Posted on 05/04/2017 9:22:10 PM PDT by nickcarraway
They are full chit.
The loan company would send notice to the customer during the time she “didn’t have coverage”.
She may have changed insurance several times during the course of the loan and there would be nitice filed at dmv and to tbe loan provider.
Tbey would also send notice of her final bill, make phone calls , etc.
Story ain’t right...
Always call your lender when you get a letter, even if you are sure you’re fine.
They tried to steal her car.
How many others did they steal from who paid their loan?
A lot of companies use pretext to close their file in you, because they resell your car again. You might only have one payment left, but their resale might get them 20 more payments on the same car.
The notice essentially said "Hey we bought your loan and you haven't told us who your insurance company is...so if you don't respond in 72 hours, we'll buy it for you (at quadruple the normal rate)." I have no doubt this company did something similar.
Happened to a friend of mine a few years back.
I recommended my insurance company and he changed insurance.
The loan company tried to tack on their insurance. He freaked.
I had our agent contact the loan company to provide proof of coverage and problem resolved.
This seems fishy. First, why can she not get proof of insurance? And doesn’t Florida monitor this and revoke license when insurance lapse?
Yes they do. If her insurance had lapsed the provider would have informed the state and a notice would be sent to her.
Well the article isn’t very clear.
She knew they were going to tack on the insurance payments on top of her car payment. This isn’t very smart, because the lenders aren’t in the insurance business. It does beg the question why the lender isn’t responsible for insuring their interest, but it is what it is.
So she knows there’s an extra 187.65 going out every month, on top of her car payment right? Did she make those payments, or not? If she didn’t, she would get nastygrams in the mail, right away.
If she WAS making her payment in full, why would she get another policy, but not inform her lender? This should be almost automatic by her new insurance company. Most people, even if they don’t understand insurance, understand all that money going out. Why didn’t she provide proof of insurance?
The story doesn’t make any sense. Good thing she didn’t total the car, or she would have really been upset to find out she still has to make payments on a car that is in the junkyard. A lot of folks think a collision is supposed to be just short of a winning lottery ticket.
Hmmmm. Always suspicious with these claims.
“I dindu nuffins and always paid on time...”
As Paul Harvey says, “And now the rest of the story.”
Exact same thing happened to me. By changing insurance bank only received cancellation notice. New insurance failed to send them notice. Ironically my car was in shop being repaired from accident when they tried to repossess. Cost me an extra thousand to get it back since they had to keep looking for it. Then the repo people stole everything in my vehicle including money. Yeah it happens. Btw I had 3 payments left on it.
Ping
This is a loan company scam and theft. There is no way she did not have insurance on a registered car. The state would have taken her license to drive within a month of her coverage having lapsed.
My daughter changed companies and the license bureau did not enter the change. Her license was revoked, not suspended, and she was arrested. She got it “straightened out” and the arrest “expunged” but when he applied for a job three years later she was turned down for lying about her arrest record because she said that she had no arrest on her record. Records are never expunged, no matter what your lawyer thinks tells you.
This sounds a bit like a certain real estate investment our former President and his fortunately never president wife were involved in.
You have to spend the time to manage every one you trade with. Just a fact of life. Get a notice - call, record name and date/time with everyone you interact with. Courts love that stuff and they do not like - “I thought I was ....”
uh oh. You’re in for it now.
In re: to insurance, I keep it simple and buy old cars nobody wants. Got my 94 Jeep with 110k miles on it. Now we’re up to 267k. Too emotionally attached at this point.
State of Maryland came after my wife this year for hundreds of dollars in uninsured fines on a car she sold prior to the dates they insisted that it went uninsured - ten years ago! They corrected the mistake, but a big pain getting all the documents from the insurance company, etc.
State of Maryland came after my wife this year for hundreds of dollars in uninsured fines on a car she sold prior to the dates they insisted that it went uninsured - ten years ago! They corrected the mistake, but a big pain getting all the documents from the insurance company and through the state bureaucracy.
Had a similar nightmare w/ our HSA account — made an overpayment to a doctors office and it took 3 months — really — to get the refund and then 3 more months to get the refund to the right office and back on our HSA. Then, of course, this means a change in IRS filings b/c it impacted the prior year’s outlays.... Truly, this is a theft of precious time, which is a theft of liberty. They never consider that when they set these rules and regulations.
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