- Report: #1307806
Complaint Review: National Auto Loan Network - Newport Beach California
Reported By:
asianpersuasian168 -
El Monte, California, USA
Submitted:
Updated:
-
Author Confirmed
Why?
National Auto Loan Network
3388 Via Lido #201 Newport Beach, 92663 California, USA
Phone:
888-391-3504
Web:
www.naln.com
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National Auto Loan Network Not discuss or disclose the right to cancel Gap and Anti-theft insurance they sold me. Newport Beach California
Report Attachments
I recently went to National Auto Loan Network to have my wife vehicle refinanced. I went to them because they have done a refinance auto loan for me a year ago. The 1st auto refinance loan they did for me, I didn't suspect any wrong doing. The second time I started to questions their integrity when I received a letter from my new loan financed company. The loan amount was more than what expexted. Little did I know, they sold me the Gap and Anti-theft insurance. Which I never agree to of getting it. I contacted them and spoked to the agent "Jessie Urbino" did my loan. I made the request with him to have the Gap and Anti-theft insurance to be refund to me. He stated the Gap insurance he will process the refund as for the Anti-theft insurance is non refundable. I asked him why? His reply, I signed the loan application didn't I not know. I ask him I know what?Prior to signing the loan application I did made the request with him to have the Gap insurance be removed. He stated without the Gap insurance they will not be able to fund the loan. That statement, which is not true. The agent lied to me with a bold face. Gap insurance you do have the right to cancel it. If it cancel prior to 30 days after the loan has funded you get your full refund. After 30 days it would be pro-rate. Neither of the information was discuss or disclose with me. As for the Anti-theft deterrent insurance he said I signed the loan application. So there for is non refundable. I argue with him, doing the signing of the loan application. I didn't receive or see a copy of the itemized form. Both of the time I was sold the Gap and Anti-theft insurance. Gap insurance $800 anti-theft insurance $499. Both of the time I was never discuss with or disclose with me in the form of itemized form. I done my own investigation into both of my loan. Both of my loan was included the Gap an anti-theft insurance. I have file my complaint with BBB in their area. I am waiting for the outcome of the result. For people who looking to refinance their auto loan for better interest rate. Borrower beware of the devious, unethical, and unmoral business tactics National Auto Loan Network uses to fleece your hard earned money into their pocket. My best advice stay away from doing business with them. They are shady and dishonest. I learned my lesson will never do business with them again.
1 Updates & Rebuttals
MUDDYGURL
CUTTEN,California,
United States of America
GAP ins $399 or free with some lenders
#2Consumer Comment
Sat, June 18, 2016
I wonder if there is ANY wording i the new loan that inditcates both of these fees? Aren't they supposed to list items individually?
Our local credit union charges $399. for GAP. You can add it on later if you want it, and State Farm online bank (my auto insurance co) also has GAP for FREE if you get a car loan with them. Their used car rates are lower than the Credit union, but their standards seem higher for FICO to get the lower rate.
Possibly when you refinance the rules change, but this seems a shady practice if NO line items show thse costs. the Calif Auto Loan finance act has protections to prevent these type of charges, and a NEW bill HR1737 will WEAKEN auto loan protection for BUYERS...so ccall your Congressman and sign the petition against it.
HR 1737 WILL ALLOW UP TO 2.5% ADEDED to YOUR LOAN RATE TO BE PAID AS A FAT COMMISSION TO THE DEALER VIA UNSCRUPULOUS INDIRECT LENDERS. THESE ARE NOT BANKS.. but other lenders who the dealer usess, like credit unions.
H.R. 1737: Reforming CFPB Indirect Auto Financing Guidance Act
govtrack.us/congress/bills/114/hr1737
Congressman Jared Huffman <[email protected]>
San Rafael District Office (Marin): (415) 258-9657
Petaluma District Office (Sonoma): (707) 981-8967
Fort Bragg District Office (Mendocino): (707) 962-0933
Eureka District Office (Humboldt, Del Norte, Trinity): (707) 407-3585
Washington, DC: (202) 225-5161
Jared Huffman
Member of Congress
consumer-action.org/downloads/coalition/Oppose_HR_1737_Auto_final_7.27.15.pdf
SEE THIS INFO on Cary Buying in CA.
consumer-action.org/english/articles/california_car_buyers_bill_of_rights/
