- Report: #229181
Complaint Review: Compass Bank - Birmingham Alabama
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Author Confirmed
Why?
Compass Bank
P.O. Box 10566 Birmingham, 35296 Alabama, U.S.A.
Phone:
888-673-1469
Web:
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Compass Bank When did the consumer have to know auto insurance laws? Birmingham Alabama
I purchased a new truck in Phoenix, AZ in Jan of 06. The day I picked it up I obtained insurance from another rip-off corporation, Infinety Ins. Infinity did not list Compass Bank as a lien holder and Compass bank is exploding my payments to MORE than what the original loan was. This is because I didn't know the insurance company had to have a lien on the policy. Now I have a Rhonda Nesbit calling at all hours and wanting money for an extra amount that was agreed and signed on concerning my truck loan. I can't refinance because I am in a debt elimination program and my credit rating is screwed up.
Craig
Galloway, Ohio
U.S.A.
Craig
Galloway, Ohio
U.S.A.
3 Updates & Rebuttals
Mike
Radford,Virginia,
U.S.A.
Who sold you that insurance?
#2Consumer Suggestion
Mon, January 08, 2007
It is the responsibility of the insurance agent to sell you the proper insurance for the situation as you describe it to him or her. So if it was the dealer, they would've known there was a loan on the car, and told the insurance company to register the finance company as loss payee and forward proof of insurance to them. People who sell insurance have to carry a bond or insurance against making mistakes ("Errors and Omissions"). So you can file a claim on that. You should immediately buy your own insurance and have them notify the finance company that the truck is insured. Then they must cancel the very expensive insurance that they forced on you that doesn't protect you at all.
Steve [Not A Lawyer]
Bradenton,Florida,
U.S.A.
It is disclosed when you buy the new vehicle.
#3Consumer Suggestion
Mon, January 08, 2007
This is just common sense on the part of the insurance company. They are supposed to verify if there is a lienholder. Likewise, the buyer of the new vehicle would surely tell the insurance company about a lienholder. And, the dealership always gives you an affidavit to send to the bank with your insurance information, as it is required to get your registration.
Robert
Wallingford,Connecticut,
U.S.A.
Is there anything in your car loan documentation describing the requirements for auto insurance?
#4Consumer Comment
Mon, January 08, 2007
Have you put Compass Bank as the lien holder on you auto insurance with Infinety?
