially from deceptive and illegal practices that cause them significant stress, hardship, and financial losses,” Weiser said. “We will continue to demand compliance.”
GAP is often sold to buyers who finance vehicles. If a financed vehicle is totaled in an accident, insurance typically covers the fair market value, which can be less than the amount owed.