ED Magedson – Founder
citi financial1776 hamilton blvd. sioux city, Iowa USA
citi financial/ one main financial they said we had to have collision and comprehensive on our vehicle since it was used for collateral sioux city Iowa
I just contacted our finance co. called citi financial or one main finance. I was told when we took out a loan with them that I had to have comprehensive and collision on the vehicle since it was used as collateral.which that was fine. Iwas not told that the insurance was only good for one year.
On july 27 we were comeing home and we hit a deer with the vehicle,we have about 2,000.00 damage to it, so I called them and they man on the other end said that the insurance was only good for 12 months. but we were not notified at the end of that 12 months that it was no good. to top it all off they are still taking out the insurance payments and when I asked them why I am still paying for insurance that is no longer valid they said they spread the payments out for the life of the loan. But if we decide to sell the vehicle then I am supposed top send them the money and they will release the title.
the vehicle is probably totaled and we were not informed when the insurance was not valid any longer.Had I known that,I would have put full coverage on it myself as it is our main vehicle. But the kicker is that they are still chargeing us for the insurance that was calculated for the full 5 years of the loan. Can any one explain to me why you would pay for insurance for the term of the loan and yet it is no good when you need it.
they did agree finaly to release the title since we are such good customers but we are out of luck with the blazer.
In iowa they changed the laws in 2012 and so now they have to carry the insurance for the full term of the loan, so why weren't we notified that we didn't have any on our vehicle. I am so pissed, but there is nothing I can do butcomplain about their procediers and see what if anything can be done.
Any ideas would be gratefuly appreciated
This report was posted on Ripoff Report on 07/30/2013 03:10 PM and is a permanent record located here: http://www.ripoffreport.com/reports/citi-financial/sioux-city-iowa-51103/citi-financial-one-main-financial-they-said-we-had-to-have-collision-and-comprehensive-1071473. 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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