My husband and I purchased a travel trailer and financed it through the Dealership.in return for a 1/2 percent off the finance rate, we we sold life insurance.
The insurance cost $1,553.48 (based on a loan amount of approx. $17,000.) The entire insurance fee was paid up front at the time the loan was negotiated and was added to the cost of the trailer.
After making payments for three years we decided to pay off the loan. The amount of the refund of insurance is approx. $160.00 minus of course an administration fee of $50.00.
So life insurance covering an amount of no more than $17,000. For only 3 years ended up costing us almost $1,400.00.
It's absurd that insurance companies are given a license to steal like this.
Never, never sign on the dotted line until you are certain you know exactly who you're dealing with.
Peggy
Winnipeg, Manitoba, Canada
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