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avoid Wachovia for a loan if you can..I bought the car last sept..and got insurance..I paid for 3 monts and when I got the bill from AAA for the next payment,the rate had doubled..they said it was because I didnt insure my Crown Vic with them so they made the Vette as a primary car..so I let it lapse since the car wasnt titled and is covered under my homeowners..it's parked in the garage.Well Wachovia takes it upon themselves to provide me with a $2600 insurance policy..4 times the amount I was quoted by anyone.I was paid current till June and got a bill from Wachovia saying I was delinqent almost $700..I still dont know why..so while Im trying to get this straightened out..I get a letter today from a lawyer saying I have till thursday..this thursday to pay $1600 or turn the car in to the repo guy,or get sued..I dont want it back if the repo guy gets it..I have no doubt it will have the piss beat out of it by them.These people make it impossible to ever get caught up..I've had several car loans in my life..but it's gotten so bad with all these companies..I think this will be my last..just fed up lol sorry had to vent a little.I have to admit I'm surprised a huge banker like Wachovia is like this,this is the stuff you expect from the fly by night lenders.My last ditch effort is to try to get a personal loan,I applied with Citifinacial tonight..but I doubt I'll get it due to all this crap being on my credit report..oh well anyway..if a miracle happens I'll be back for help..if not,I appreciate the help Ive gotten from the folks on here.This seems to be a great board/resource,keep it up:thumbsup:
 

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wow dude that really sucks

i hope you get to keep the vette and get it all straightened out
 

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Dump the bitch in a lake, tell them to come get it.;)
 

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The bank won't lend money on a car that's not insured. You didn't keep it insured.... I don't quite understand the problem?

Why wouldn't you keep all your cars with the same insurance company?

If the insurance was up for renewal in June, how long did it take for you to deal with it?

My ins co gives me a 30 day notice if I miss a payment, and they cancel the policy and require a reinstatement fee. If they provide service to customers who delay payment, then it costs more for those who pay the bill.
 

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Littlered- it sucks that this is happening to you.

You should have read the loan docs carefully. There is a statement that says if you do not have adequate insurance coverage, Wachovia will purchase the insurance on your behalf and will bill you for it. The bank must have adequate coverage as the bank has loaned you the money for the car, and in the event of a loss, the bank must be made whole for the collateral. This statement/policy is included in every real property and vehicle/boat loan that Wachovia originates.

Try calling the vehicle credit department, ask them to work with you, or give you 15 days to straighten it out. If you are a long term, or relationship customer (checking, savings, investment, mortgage, business) with the bank, they may more willing work with you. If you have either available, do a cash advance on a credit card or take a draw off your home equity line of credit. A repo will absolutely kill your credit. One more thing, when you call, if you cuss them out, you're done. Sorry, but it is what it is. If you can get the funds together, go to a local branch to make the catch-up payment. $700 isn't worth screwing your credit for 7 years. I know how this bank works, take my advice.

I hate to see a Vetter lose his ride, good luck with it.
 

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Dump the bitch in a lake, tell them to come get it.;)
Read my mind exactly:D ........tell them to send a repo guy with scuba experience:D ..........seriously though, try like hell to get things resolved one way or another in your favor......If you had alright credit before to get a loan, you still should be able to now... none of this should be on your credit report yet(hopefully).....takes a while for that usually.........good luck........Joe:thumbsup:
 

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I have "classic" insurance on my car. 100% deductabel. It's $300 a year.

Get it, send them the paperwork, and tell them to get off your back.
 

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Littlered- it sucks that this is happening to you.

You should have read the loan docs carefully. There is a statement that says if you do not have adequate insurance coverage, Wachovia will purchase the insurance on your behalf and will bill you for it. The bank must have adequate coverage as the bank has loaned you the money for the car, and in the event of a loss, the bank must be made whole for the collateral. This statement/policy is included in every real property and vehicle/boat loan that Wachovia originates.

Try calling the vehicle credit department, ask them to work with you, or give you 15 days to straighten it out. If you are a long term, or relationship customer (checking, savings, investment, mortgage, business) with the bank, they may more willing work with you. If you have either available, do a cash advance on a credit card or take a draw off your home equity line of credit. A repo will absolutely kill your credit. One more thing, when you call, if you cuss them out, you're done. Sorry, but it is what it is. If you can get the funds together, go to a local branch to make the catch-up payment. $700 isn't worth screwing your credit for 7 years. I know how this bank works, take my advice.

I hate to see a Vetter lose his ride, good luck with it.

:agree: I don't think they can force you on their policy if you have your own. You just need some kind of coverage.
 

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avoid Wachovia for a loan if you can..I bought the car last sept..and got insurance..
This isn't Wachovia's fault - it's your fault. You agreed to insure the car when they loaned you the money. Is this your first experience with a car loan? If not, then you knew this already, didn't you?

I paid for 3 monts and when I got the bill from AAA for the next payment,the rate had doubled..they said it was because I didnt insure my Crown Vic with them so they made the Vette as a primary car..
Why didn't you use the company that insures your Crown Vic? Before I bought my Vette, I called my agent, got a quote (just to make sure it was reasonable - and it is), and then let him know when to start coverage. No problems, and it was very easy.

Sounds like you made your life more difficult.

so I let it lapse since the car wasnt titled and is covered under my homeowners..it's parked in the garage.
The car IS titled - to Wachovia! They aren't interested in your homeowners insurance (and are you certain that the homeowners would cover damage to a car in the garage?

Well Wachovia takes it upon themselves to provide me with a $2600 insurance policy..4 times the amount I was quoted by anyone.
Look at your loan agreement - if you don't have proof of insurance, then the loan company will force place insurance. This isn't specific to Wachovia - all companies that originate car loans have this provision. In reality, they DON'T want to do this - it's a pain for them, and they encourage you to take care of getting insurance by charging you a lot for it.

I was paid current till June and got a bill from Wachovia saying I was delinqent almost $700..I still dont know why..so while Im trying to get this straightened out..I get a letter today from a lawyer saying I have till thursday..this thursday to pay $1600 or turn the car in to the repo guy,or get sued..I dont want it back if the repo guy gets it..I have no doubt it will have the piss beat out of it by them.These people make it impossible to ever get caught up..I've had several car loans in my life..but it's gotten so bad with all these companies..I think this will be my last..
I don't really follow what you're saying here. If you bought the car in September of 06, and had insurance through December (three months with AAA), then at some point paid the force placed insurance through June, why didn't you take the responsibility for finding your own insurance in those intervening six months? Did you think the insurance fairy was going to come in and give you some help?


just fed up lol sorry had to vent a little.
You should be fed up - at yourself. You let this happen to you, and now you're trying to pass it off as if the bank is the bad guy.

I have to admit I'm surprised a huge banker like Wachovia is like this,this is the stuff you expect from the fly by night lenders.
No - all lenders expect (and demand) that you will keep your end of the bargain with respect to getting and maintaining car insurance. It's nothing personal - they want all their car loans to carry insurance, not just yours.

My last ditch effort is to try to get a personal loan,I applied with Citifinacial tonight..but I doubt I'll get it due to all this crap being on my credit report..oh well anyway..if a miracle happens I'll be back for help..if not,I appreciate the help Ive gotten from the folks on here.This seems to be a great board/resource,keep it up:thumbsup:
Someone also mentioned that it would be a good idea to work with them in resolving this issue. If you approach them with a valid insurance policy, I'm sure they will be happy to move forward. You may have to still pay whatever is due on the force place insurance up to this point, but at least you won't lose the car and have a repo on your credit report.

Are you current with the loan payments, or has that also been a problem?

Good luck in getting this resolved.

Steven
 

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This isn't Wachovia's fault - it's your fault. You agreed to insure the car when they loaned you the money. Is this your first experience with a car loan? If not, then you knew this already, didn't you?



Why didn't you use the company that insures your Crown Vic? Before I bought my Vette, I called my agent, got a quote (just to make sure it was reasonable - and it is), and then let him know when to start coverage. No problems, and it was very easy.

Sounds like you made your life more difficult.



The car IS titled - to Wachovia! They aren't interested in your homeowners insurance (and are you certain that the homeowners would cover damage to a car in the garage?



Look at your loan agreement - if you don't have proof of insurance, then the loan company will force place insurance. This isn't specific to Wachovia - all companies that originate car loans have this provision. In reality, they DON'T want to do this - it's a pain for them, and they encourage you to take care of getting insurance by charging you a lot for it.



I don't really follow what you're saying here. If you bought the car in September of 06, and had insurance through December (three months with AAA), then at some point paid the force placed insurance through June, why didn't you take the responsibility for finding your own insurance in those intervening six months? Did you think the insurance fairy was going to come in and give you some help?




You should be fed up - at yourself. You let this happen to you, and now you're trying to pass it off as if the bank is the bad guy.



No - all lenders expect (and demand) that you will keep your end of the bargain with respect to getting and maintaining car insurance. It's nothing personal - they want all their car loans to carry insurance, not just yours.



Someone also mentioned that it would be a good idea to work with them in resolving this issue. If you approach them with a valid insurance policy, I'm sure they will be happy to move forward. You may have to still pay whatever is due on the force place insurance up to this point, but at least you won't lose the car and have a repo on your credit report.

Are you current with the loan payments, or has that also been a problem?

Good luck in getting this resolved.

Steven
:agree: Seems like everyone wants to blame someone other than themselves. You brought the problem on, not the bank, not the insurance company or anyone else.

The last thing the bank wants is your Vette. As stated in earlier posts, work with them, bring in a valid policy and you will retain your Vette.
 

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This isn't Wachovia's fault - it's your fault. You agreed to insure the car when they loaned you the money. Is this your first experience with a car loan? If not, then you knew this already, didn't you?






The car IS titled - to Wachovia! They aren't interested in your homeowners insurance (and are you certain that the homeowners would cover damage to a car in the garage?
.

Steven

Got to side with Steven here, and I know from experience.

Your home-owner's policy WILL NOT cover the vehicle, whether it be fire (which was my case), or theft.
That is strictly the purpose of car insurance. Garage stuff is not covered.
If you're lucky, you may have an addendum to your home-owners which covers household items (clothes, furniture,appliance,-but NOT vehicles) at an additional premium.


If you want to keep the car without bank forced insurance, get yourself a home-equity loan, and pay off the bank car loan.
 

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I think if u pay the $700 and provide them with proof of your own insurance they'll cancel the $2600 policy they got on your behalf.
 

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Discussion Starter · #14 ·
This isn't Wachovia's fault - it's your fault. You agreed to insure the car when they loaned you the money. Is this your first experience with a car loan? If not, then you knew this already, didn't you?



Why didn't you use the company that insures your Crown Vic? Before I bought my Vette, I called my agent, got a quote (just to make sure it was reasonable - and it is), and then let him know when to start coverage. No problems, and it was very easy.

Sounds like you made your life more difficult.



The car IS titled - to Wachovia! They aren't interested in your homeowners insurance (and are you certain that the homeowners would cover damage to a car in the garage?



Look at your loan agreement - if you don't have proof of insurance, then the loan company will force place insurance. This isn't specific to Wachovia - all companies that originate car loans have this provision. In reality, they DON'T want to do this - it's a pain for them, and they encourage you to take care of getting insurance by charging you a lot for it.



I don't really follow what you're saying here. If you bought the car in September of 06, and had insurance through December (three months with AAA), then at some point paid the force placed insurance through June, why didn't you take the responsibility for finding your own insurance in those intervening six months? Did you think the insurance fairy was going to come in and give you some help?




You should be fed up - at yourself. You let this happen to you, and now you're trying to pass it off as if the bank is the bad guy.



No - all lenders expect (and demand) that you will keep your end of the bargain with respect to getting and maintaining car insurance. It's nothing personal - they want all their car loans to carry insurance, not just yours.



Someone also mentioned that it would be a good idea to work with them in resolving this issue. If you approach them with a valid insurance policy, I'm sure they will be happy to move forward. You may have to still pay whatever is due on the force place insurance up to this point, but at least you won't lose the car and have a repo on your credit report.

Are you current with the loan payments, or has that also been a problem?

Good luck in getting this resolved.

Steven
wow no ****? I didnt insure the vette with the same companay as I did the Crown vic because they were twice as much..I seriously dont need a lecture on how the world works..I didnt say it was Wachovias fault anywhere in my statement..I was blowing off some steam..BUT they have been difficult to deal with from the very start..I tried 3 times to set up with them to pay online..and 3 times there was a problem with something..I tried to pay over the phone.."oh sorry we only take a checking account number,not a debit card".Then I think I'm current and I get a bill saying I own them $700?? cant get an answer why..they just tell me I need to pay it.I work for Frito Lay..a decent job..I have a second job making about $150 a week extra..and have a room mate that gives me $300 a month (when he feels like it:lookinup: ).Paying them and keeping it current isn't the issue..trying to get caught up is..I've tried to work with them and was basically told..to bad so sad.I just didnt have a chunk of money like they wanted at one time...house payement ect..so once it got a little behind it snowballed.Then I get a letter giving me 4 days to come up wit DOUBLE the money..I've been the one trying to make it right..but it's like they dont want to..I'm sure they do,but they aren't acting like it..that was my point..I know it was my fault,but I can only do so much to make it right
 

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Got to side with Steven here, and I know from experience.

Your home-owner's policy WILL NOT cover the vehicle, whether it be fire (which was my case), or theft.
That is strictly the purpose of car insurance. Garage stuff is not covered.
If you're lucky, you may have an addendum to your home-owners which covers household items (clothes, furniture,appliance,-but NOT vehicles) at an additional premium.


If you want to keep the car without bank forced insurance, get yourself a home-equity loan, and pay off the bank car loan.
This actually depends on the homeowners policy. Mine repainted my car after a small electrical fire at a shorted outlet ruined the paint.

Rick
 

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wow no ****? I didnt insure the vette with the same companay as I did the Crown vic because they were twice as much..I seriously dont need a lecture on how the world works..I didnt say it was Wachovias fault anywhere in my statement..I was blowing off some steam..BUT they have been difficult to deal with from the very start..I tried 3 times to set up with them to pay online..and 3 times there was a problem with something..I tried to pay over the phone.."oh sorry we only take a checking account number,not a debit card".Then I think I'm current and I get a bill saying I own them $700?? cant get an answer why..they just tell me I need to pay it.I work for Frito Lay..a decent job..I have a second job making about $150 a week extra..and have a room mate that gives me $300 a month (when he feels like it:lookinup: ).Paying them and keeping it current isn't the issue..trying to get caught up is..I've tried to work with them and was basically told..to bad so sad.I just didnt have a chunk of money like they wanted at one time...house payement ect..so once it got a little behind it snowballed.Then I get a letter giving me 4 days to come up wit DOUBLE the money..I've been the one trying to make it right..but it's like they dont want to..I'm sure they do,but they aren't acting like it..that was my point..I know it was my fault,but I can only do so much to make it right
And my point is that you had plenty of time time to correct it months ago. Your original post certainly SOUNDS like you're blaming Wachovia - even if you didn't exactly say "it's all their fault."

If you were having so much trouble giving them their money, why didn't you find another financial institution that would be easier to deal with?

Take tomorrow off, find a different company to refi the loan, and move on.

Good luck!

Steven
 

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wow no ****? I didnt insure the vette with the same companay as I did the Crown vic because they were twice as much.
So let me get this straight. Perhaps I'm slow to understand. You already had insurance on the Crown Vic, but they wanted too much to add the Corvette to the policy. Is this correct? If so when you found a price you were happy with to insure the Corvette, why not drop the current insurance company and add the Crown Vic to the new policy with the Vette? :huh:

Most insurance companies offer a multi vehicle discount. I have yet to see it make since to have two separate policies. Here in NH it's call insurance stacking and it's illegal, because it would allow you to put a claim in with two different insurers for the same accident. I get a multi-vehicle discount along with a discount for having homeowners and life insurance policies with the same company.

Sorry that you feel everyone is jumping on you here, but something sure smells fishy.

Oh and I not only agree with most that you had more than enough time to resolve this. It usually takes some time before the bank calls the repo man in. They don't want to do it as it is a hassle and expense for them. That and take a good hard look at your home owners policy. Most will not cover vehicles even if they are parked inside.

This sounds like a case of someone who bought more car than they could afford. I don't want to sound mean, but thats just my $.02
 

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I agree. Having all you cars on one policy is the only way. I currently have four vehicles on my policy. When I added my Vette, it cost me an extra $371.00 per year for full coverage. I don't quite understand having two companies for two cars either.:huh:
 

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lilred90,

No need to get on anyone's case here, were all going off what you posted, and coming up with the same answer.

Keep in mind, Wachovia doesn't know you from adam. For all they know, you're trying to rip them off.

Call them and see if they'll wave the fee since you are getting your own insurance.

Then insure it as a secondary pleasure vehicle on your Crown vic insurance, or move the vic to the vette policy as primary vehicle.

This may not get you out of the fee though, it'll just keep it from getting bigger.



I was on my dad's policy because he wasn't consistently paying the bill after I paid him my share, and when I found out my insurance lapsed I got off of his policy and got my own. Not to mention his tickets were causing my rates to go up since he was insured on my cars.

Insurance is not something you **** around with. What would happen if you got into an at-fault accident in the middle of all this mess?
 

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I agree. Having all you cars on one policy is the only way. I currently have four vehicles on my policy. When I added my Vette, it cost me an extra $371.00 per year for full coverage. I don't quite understand having two companies for two cars either.:huh:
Sorry to tell you, but you're being ripped off.

My policy on the Corvette cost me $312.00/yr (AllState).

All quips aside, going with one Company is the best way to go.

Find other means of financing the car, then go to a company that will give you discounts for home and auto on the same policies.

I get an added bonus on motorcycle insurance. 4 catrs and a home will add up to major discounts with a well known Name Insurance provider.
 
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