Auto Recall Settlement Funding Provides Assistance after Record Recall Year

The auto industry hit a record they might just as soon forget in 2014, with more vehicle recalls involving older models of cars than ever before. The massive recall surge has also spurred numerous lawsuits against vehicle manufacturers, filed by owners and others injured by vehicle defects.

Those dealing with injuries may find auto recall settlement funding helps to pay medical bills and other expenses while waiting for the sometimes length litigation process to move forward.

General Motors tops the list

General Motors leads the pack in auto recalls for 2014, with faulty ignition switches that resulted in the recall of more than two million vehicles manufactured between 2003 and 2011. It was discovered the switches could be inadvertently turned off with as little as a bump of the knee, rendering safety features like power steering and airbags inoperable. The defect has been linked to as many as 42 deaths and many more injuries.

Other manufacturers have seen similar recall woes, including companies that installed defective airbags manufactured by Takata. These airbags, found in numerous models, including Hondas, BMWs and Fords, can explode on impact, sending metal shards flying at motorists and their passengers. These defective airbags have been connected to the deaths of at least four vehicle occupants thus far.

Toyota has also been plagued with recall issues, even facing a $1.2 billion criminal penalty for unintended acceleration problems with many of its vehicles. Honda and Chrysler joined General Motors in 2014 for breaking corporate records in the number of recalls issued in a single year, due to airbag problems, gas tanks that can catch fire in high-speed collisions and other manufacturing defects.

Devastating results of vehicle defects

Injuries caused by these vehicle defects can be catastrophic. Vehicle occupants may face weeks or even months of medical care, rehabilitation and time off work to heal from their injuries. The financial impact can be equally challenging, as medical bills begin to mount and paychecks dwindle due to lost work time.

A lawsuit against the vehicle manufacturer allows injured drivers and passengers to pursue compensation for injuries, medical expenses and other losses. In fact, companies like General Motors and Toyota have faced multiple lawsuits involving manufacturing defects. The state of Arizona even filed a $3 billion lawsuit against General Motors, claiming the company was liable for a significant loss of vehicle value due to the defects.

While lawsuits are a good option for those who have been hurt or lost loved ones to vehicle defects, litigation is by no means an instant solution. The legal process takes a decided amount of time – to collect evidence and testimony, and to create a compelling case and a strong defense. In the meantime, plaintiffs continue to deal with the physical and financial stress of their injuries, without assurance of when or if a positive resolution will come.

Benefits of a vehicle recall lawsuit loan

For those caught in legal limbo, help is available. Auto recall settlement funding can provide the cash you need to pay your bills while you are waiting out the legal process. These non-recourse loans are based on your expected settlement or jury award, or they do not require a lengthy application process or credit check. You can apply for your advance online and receive approval within 24 hours in most cases. Once approval is granted, the funds can be wired directly into your checking account within 24 hours.

The team at Lawstreet Capital understands how hard it can be to wait for a legal solution when you have suffered serious injury. We design our cash advances to be quick and easy, and do not require any type of payment until you win or settle your case. To learn more about your options with Lawstreet Capital, call us toll-free today!