I was told I was approved for a loan in the amount of $7000 which I was going to use as a auto loan. I was told that because I have bad credit I needed to make a security deposit in the amount of $883. The loan contract stated that the lender and the borrower had an option to insure the loan. I slected not to insure the loan. After I made the security deposit and the funds were not transfered to my account I was told that the lenders opted to inforce the insurance policy and that before my funds would be released I had to pay an additional $1000.
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