Credit protection and GMAC

[FAS03]

So 3 years ago roughly I bought my camaro through GMAC.

 

The dealer sold me a "account secure" ty[pe deal where if I get sick they will pay deal froma American Heritage Insurance company apparently ran by allstate in FL.

It was worth 950 and was financed in my original loan.

 

 

Well I got denied because somehow on my app it was checked that I had a serious disease in the past 2 yrs, yeah....right -which is not true.

 

so they were to credit GMAC that money back to my loan - well GMAC has no record of it. The insurance company is sending me a copy of the check showing it cleared and my orig app.

 

I have 1 late, do you think I can barter with them...you take off the 950, the interest you owe me sicne its been 3 years we can forget about if you take off that late??? will that work?

 

BTW if someone is good at math...

 

Orig Loan 22198 - 60 mos - 9.9 APR

954.55 was the premium for the credit protection.

 

 

How much interest was accrued on 954.55 @ 9.9% for 34 months - Aug 04 - May 07?

 

 

 

Also, Can I legally do anything about the insurance co denying me if I have proof of the same copy and mine and the dealers are checked no?

Is there anything there or no worth it?

 

 

THANK CB!

[MarvBear]

The money is usually refunded to the dealer and dealer refunds to lender.

[FAS03]

The money is usually refunded to the dealer and dealer refunds to lender.

 

 

The insurance co says they wrote the check to GMAC.

 

Lady from insurance co is getting me copies of my app and the check they sent showing it cleared.

[MarvBear]

good luck, but that's not the usuall way it happens.

[FAS03]

good luck, but that's not the usuall way it happens.

 

 

Marv - this is a "credit disability insurance"

[MarvBear]

Yes, that I understand, I sell it all the time.

[jscott1026]

Yes, that I understand, I sell it all the time.

 

Marv is right i sell it al the time too and it goes to dealer and dealer send to lender and if it is a GMAC account then they electronically transfered the funds through smart cash...usually no checks are issued.

[FAS03]

Yes, that I understand, I sell it all the time.

 

Marv is right i sell it al the time too and it goes to dealer and dealer send to lender and if it is a GMAC account then they electronically transfered the funds through smart cash...usually no checks are issued.

 

 

Ok, but Allstate says they sent a check to GMAC? and that they didnt "cash" it, and because of that the funds were returned to the "state", and now they have to reverse that?

 

The lady called me from there today and asked for my GMAC acct # so they could verify that the 954 wasnt deposited.

 

 

Who is to blame and have to pay the finance charges for this messup?

 

thanks again to all who have replied.

[MarvBear]

Looks like a lil problem for allstate.

 

I've never head of a dealer selling credit disability insurance on a contract with Allstate though. Usually they are specialized companies that only deal directly with dealers.

 

How much is the accrued interest on the 900 $'s?

[jscott1026]

Looks like a lil problem for allstate.

 

I've never head of a dealer selling credit disability insurance on a contract with Allstate though. Usually they are specialized companies that only deal directly with dealers.

 

How much is the accrued interest on the 900 $'s?

 

 

MARV Maybe it is underwritten by allstate.....It sounds like that is it......

 

Jmoney1026

[FAS03]

Looks like a lil problem for allstate.

 

I've never head of a dealer selling credit disability insurance on a contract with Allstate though. Usually they are specialized companies that only deal directly with dealers.

 

How much is the accrued interest on the 900 $'s?

 

 

MARV Maybe it is underwritten by allstate.....It sounds like that is it......

 

Jmoney1026

 

I believe it is - it is American Heritage Insurance but its ran by allstate or something like that.

 

well its been 34 months me paying on my car @ 9.9% APR on 954.88

 

 

I found a ammortization calculator for auto loans...is that the answer?

[MarvBear]