R
Rhonda_9900@msn
Guest
What is the name of your state?Texas
I purchased a used vehicle for my eighteen year old son. At no time during the negotiations of the vehicle and the different financing alternatives, was my son's insurance deductables discussed, nor was it disclosed that if I chose to go with a credit union that there would be specific deductable requirements for said vehicle loans.
I opted to go with a credit union to: 1. become a member of a credit union and 2. They had 3.9% financing available.
After making my June, July and August payments, the credit union has contacted me to inform me that their deductable requirements for auto loans was no higher than $500.00.
Again, this was never disclosed at the dealership. My finance person was fully aware that this vehicle was for an eighteen year old male, going off to college. Nor was it in the contract in which I executed.
I currently an paying $380.00 a month for insurance for my son, with a $2,000.00 deductable!! I called to get pricing on a $500.00 deductable and it would increase an additional $1,200.00 annually. Which, was concurred to the credit union.
I spoke with the credit union and asked them to provide me with where in the contract I had agreed to this. Well, as I knew, they could not find it and said that "it must of been a mistake, however, it was their policy". If I didn't change my deductable, that they would charge my account with 1,800.00 for the annual insurance and I would pay financing of that too!
I then stated that I wouldn't pay the difference, and their reply was that they would repo my vehicle.
I guess my questions are the following:
1. How am I in breach of the contract that I executed, which would allow them to repo my vehicle?
2. Shouldn't the dealership have disclosed specific criteria? Myself and the finance manager had very open discussions of the costs of insurance rates for male teenagers.
When I was making my decision to purchase a vehicle, if these costs had been disclosed at the time, it would of impacted my decision to go with this credit union or not.
Any insite would be greatly appreciated.
Thank you,
I purchased a used vehicle for my eighteen year old son. At no time during the negotiations of the vehicle and the different financing alternatives, was my son's insurance deductables discussed, nor was it disclosed that if I chose to go with a credit union that there would be specific deductable requirements for said vehicle loans.
I opted to go with a credit union to: 1. become a member of a credit union and 2. They had 3.9% financing available.
After making my June, July and August payments, the credit union has contacted me to inform me that their deductable requirements for auto loans was no higher than $500.00.
Again, this was never disclosed at the dealership. My finance person was fully aware that this vehicle was for an eighteen year old male, going off to college. Nor was it in the contract in which I executed.
I currently an paying $380.00 a month for insurance for my son, with a $2,000.00 deductable!! I called to get pricing on a $500.00 deductable and it would increase an additional $1,200.00 annually. Which, was concurred to the credit union.
I spoke with the credit union and asked them to provide me with where in the contract I had agreed to this. Well, as I knew, they could not find it and said that "it must of been a mistake, however, it was their policy". If I didn't change my deductable, that they would charge my account with 1,800.00 for the annual insurance and I would pay financing of that too!
I then stated that I wouldn't pay the difference, and their reply was that they would repo my vehicle.
I guess my questions are the following:
1. How am I in breach of the contract that I executed, which would allow them to repo my vehicle?
2. Shouldn't the dealership have disclosed specific criteria? Myself and the finance manager had very open discussions of the costs of insurance rates for male teenagers.
When I was making my decision to purchase a vehicle, if these costs had been disclosed at the time, it would of impacted my decision to go with this credit union or not.
Any insite would be greatly appreciated.
Thank you,
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