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Deal with funding and insurance?

The last post in this topic was posted 2436 days ago. 

 

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Ok.. I'm a bit confused and a bit pissed ... with my salesman.

 

I picked up a new truck, and at the time, I gave him my current insurance info.. In the conversation, I said I thought, based on state law, I was covered for 30 days with my current insurance ... to allow time to shop for new insurance. He stated I had 2 weeks, but would like it done sooner because the truck could not be taken off their insurance until I had it switched. Which I thought was BS....

 

I called the insurance company to find out what I should do about switching the insurance from the vehicle I traded in, since the dealer handed me my tag to hand back to the MVA. I was told to not drop the insurance, until the tags were handed back in and that they could update the insurance with the updated quote. I told them I never got a quote from them on the new insurance.. and when the rep looked it up, she stated the dealer had called in and gotten me a quote. I was like WTH, why is the dealer calling my insurance company? I asked them how much time I had to get coverage, as the dealer told me 2 weeks. She looked it up in her system and told me I had 30 days and during that time, I was fully covered because I had full coverage with them, on another vehicle .... This would allow me to drop the insurance, on the vehicle I traded in, once I returned the tags.

 

Yesterday, I'm on the road, and I get a call from my insurance company telling me they had the saleman on hold, asking me if I wanted to get coverage with them.. Basically salesman pushing the insurance company to officially add the new vehicle. I asked them again, how much time I had and was told 30 days. So I asked the insurance rep to tell the car salesman that I am still in the process of insurance shopping and I had the time, since my vehicle is insured for 30 days.

 

Today I check my email, and I had an email from the car dealer asking me to get the truck insured because they can't get funded by the bank, until it's insured...

 

So the question is ... for those that are in the know ... How does this financing/funding though the dealer work? Other than the dealer's sales rep driving me crazy ... is there any drawback to me sticking to my schedule vs theirs? My schedule is, once I have time this coming week, I was going to call a few insurance brokers. Is the funding, to the dealer, really being held up, or did they make a paperwork error, causing this?

 

Thanks!

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You would not have left my store, without me having a policy on the vehicle you just purchased. It is the consumer's responsibility to insure their automotive property encumbered by a RISA.

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If you don't get insured ASAP they can and will make you return the truck.. Go online get a few different prices and be done with it. Honestly this day and age you can get a half dozen prices online in about 20 minutes or just put it on your currency policy while you find a new one.

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On the financing side, our lender will not PAY until insurance is proven. So for example I have let a few cars go uninsured, due to weekends etc. But you better believe my boss was on my case Monday morning to repeatedly call the customer to get that insurance going.

 

That said, I have had a customer drive off the lot and immediately crash the car. Luckily, I had him purchase insurance on the lot. The loan was satisfied right away. However, he never payed the deferred down payment. He had no interest in paying anything on a wrecked vehicle. We lost about $1000 out of it, but we sold it $1000 over cost so we walked away just learning a lesson.

 

So if look at it from our end, we are just trying to cover our own flowers.

Edited by rpina1

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The last post in this topic was posted 2436 days ago. 

 

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