Complaint Review: Velocity Credit Union - Austin Texas
- Velocity Credit Union 610 East 11th st Austin, Texas USA
- Phone: (512) 469-7000
- Web: https://www.velocitycu.com/
- Category: Banks
Velocity Credit Union Intersting theft by Interest scheme Austin Texas
*Consumer Comment: Request an Audit
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I relocated to a different state, and had to change car insurance companies.
old insurance company did not do insurance in new state.
My change of insurance was a seamless change, drop one, buy new coverage for a year
Old insuarance company informs Velocity Credit Union who sponsered loan on my vehicle I was without insurance
Without contacting me Velocity Credit Union starts adding CPI premiums to my policy
I show Velocity proof of insurance and the call my agent to verify, and they say they are going to remove the chages in 2-3 weeks.
2 days after they confirm insurance, the continue to charge CPI fees.
They say they will refund.
My main complaint is after the add the CPI fee, they raise my principal, and the interest coumpounds daily, so for the days My principal was inflated by CPI fees, they gain extra interest. So they collect interest on an inflated amount of money, that has never exchanged hands and only exists in writing.
after they pull this scam on hundreds of people, they could net a large profit, so this is a very lucrative hustle for them
This report was posted on Ripoff Report on 10/17/2017 05:32 PM and is a permanent record located here: https://www.ripoffreport.com/reports/velocity-credit-union/austin-texas-78701/velocity-credit-union-intersting-theft-by-interest-scheme-austin-texas-1406931. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
Request an Audit
AUTHOR: Jim - (USA)
SUBMITTED: Wednesday, October 18, 2017
I would immediately request an audit of your loan and associated payments, and whatever they come up with should exclude any and all effects associated with the forced placement of insurance upon the vehicle, and then have them present the results of the audit to you. I would simply add that you're requesting the audit in light of what would appear to be some irregularities to your loan balance based upon the CPI fees, and I would keep in your back pocket the thought that you would not be requesting this, had the CU simply stopped adding CPI fees when they were aware there was no lapse in coverage.
BTW, your old insurance company is required to inform the lien holder (the CU) once the car became uninsured. Your new agent should have been aware this was going to happen and should have proactively provided you the insurance cert as POI for the CU because it does take a few days for the CU to be notified of the insurance cancellation. You could have provided your cert to the CU prior to their action to force place, and have them change the insured on the car before the whole circus started. Having said this, it's hard to say whether this would have avoided the headache you're going through; it's hard to tell how fast your agent acted based on your writing. If the agent was reacting, instead of being proactive....I would keep that thought in the back of your mind with your agent.
If the CU does the audit correctly, you should at least have an accurate representation of what the loan balance and proper amount of interest is on the loan is, whether you believe it to be too high, or too low. Well, too low...said no one...but I think you get the drift. Best of luck to you...
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