I bought a car in March. BECU is the financial institution that I decided to go with to finance my car. On March of 09 BECU sent me a letter stating that they had added a insurance policy to my vehicle loan and would raise my monthly payment over 200 more a month. I spoke with my insurance carrier and he stated to me that I have full coverage insurance on my vehicle.
I contacted BECU by phone.By the way it was the worst experience I have ever had with my lender. Nothing but sarcastic employees that seem to get satisfaction out of my struggles with them. I informed BECU that I had the proper insurance and there was a mistake somewhere. I even had my insurance company personally fax them my insurance info.
BECU says they never received it. Well my multi billion dollar insurance company has a good fax machine or something because it lets them know a fax has been received. BECU received all 3 faxes and says they did not. BECU told me over the phone they would not be making my monthly payments back to normal due to the fact they have no proof of proper insurance.
To make a long story short I told BECU i would not be making the higher payment due to the fact I have had the proper insurance from day 1. Less than 1 week later my car was repossessed at 2 am. BECU even took a payment out of my account 3 days before they repossessed my car. I am a disabled man on a limited income in times of economic hardship just scraping by to make my payments.
Beware of becu they are scammers and don't care about you at all.
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