we are being strong-armed by wescom credit union....?

Question

we have a car loan from wescom credit union, and for the past year they have been sending us notices that they do not have the proper proof of ins. coverage. then in the same notices, they are offering auto ins. Is this not strong-arming?
What should we do?
the ins. they offer is way more expensive. As we have been doing business with them for 7 years we think we should be treated better. never late on a payment.
Has anyone else experienced this predatory practice from wescom?

we have, and are current and up to dare ins carrier have repeatedly sent them the proof of current, continuous, and up to date insurance.
so to say "it is our contractural responsibility' is a moot point.
THey receive the proof, then act like retards saying" we never got it",and subsequently send out another notice.

what i would like to know is if i am alone in what appears to be predatory business practice!

our ins. exceeds the reqiurements of the loan1

as usual, yahoo answers has provided 100% useless comments.
I have the requiered coverage, have provided proof, and yet the cu is strongarming me by not accepting either my nor my ins carriers legal proof.
As they offered "their ins", to be in compliance(though I already am), you total idiots try and berate me.
This is an obvious scam by them, which began a year ago. I previously had a car loan and never had this problem, then as soon as they offer auto insurance, they start harassing me about ins documentation.
My ins. has never lapsed, and has always been in good standing!
Do not you people see that this is another instance of us being assaulted by the intitutions we set up to protect us?\
Again, has anyone else been victimized by wescom as regards this scam?(answer only if have).

Answer 1

They are not strong arming you. They have a risk of loss if you don't carry the correct coverages to protect the vehicle.

You will need to carry comprehensive and collision coverage. You may think that just having liability is enough, perhaps.

You didn't explain what kind of coverage you have and the limits, so you may think you are okay when, in fact, you may not be meeting the lender's requirements.

Just because you send them your "proof" of insurance still may not fulfill the requirements of the loan.

I would not put up with this.

You may not realize this....but credit unions are mutually owned financial institutions. This means that as an account holder, if you have some money in a deposit account, you are part owner of the credit union.

If you feel you have been mistreated in the insurance part of your relationship with them......you as part owner of the institution, should call up the president of the Credit Union and tell him you feel you are being mistreated and ask that they stop sending out notices of failure to provide proof of insurance, when you have, in fact, had plenty of insurance.

Answer 2

I think if you really don't have the "right" kind of insurance, the credit union has the right to "buy" insurance for you and make you pay for it, and you can be sure it is going to be much more expensive. The key is, do you or don't you have proper insurance coverage for the car. You had better read your loan docs and get your side in order if it needs attention.

Answer 3

No, everyone has a right in a democracy to belong to a union. We still live in a free country. If you think people are protesting now just wait until the old folks find out he wants to cut off their Medicare and force them to show a picture ID to vote and get into every government building. They plan to charge for the state IDs because Walker needs the money, I mean the state needs money. More freedoms that the Republicans plan to take away form the people. What next tattoo our ss numbers on our arms? And what are your plans for all those sick seniors without medicare, I shudder to think.

Answer 4

It's a contractual obligation to have car insurance if someone else owns your car. Because you will not give them proof of insurance, they are offering their personal alternative. I bet if you send them proof like they require, they'll leave you alone.

The better question is, why haven't you sent in proof of insurance for the car?

Answer 5

Have you asked them what's improper about your current coverage? Perhaps one of the limits isn't high enough? I'd call and see what the issue is and request that the stop sending you these statements.

Good luck!