I purchased a truck in 2004 and was financed through what was then Arcadia Financial. Then they turned into Citifinancial. Yesterday (7/31/07) I got a letter in the mail stating, "The coverage on the vehicle that serves as collateral for your loan contract has cancelled? Collision and Comprehensive insurance would satisfy this requirement." That is something I've always had!
So I called my insurance company. What they 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 I'm going to keep on getting these monthly letters, and every time the insurance company does their updating, they have to attach a letter to my proof of coverage to Citifinancial stating "why" my deductible is at $1000.
This is ridiculous! And they don't show me having insurance or any of my records updated! Well, for one, I don't get paid to do your job or the insurance company's job. Second of all, I have what is 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 off 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 before I leave the dealership for all these things, if I'm 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 probably didn't send it out until a week later! I think what it is, is that they don't 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 $2,700! 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 tack it onto what I owe them in the first place! It's nonsense!
If they really think that they can sit there and say that I don't have insurance (which I have proof of ever since I've had 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 off you!
After 4 hours of back and forth on the phone between the insurance company and Citifinancial, and at one point having 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 been 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!
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