I purchased A truck in 2004 and was financed through what was then Arcadia Financial. Then they turned to Citifinancial. Yesterday (7/31/07) i get a letter in the mail stating that, "The coverage on the vehicle that serves as collateral for you loan contract has cancelled? Collision and Comprehensive insurance would satisfy this requirement. Something I've Always Had!
So i called my insurance company. What they had told me was that Citi requires that i have a $500 deductible in order to stay on with them. What? When?
So i called citi and they said that is partly true. They say they would like $500 but $1000 is acceptable. But if my deductible is $1000 then im going to keep on getting these monthly letters and everytime the insurance company does their updating they heve to attach a letter to my proof of coverage to citifinancial stating as to "Why" my deductible is at $1000.
This is Bu*lsh@t! And they dont show me having insurance or any of my records updated! Well for one, i dont get payed to do your job or the Insurance company's job. Second of all, i have whats required by the State of Florida and it's full coverage insurance. Last i remember, I have to make sure i have Insurance before i drive of the lot. The insurance company sends the dealer proof and they send the Financial Institution proof, correct? And the last i remember, i sign a contract also before i leave the dealership for all these things if im not mistaken.
So if there was a problem it should have been there over 3 years ago! If there was a change in Policy when they switched from Arcadia to Citifinancial then i should have been "Grandfathered" in by right! Then they told me and my wife that this needs to be resolved 2 days from now and i just got the notice 2 days ago.
The date on the notice says it was printed on the 9th but they probally didnt send it out till a week later! I think what it is, is that they dont want to have proof of Insurance furnished to them and they want us to pay "Their" Insurance Premium that "They" Provide for us. That's over $2700! Yeah right!
I'm not paying over $300 a month for something that constantly depreciates in value. It's not worth it! Then they'll take that and tac that onto what i owe them in the first place! It's a load of crap!
If they really think that they can sit there and say that i dont have Insurance (which i have proof ever since i've been with the truck) and even try to repossess my truck after how long i've been timely with my payments, go ahead, I WILL SUE THE PANTS RIGHT OFF OF YOU!
After 4 hours of back and forth on the phone between Isurance company and Citifinancial. At one point i had myself, citifinancial, and the Insurance agent on the phone (in which the insurance agent even started arguing with her), still nothing got updated and the problem has not got resolved. I had to take the day off of work today just to make sure this is taken care of! I should go to the media about this!
Sleepless In Melbourne
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