Sorry for late response and Thank You's for responses!
Do you still want the clause in the contract posted to the forum in case it may be helpful to others? Or is that moot pt now since our request seems to have worked?
It seems that invoking arbitration w/ JAMS was successful. Thanks in large part to fisthardcheese, who patiently spelled out what to do for response/invoking arbitration, we responded to pocket summons (legal in MN - means no case filed in court but lawyers can file and get default judgment if you don't answer in time or they decide to open case etc).
JAMS confirmed they received paperwork and Credit Acceptance (the OC for rip off car loan) in-house lawyer has been phoning my friends regarding the ADR all day. Credit Acceptance had been using a debt collection law firm for pocket summons until now.
I told my friends to tell them they couldn't talk now til we figured out what to say/not to say. The Credit Acceptance in-house lawyers asked what they "hoped to get out of arbitration". errrrrr... capped fee, making you pay, making you prefer to walk away or settle ...
My friends would really like to just get rid of this thing. I am willing to help them w/ a lump sum payment for full settlement w prejudice and hopefully getting rid of tradeline on this for them too.
Do you think the in-house lawyer is calling (desperately btw) to try to settle to avoid the fees for ADR?
If yes, what should they say or definitely not say?
Should they answer her question about "what they hope to achieve w/ ADR"? (it's sorta funny - sounds like a parent berating a child or something).
Should my friends offer a settlement amt? IF so what percentage? BTW they are not sure what their actual debt is since never got notice re car sale - if it was sold, how much, when etc. Before tacked on fees w their lawyers I'm guessing their balance was around $4k-4.5k range.
Should settlement negotiations be only in writing or can they be on phone and don't do anything unless/until you get validation in writing?
My sense is that Credit Acceptance is trying to do something before the 5 day limit to cancel JAMS and get fee refund. JAMS confirmed paperwork rcpt on Tuesday 4/26. Not sure when 5 day countdown starts ends. I'm hoping they want to settle but who knows?
TIA for any advice for talking to them! It would be so nice to get this thing over with since none of us knows what we're doing.