In October of McCoy Federal Credit Union financed my 1997 Pontiac GTP which included an extended warranty through their institution. I finally had my dream car when everything started to go wrong all in what seemed like one month. First, my power-steering started went bad, the extended warranty covered the repairs which included the replacement of the supercharger, belts, and a few other things. I had to pay the $50 deductible and cost for the fluids.
Everything seems fine until my engine sounded like it was going bad or something, the car made it home where it didn't want to crank anymore. I had it towed back to Chevrolet on Colonial Drive where the first repairs took place. There they told me that the engine needed to be replaced, which would be cheaper than rebuilding it. Come to find out, the extended warranty refused to cover it, and paid off the remaining balance of the warranty and told me the car was a total loss.
I took the check for $4770 and applied it to the remaining balance on the loan. The bank told me they didn't know anything about the car being totaled. The warranty company told me they would have to get a salvage title for the car but told the bank a different story!
I've been given the run-around by both of these companies and my car is a total loss according to the warranty company which never gave me any paper-work indicating their decision of the matter neither did the bank. I cannot get another car because the status of the loan on my credit remains open, and McCoy will not give me any documentation on what happened between them and the warranty company concerning the loan.
I mentioned to McCoy that the loan is still open on my credit and they told me it will remain that way until the car is sold! They are going to report it as a repossession yet I have not missed a monthly payment. Whatever the case, I have been without a car, they continued to accept monthly payments from me including the $4770 check that was given to me from the warranty company, which left my $7500 (estimated) loan at $2100 remaining but they are putting me down for a repossession!
I am not an angry person but this has put me out of it as a young woman who does not know much about how these companies work. All I wanted was to be informed even though I know this is not fair nor do I think it is legal business practices. Whatever the case, I thank this site for the opportunity and I will be filing a formal complaint with the BBB and the FTC as well as with the attorney general so at least I won't be left in the dark about whether or not what they are doing to me is legal, let alone, fair.
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