Paid off car early, getting spammed

[Other Pineapple Smurf]

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.

WesBank had been very brutal about checking up on my insurance each year. Countless fights with them when they demand DNA tests else they slap on their own insurance.

MFC only asked once at the time of purchase.

 

[WAslayer]

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.

My policy wording notes the bank financial interest and the bank requires proof of insurance, so taking that into account, I would be surprised if the bank would allow the pay out to client without them getting their fair share first.. client can just run off with the money, especially where the payout is less than the outstanding balance..

 

[WAslayer]

Try it

I did, about two months back..

 

[pinball wizard]

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.

I wrote off a three month old car. The insurance paid out the finance company and gave me the balance.

 

[notayoba]

Without paying off my car I've noticed a huge increase in spam over the last week or 3. Noticed only, not answered. I don't answer unless the number is my in contact list.

 

[deweyzeph]

I wrote off a three month old car. The insurance paid out the finance company and gave me the balance.

Fair enough, that makes sense.

 

[Hemi300c]

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.

What bolox

 

[Lupus]

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

Yup exactly, I've had 5 paid off cars in my life, insurance hasn't gone up.

 

[Hemi300c]

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.

Wow POPI works well.....

Spam calls are ended abruptly when you say "in terms of POPI I demand where you got my details or my permission to call me"