Z
ZDannO
Guest
What is the name of your state? Can my Auto Loan company apply temporary Collateral Insurance to my loan (I was laid-off) without sending me official Insurance information? Are they not required by law to notify me with official papers, details, etc... when they make changes to my Loan Amount or Loan Status?
My Credit Union applied their own Insurance (Collateral only) to my vehicle and raised the monthly due amount to cover the additional cost (outrageously overpriced @ $200 per Month). Many months later (newly employed at this point), I ran behind by just over one month and I was notified that Collateral Insurance was applied, but it had already been applied many months before. I inquired and was told to call and they would explain the way it is billed. I want this information sent to me officially and in writing. Are they not required by law to give me all of the details in writing and/or notify me if the situation may cause further such actions in the future?
This was a Federal Gov. Credit Union in Birmingham, AL
My Credit Union applied their own Insurance (Collateral only) to my vehicle and raised the monthly due amount to cover the additional cost (outrageously overpriced @ $200 per Month). Many months later (newly employed at this point), I ran behind by just over one month and I was notified that Collateral Insurance was applied, but it had already been applied many months before. I inquired and was told to call and they would explain the way it is billed. I want this information sent to me officially and in writing. Are they not required by law to give me all of the details in writing and/or notify me if the situation may cause further such actions in the future?
This was a Federal Gov. Credit Union in Birmingham, AL