- Report: #1071473
Complaint Review: citi financial - sioux city Iowa
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citi financial
1776 hamilton blvd. sioux city, 51103 Iowa, USA
Phone:
7122529771
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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off they are still taking out the insurance payments and when I asked them why I am still paying for insurance that is no longer valid they said they spread the payments out for the life of the loan.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
2 Updates & Rebuttals
mary b
Iowa,citi financial
#2Author of original report
Thu, August 01, 2013
I want you to know that we did have liability on it,that is required in Iowa at the very least. So i would have been covered had I hit another car or a person and yes I was going to increase the insurance on it if we didn't need it for collateral. but I wanted to see if it was any better than what I could get. Yes it was the same price, so I went with their insurance.
The only reason I was so pissed was that any insurance co. always sends a cancelation letter if you change or drop that insurance and I assure you i don't run my vehicles with out any insurance.The reason, I was told was that they were not required to notify the customer in Iowa untill 2012 when the state of Ia. said you will notify your customers when the insurance is no longer valid so they can add or get the insurance they need. But once again they didn't notify any old customers, Only the new ones that they enrolled
Robert
Irvine,California,
You are not telling the entire story.
#3Consumer Comment
Tue, July 30, 2013
When you get insurance you get an insurance card..that card specifiies the dates the insurance is valid. Whether or not you pay attention to that or not is another matter, but it doesn't change the fact that at one time you can be just about guaranteed you had this information. Not only that but if it is a law in your state that insurance must be carried..there is also most likely a provision that you can't register your car without it. So what you are explaining seems to be missing some information.
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.
- Well that is not exactly true. If they did in fact spread out the payments it would have been good if you needed it during that first year. YOU as the registered owner is resposible for making sure your vehicle is properly insured. In this case just be lucky that you only hit a deer. As had you hit another car or worse a person and caused actual property damage or injury with out insurance you would have been on the hook for all of the expenses.
