- Report: #821647
Complaint Review: Sunbelt Credit
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| Sunbelt Credit Palm Harbor
Palm Harbor, Florida United States of America |
|
Sunbelt Credit Car title secured loan Mandatory insurance, Does it even exist? Palm Harbor, Florida
*Consumer Comment: I'm confused
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We secured a personal loan with Sunbelt using our car as collateral. We were told by both the Manager and the person working with us that we had to pay for mandatory insurance that covered the car if it were totaled in an accident. It added like $500 to the loan repayment. At the time we thought it was a good idea..then we got in an accident and the car was totaled. The police were called but did not respond as they were short handed and there were no injuries. There was a claim filed. The primary lender got the policy insurance payoff and there was nothing left over.
We called the office to report the accident so that they could process their loan insurance to pay off the loan. We were told that a police report and claim was required. We told them we had the claim but the police did not respond. They actually laughed and said you should have waited for the report because that was a requirement to process the payoff. When I called the police they offered Call history notes showing the 911 call and no reponse due to it being a non injury accident. I sent these to the Branch and they said its not good enough you owe us the money. Both the car insurance company and our attorney have stated that those papers should have been enough as FHP does not do police reports for non injury, they only do driver exchange forms. WE realize we have a debt, but we paid for extra insurance just for this situation. Sunbelt hasn't even offered any other solutions other than sorry about your luck.........
We called the office to report the accident so that they could process their loan insurance to pay off the loan. We were told that a police report and claim was required. We told them we had the claim but the police did not respond. They actually laughed and said you should have waited for the report because that was a requirement to process the payoff. When I called the police they offered Call history notes showing the 911 call and no reponse due to it being a non injury accident. I sent these to the Branch and they said its not good enough you owe us the money. Both the car insurance company and our attorney have stated that those papers should have been enough as FHP does not do police reports for non injury, they only do driver exchange forms. WE realize we have a debt, but we paid for extra insurance just for this situation. Sunbelt hasn't even offered any other solutions other than sorry about your luck.........
This report was posted on Ripoff Report on 01/12/2012 09:48 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sunbelt-Credit/Palm-Harbor-Florida-/Sunbelt-Credit-Car-title-secured-loan-Mandatory-insurance-Does-it-even-exist-Palm-Harbo-821647. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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You got a title loan on your car and had to buy additional insurance. First of all it is illegal for insurance to be required in exchange for a loan. However, the lender may require you to carry "full coverage" on the car but you can get this on your own and don't have to purchase it through the lender. However if you don't carry insurance they may be able to put "forced placed" insurance on you. So the question is what type of insurance did they sell you?
You said that the insurance company paid off the "primary lender". But to get a "title" loan you need a "clear" title. You could not legally use your car as collateral because it is still "owned" by the bank(primary lender) that actually holds the title. So unless I am missing something or there is some loophole I don't even know how you could even get this loan in the first place.
Next, if your attorney and (both?) insurance companies say that they should pay, why don't you have your attorney go after them?
You said that the insurance company paid off the "primary lender". But to get a "title" loan you need a "clear" title. You could not legally use your car as collateral because it is still "owned" by the bank(primary lender) that actually holds the title. So unless I am missing something or there is some loophole I don't even know how you could even get this loan in the first place.
Next, if your attorney and (both?) insurance companies say that they should pay, why don't you have your attorney go after them?
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