Credit Insurance Policy Wording
Can you put a repository on its debt if the car was signed by the insurance by the financial institution?
We had a car and were funded SUPER backwards, was totaled in an accident and our policy of deficit paid most of it. They say there is a balance of $ 1,200 in "fees" not cover the difference are now saying that it will repurchase agreement if not paid our credit but the vehicle has already been signed for the insurance, so there are no cars, title, or anything else for that claim too much and think it is ridiculous that summarizes these crazy fees they want us to pay. Never heard Gap did not pay the full amount owed, so it can put on my credit as a repo or simply by the scale. They are also sending a very ugly strongly worded text messages and daily harassment on the grounds that we are leaving voice messages, but never calls, and saying they are sending emails, but merely a text message. And send the same message 3-4 times each time
Unfortunately, these charges are your responsibility. Personally, I would request an explanation these fees and make sure they are compatible with their financial contracts. But I suspect that will be there. The basic question is this. Both the bank and insurance company have a business relationship with you, not each other. As the bank is concerned, the insurance company does not exist. As the company insurance, the bank does not exist. Both work through you. So when the car was wrecked, the insurance company will pay according to their contract with them. And it really sounds like they did. And the financial institution evaluates all charges are appropriate under the financing contract. What bank charges, but surely uncovered, in fact it is your responsibility as the borrower. Think of it this way. You friend $ 100 loan. You agree that if he defaults on the loan or anything else happens, you owe $ 105. Then he defaults on the agreement and a request of $ 105. He convinces someone to pay the $ 100. But you are right to $ 105. His friend still owes $ 5. I do not care where it comes from. But your friend is responsible. Personally, I would pay $ 1,200, taking it as blessing. Since you say that you were super face down on the loan, I imagine that the insurance gap saved much more than that. If I do not pay, you may not go on your credit as a repo, but it will go as a bad debt and will haunt you for a long time. Get in front of this now and make a lot of discomfort.
