Business ProfileforWesterra Credit Union
Additional business information
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On October 19, 2021, before the Administrator, Uniform Consumer Credit Code State of Colorado, Westerra Credit Union entered into an Amended Assurance of Discontinuance with the State of Colorado.
As a part of the settlement, Westerra Credit Union is refunding Colorado borrowers after failing to return GAP fees to consumers.
Westerra provided $846,114.57 in refunds to 3,422 consumers in April of 2021 and agreed in this settlement to submit to additional auditing of its handling of GAP.
Guaranteed automobile protection (GAP) is an add-on product sold to car buyers who finance their purchase. If a buyer’s car is totaled in an accident, the buyer’s auto insurance typically pays only the fair market value of the car, which can be less than the amount owed on the buyer’s loan. GAP applies in that situation to cancel, or pay off, the remaining balance owed on the loan. If a borrower pays off the loan early, or the car is repossessed before the loan is paid off, Colorado law requires that the lender automatically refund borrowers any unearned GAP payments—that is, funds that are not paying for any service of value to consumers.
The credit union also agreed to an audit by the Department of Law to ensure it has fully refunded consumers who were owed.
The administrator of the Uniform Consumer Credit Code, who is part of the Consumer Protection Division of the Department of Law, is leading this investigation. In additional to enforcement activities, the administrator also licenses, regulates, and examines certain lenders and their contractors.
Borrowers who believe they are owed a GAP fee refund because they paid off a car loan early or did not receive a full benefit for GAP coverage can file a complaint here.
For more information, please contact the State of Colorado Attorney General’s office at (720) 508-6000 or visit https://coag.gov/
At-a-glance
Customer Complaints
30 complaints closed in last 3 years
11 complaints closed in last 12 months
Customer Reviews are not used in the calculation of BBB Rating
Related Categories
Overview
Westerra Credit Union offers savings, checking, money market, CD and IRA accounts, auto loans, credit cards, mortgages, personal loans, commercial loans and business banking services
Products & Services
Business Details
This is a multi-location business.
- Location of This Business
- 3700 E Alameda Ave, Denver, CO 80209-3100
- BBB File Opened:
- 9/12/2001
- Years in Business:
- 90
- Business Started:
- 5/25/1934
- Business Incorporated:
- 5/25/1934
- Accredited Since:
- 10/28/2004
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
- Type of Entity:
- Corporation
- Business Management
- Ms. Kristina Shaw
- Ms. Lauren Petre, Administrator
- Contact Information
Principal
- Ms. Kristina Shaw
- Additional Contact Information
Phone Numbers
- (800) 858-7212Other Phone
- (800) 858-7212
Customer Complaints
30 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
08/23/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Customer Reviews
5 Customer Reviews
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Most Recent Customer Review
Teriah K
09/07/2024
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