Today, I received a letter from the bank I’ve done business with for 40 some years stating if I didn’t provide proof of insurance for my car it would be force-placed. My agent called them — I also called to double-check, and all is good…
Then, the bank calls me back. While checking records, they found that my son’s Mini Cooper has had force-placed insurance since the day he bought the car. Matter of fact, it would be paid off if not for the forced-placed insurance amounts.
At the time of purchase, he was going through a divorce so I cosigned the loan and have my name on the title. I asked how they could increase a loan amount — and extend the term of a loan I’m responsible for — without notifying me.
ME: Like… you can just add money to the amount I’m responsible for and extend the contract term without even telling me??
The Bank: “As a cosigner you are only alerted if payments are not made.“
They’ll tell you if payments aren’t made, but can increase the amount you’re responsible for and the timeframe of the debt’s repayment without telling you.
Does that even seem right?
Next, the insurance company provides documents that show he’s always had coverage and the bank is listed as the lienholder. The bank is now starting the “refund process.” I trust this bank — they’re my neighbors and friends. Still, mistakes are made and it’s hard to go back and fix errors the longer they go unchecked.
Be careful, y’all.
Don’t take for granted everything is fine so long as you’re doing everything you’re supposed to be doing.
I find it surprising that when you pay your payments on time via auto-debit and you have paperless billing, you don’t know when your loan amount is adjusted — and you certainly aren’t made aware if you’re a cosigner… also responsible for paying that loan off.
Dharma was pretty surprised too!
TIL (Today I Learned): Raking your leaves destroys ecosystems. Fallen leaves create a natural layer that butterflies, moths, salamanders, chipmunks, box turtles, toads, shrews, worms, and other species rely on for food and shelter. If like me, you don’t want to rake your yard, read about a great excuse here…
How severe the pandemic is in the places where people I care about are located…
Daily new COVID-19 cases (7 day moving average):
Indiana-32.7 (up); Jackson Co – 43.9 (up); Florida 16.9 (up); Nevada – 24.9 (up)