Paid off car early, getting spammed

deweyzeph

Executive Member
Joined
Apr 17, 2009
Messages
9,729
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

Senior Member
Joined
Nov 16, 2021
Messages
537
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

Executive Member
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Apr 17, 2009
Messages
9,729
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.
 

Other Pineapple Smurf

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Jun 21, 2008
Messages
14,594
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

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Joined
Apr 25, 2006
Messages
42,718
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?
 

WAslayer

Executive Member
Joined
May 13, 2011
Messages
8,105
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

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Aug 26, 2016
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29,433
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

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Jun 21, 2008
Messages
14,594
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

Oi! Leave me out of this...
Joined
Apr 8, 2006
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105,436
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

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Aug 26, 2016
Messages
29,433
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
 

ToxicBunny

Oi! Leave me out of this...
Joined
Apr 8, 2006
Messages
105,436
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

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Joined
Oct 15, 2005
Messages
44,769
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 :X3:
 

deweyzeph

Executive Member
Joined
Apr 17, 2009
Messages
9,729
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

Executive Member
Joined
May 13, 2011
Messages
8,105
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 :X3:
1234567890

'nuff said...
 
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