I want to know who i can contact to: file civil suite against my bank who loaned me monie for a car?

Question

I bought a 2001 celica a bank loaned me monie and i had full coverage the day i drove it off the lot. requiered in order to buy or be approved for a loan. the bank charged me an extra hundred dollars every month for 6 months. i totaled it two months after buying it. yet i was charged extra by the bank for not showing my full coverage to them so ther bank was charging trhem extra and in turn they were charging me extra. well the bank recieved a full pay off by my insurance and i still owed like 5 thousand dollars.i nver recieved any notice to show full coverage. i finally researched my account and realized the bank was still charging my mom. this bank employee told my mom she would hep lower the payment and that they would settle the account for less than owed and close it. well the ladie wanted to charge my mom one thousand extra so i told her over the phone i wanted to speak with her supervisor and she told me and your mom will handle this and said she did not want to talk with me any

Answer 1

Check what insurance they were charging you for. Sometimes they sell you all sorts of garbage such as protection in case of death etc., and if you initialed that you wanted it, then it's too bad, you have to pay for it. Now, even if you had the full coverage, and totaled the car, it may be possible that your loan was "upside down" after just two months. It happens if you buy a car and pay too much, which is not the bank's problem. In this case you owe bank more money than the car is actually worth, so if you total the car, the insurance pays the replacement value less any deductible, and if that happens to be less than the balance of your car loan, then you ARE responsible for the rest. I know this is not what you want to hear, but I have a suspicion this is what happened.
If bank charged you extra 100 per month for regular coverage, than you should have noticed it right away and asked them what is that for, and if they said for insurance then you would show them proof of insurance and the whole thing would be resolved.
Sometimes banks that provide loans for used cars or even new are guilty of predatory lending, but I am afraid in your case you simply didn't know what you were doing and even if they charged you too much the probably were within guidelines.
Do show the whole thing to an attorney or maybe even an accountant just to see what exactly all of those extra 100's came from but you may be better off settling and putting this whole thing behind. You start messing with them, they will ruin your or your mom's credit, and the next car loan will be 10 times worse.

Answer 2

First of all you need to brush up on your spelling!! Next, it sounds like to me that you let the full coverage insurance drop at some point. If you actually did have full coverage up until the accident then you can provide proof to the bank and they will probably refund the money they over charged you for the insurance. As far as the deal with the $5000 that you still owed the bank...thats your fault for paying too much for the car in the first place. You should have checked the blue book value on it before purchasing the car. The insurance company will only pay what the market value is at the time of the loss NOT what you owe on it. You also could have purchased "gap insurance" to cover just such a problem as this. The only thing the bank owes you is for the "extrra insurance" they charged you and that is only if you actually did carry full coverage. Get your paperwork together to show where you did have full insurance and show it to the bank...if they still dont reimburse you ....then you might have a case.

Answer 3

when you sign a loan for an auto with a bank, you also have to sign a form called "agreement to provide insurance." the agreement to provide to insurance you signed states that as long as you have a loan on the vehicle you must maintain and prove full coverage insurance. if you fail to do so, the bank is legally able to "force place insurance" and charge you for it which is what it sounds like happened to you. if you signed the contracts for the loan the bank is not in the wrong and trying to sue them will only end up costing you more money in the end.

Answer 4

It's standard to show full coverage insurance to qualify for a loan. Though I *do* question why do they charge you penalty instead of invalidating the loan. However, I don't think you have any basis for a civil suit, but then, I'm not a lawyer.

Answer 5

My first question to you would be how old are you? If you are over 18 and your mother did not cosign on your loan, the bank should not be discussing any of your financial arrangments with your mother. The whole situation sounds a bit sleezy. I say get your paperwork together (including loan documents, bank statements, etc.) and visit a lawyer. S/he will be able to tell you if you have a claim.

Answer 6

That collector lied to you, they have no power to file a police report and have you put in jail. We no longer have debtor's prisons and nonpayment of a debt is not a criminal offense. You need to report that collection agency under the recently enacted Fair Debt Collections Act. THe collectors can incur massive charges for violating this Act. Good Luck.

Answer 7

I am an independent associate for life even legal plans. If you need a lawyer and you get a membership with us, you get access to a top law firm in your state and they will be able to settle the whole matter for you. If you are interested, I can send you the link and the day you sign up is the same day you can contact our lawyer.

Answer 8

In that fine print on your contract did it say anything about paying extra fees based on certain criteria. If it wasn't in your contract no they aren't legally able to do that. get a free consultation w/a lawyer or pay $35 for consultation.

Answer 9

You will have to hire a laywer, they'll probably want $5,000 for retainer for this work.

Answer 10

contact a lawyer