Used-car retailer Carvana admitted to violating state law by failing to transfer car titles in a timely manner and has reached a settlement agreement with the state, officials said Tuesday.
The $250,000 bond Carvana is being required to surrender will go to compensate people who were fined for late registrations or otherwise lost money through buying a car with Carvana, Henry Haupt, spokesperson for the secretary of state, said in an email. Those who were fined are encouarged to call the secretary of state’s office at 630-693-0551.
“The admission by Carvana demonstrates what we knew all along: that Carvana was violating the law in a manner that was harmful to Illinois consumers,” Giannoulias said in a statement.
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