What is the name of your state? Colorado
Hello,
I have a car loan through my Federal Credit Union. I had let my auto insurance lapse in August, but was provided with a "forced" policy paid through August of '08. My payments are current and have included the extra amount for this insurance as of the first billing for it. I kept it as it was actually LESS expensive than what I was paying through the agent. I received a letter last Thursday (12/27) giving me 7 days to remedy the issue of the forced insurance not being adequate insurance for Colorado. This threw me a little as I had not been informed of this until that letter. This morning (12/29) the repo man showed up at my door and told me he was taking the car due to "Lack of Insurance". I showed him the letter giving me 7 days to remedy the under-insured issue, as well as the "Collateral Protection" Insurance coverage letter from the credit union showing coverage from 08/07-08/08. His response, of course, was that I could contact my credit union on Monday to address these issues, but he was paid only to take the car.
My question is: Can they legally repo my car if insurance is in force, even it is "forced insurance"? And if I have been given 7 days to remedy the situation of "under insurance", can they repo without taking into the time I received their letter? Should I purchase full coverage in advance of Monday for the vehicle and request the "unearned premium" from 01/08-08/08 be refunded? Will they have to pay to have the vehicle returned to me if they are in error?
Thank you in advance for your help. This is very frustrating--especially as I am talking about my 17 year old daughter's vehicle that she uses to get to her apprenticeship program.
Hello,
I have a car loan through my Federal Credit Union. I had let my auto insurance lapse in August, but was provided with a "forced" policy paid through August of '08. My payments are current and have included the extra amount for this insurance as of the first billing for it. I kept it as it was actually LESS expensive than what I was paying through the agent. I received a letter last Thursday (12/27) giving me 7 days to remedy the issue of the forced insurance not being adequate insurance for Colorado. This threw me a little as I had not been informed of this until that letter. This morning (12/29) the repo man showed up at my door and told me he was taking the car due to "Lack of Insurance". I showed him the letter giving me 7 days to remedy the under-insured issue, as well as the "Collateral Protection" Insurance coverage letter from the credit union showing coverage from 08/07-08/08. His response, of course, was that I could contact my credit union on Monday to address these issues, but he was paid only to take the car.
My question is: Can they legally repo my car if insurance is in force, even it is "forced insurance"? And if I have been given 7 days to remedy the situation of "under insurance", can they repo without taking into the time I received their letter? Should I purchase full coverage in advance of Monday for the vehicle and request the "unearned premium" from 01/08-08/08 be refunded? Will they have to pay to have the vehicle returned to me if they are in error?
Thank you in advance for your help. This is very frustrating--especially as I am talking about my 17 year old daughter's vehicle that she uses to get to her apprenticeship program.