Communication Federal Credit Union I have an auto loan through this company. They are not organized by any means and have ruined my credit in the process. If you go to a car lot for a car and they say that Communication Federal Credit union is one of their lenders, tell them to skip that company. Dont become a victim of this terrible company!! Oklahoma City Oklahoma

The only one who has ruined your credit is you. When you got the loan you also agreed that you will maintain FULL insurance coverage at all times. Not...well only if you can afford it or Not...well only if I am driving it.  

It was your responsibility to contact them to find out what happens when you cancel your insurance and the new amount you need to pay.

Once they were notified that your insurance was cancelled they put on "Forced Placed" insurance which is 3-4 times higher than the insurance you can get on your own, so in you trying to "save" money you are actually causing yourself to spend MORE money.

You didn't give enough information on your payments, but they are most likely correct if you failed to pay the full amount they say you owe with the new insurance. If you failed to pay the full amount it is considered late and they can start the reposession process. But if they have a 14 day "grace period" consider yourself very lucky. Most finance companies give you 5-10 days at most before they assess a late fee. But even though they don't assess a late fee for 14 days, it doesn't take away the fact that you are still paying past the due date and are considered "late".

As another nice little bit, it only covers their liability on the car. It does not usually meet your States minimum Insurance coverage requirement. Where if your State requires minimum liability insurance regardless of if you are driving it or not you could be in violation of State Law as well. If you are saying well if I am never driving it I can never get pulled over..wrong this would come from the DMV office once they are notified you no longer have insurance.

As an added bonus, when you do decide to get insurance again you will be paying a higher premium because you had a lapse of coverage.  Remember their insurance only covers their liability on the vehicle and is not considered insurance for you.

Dont become a victim of this terrible company!!

- Let me complete this thought for you.

"Don't get financing with this company if during the loan are going to cancel your insurance and not pay the new required amount".

I wonder if you are still thinking that cancelling your insurance was a good idea.