Anonymous
Anonymous asked in Business & FinanceCredit · 5 months ago

URGENT HELP ?

Due to the pandemic, like many of you I was affected in my work. I have a payment for a truck ; the payment is $ 475 per month, as I told you I was affected by the pandemic so I could not pay the insurance of my truck my payments were $ 150 per month, so I decided to cancel it, which I did not know that my credit loan would realize it . now they sent me an email saying that they want to talk to me ..... that's how they sent me to say ... You have a lapse in coverage which means you will have to pay the back for lapse for a 12 month period What I can do ? thanks for your answers ... this is the first time I have bought a car from a large dealer without help from anyone.

4 Answers

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  • 5 months ago

    You have to pay it.  When you don't keep insurance on a financed vehicle, they get "forced placement insurance", and you have to pay for it.

  • 5 months ago

    @anonymous I already have a new insurance policy, I sent you my account number, basically all the info. And they still dont  charge for the month of July, I thought that once opting the new policy they would charge the payment, which continues without being charged.i don't know if this are going to affect my credit score that is why I obtained the new policy because I thought that once opting they would charge the payment, but continues without being charged.

  • G
    Lv 5
    5 months ago

    Were you affected by the Pandemic?

  • Anonymous
    5 months ago

    You need to reinstate the insurance or they will force their insurance on you.  You are not charged for the lapse, you are charged for "forced place" insurance.

    Deliver pizza and pay the lousy $150. 

    EDIT, you should be able to cancel their forced place insurance and lower the amount you owe. 

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