Paid off car early, getting spammed

[deweyzeph]

So I'm in the fortunate position of having paid off my car loan early recently. I requested the settlement letter and paid the settlement balance. Literally within a day of paying the final balance I've started receiving at least 4 to 5 spam calls a day from car insurance telemarketers and car tracker telemarketers (from what I can tell from the numbers, I never answer the calls). Anyone else experienced this? Surely it can't be coincidence? It's been pretty quiet on the spam call front for me the last few months, and then all of a sudden after paying off my car I get inundated with car related marketing calls.

 

[EvoX]

So I'm in the fortunate position of having paid off my car loan early recently. I requested the settlement letter and paid the settlement balance. Literally within a day of paying the final balance I've started receiving at least 4 to 5 spam calls a day from car insurance telemarketers and car tracker telemarketers (from what I can tell from the numbers, I never answer the calls). Anyone else experienced this? Surely it can't be coincidence? It's been pretty quiet on the spam call front for me the last few months, and then all of a sudden after paying off my car I get inundated with car related marketing calls.

Your car insurance might go up now that it belongs to you and not the bank. It’s just what I’ve heard. Check your insurance every month.
It could be related, they expecting you to be looking for insurance.

 

[deweyzeph]

Your car insurance might go up now that it belongs to you and not the bank. It’s just what I’ve heard. Check your insurance every month.
It could be related, they expecting you to be looking for insurance.

I doubt it. The car insurance company I use doesn't know or care if your car is financed or not. It's completely irrelevant to them. Technically you are always the owner of a financed car, the bank is just the titleholder, but you are still the legal owner while it's financed.

 

[qscwbt]

buy a car and see how many calls you get

 

[Other Pineapple Smurf]

So I'm in the fortunate position of having paid off my car loan early recently. I requested the settlement letter and paid the settlement balance. Literally within a day of paying the final balance I've started receiving at least 4 to 5 spam calls a day from car insurance telemarketers and car tracker telemarketers (from what I can tell from the numbers, I never answer the calls). Anyone else experienced this? Surely it can't be coincidence? It's been pretty quiet on the spam call front for me the last few months, and then all of a sudden after paying off my car I get inundated with car related marketing calls.

Same here.

Settled my car a few months back with WesBank and weekly calls since then. Some days it get's really bad but I just block the numbers after each call.

 

[Lupus]

Your car insurance might go up now that it belongs to you and not the bank. It’s just what I’ve heard. Check your insurance every month.
It could be related, they expecting you to be looking for insurance.

Why would it go up? What logical reason?

 

[deweyzeph]

Why would it go up? What logical reason?

Yeah, I call BS on that. I've paid off many vehicles in my life, never once heard of that.

 

[ShaunSA]

buy a car and see how many calls you get

True

 

[WAslayer]

Weird flex, but okay..

 

[WAslayer]

Your car insurance might go up now that it belongs to you and not the bank. It’s just what I’ve heard. Check your insurance every month.
It could be related, they expecting you to be looking for insurance.

Sense this does not make..

All that happens when your vehicle is still financed and you claim for a write off, is the insurance company tells the bank you may take what you are still owed from the sum we pay out and the remainder goes to our client..

Nothing else, nothing more, nada, zilch..

 

[rietrot]

This type of transactions triggers some listing on the national credit bureau? (Lol forgot name? NCA credit check people) And thats were all the telemarketers get your number.

 

[Other Pineapple Smurf]

Your car insurance might go up now that it belongs to you and not the bank. It’s just what I’ve heard. Check your insurance every month.
It could be related, they expecting you to be looking for insurance.

Risk does not change but is more like a trend where people shop around for cheaper insurance with less cover after settling.

Car finance companies are very strict on your insurance and required specific cover. Many people drop their insurance a few years in and do not know that they are expected to keep their car insured until settled.

 

[ToxicBunny]

This type of transactions triggers some listing on the national credit bureau? (Lol forgot name? NCA credit check people) And thats were all the telemarketers get your number.

People like Transunion, and it would be the "cancellation" of the credit agreement or completion of it.

I've paid off a few cars in my life and also never had an increase in spam because of it... its just a constant annoying "stream" regardless.

 

[rietrot]

People like Transunion, and it would be the "cancellation" of the credit agreement or completion of it.

I've paid off a few cars in my life and also never had an increase in spam because of it... its just a constant annoying "stream" regardless.

Because you have a constant annoying stream you don't notice the increase as much

 

[handyman007]

Answer the phone, ask where they got your number, ask them to remove your name and number from their database.

 

[ToxicBunny]

Risk does not change but is more like a trend where people shop around for cheaper insurance with less cover after settling.

Car finance companies are very strict on your insurance and required specific cover. Many people drop their insurance a few years in and do not know that they are expected to keep their car insured until settled.

Oh the people know, but they don't care.

When I did my last car finance agreement, the F&I person at the dealership was very explicit that I had to keep the car comprehensively insured for the duration of the agreement.

 

[dualmeister]

Against my better judgement I decided to use Hippo to get some car insurance quotes.
TrueCaller has blocked then about 40 times since last week as I refuse to answer. Got the info I needed
from their website

 

[deweyzeph]

Sense this does not make..

All that happens when your vehicle is still financed and you claim for a write off, is the insurance company tells the bank you may take what you are still owed from the sum we pay out and the remainder goes to our client..

Nothing else, nothing more, nada, zilch..

I think it's the other way around. The insurance company pays you out, then you report the write-off to the bank, they ask you to settle the amount, but they don't care how you settle it, whether out of your own pocket or the proceeds from the insurance payout, just as long as you settle it. I don't think the insurance company deals directly with the bank. I may be mistaken though, but that's how I understood it to work.

 

[WAslayer]

Against my better judgement I decided to use Hippo to get some car insurance quotes.
TrueCaller has blocked then about 40 times since last week as I refuse to answer. Got the info I needed
from their website

1234567890

'nuff said...

 

[dualmeister]

1234567890

'nuff said...

Try it