Friday, April 10, 2009

Beware Toyota Loan Insurance

Some time ago Mags got herself a new set of wheels. We did the paperwork, got all our info together and when we were in the loan office, she was offered 'loan insurance'. The young gal handling this told us the following...and I quote.... "the insurance will be good if you lose your job, get sick and have to go on disability or any other instance where you cannot pay your loan. The insurance will make your monthly payments for you. It even pays off the loan in case of you croak before you pay off the car loan."
It will be, after all is said and done about 800 bucks. A little bit is added to each months payment and really, what a deal right? Ummm think carefully before you decide to take this insurance. Here's why......
Mags is out of work and when she contacted the 'insurance' company, they told her they would send her the forms necessary and she would fill them out, her Doctor would fill some out and they would take care of it. She had 45 days to do this or they could refuse to pay said car payments. Well all the forms were filled out next day and faxed over. By her doctor. We receive a letter in the mail with a new set of the forms we already sent them and a note saying they never received said forms. So again, we have to drive over to the doctors office and have them fax them. A week or so later we get another set of the very same forms we have faxed. Twice. This is getting old.We have gotten this letter 4 times. It is obvious they are just trying to weasel out of paying this loan.
Mags is beside herself and places a call to the doctors office and we are assured that the forms were indeed sent two weeks ago. Our doctors office staff is very competent (thanks Lindy and co.) and are right on top of this situation. Mags has saved a copy of the forms and gets on the phone with Scammy McScammer over at Monumental (monumental pain in the arse more like it) Insurance and is told there is no sign of the form(s). Mags tells her she will fax them right now, as we have the three copies of the forms they have somewhere in the crack-den they call an office.
Now the best part.....
Mags asks the Customer Service Rep when she should expect a check. The CSR says "a check for what?"
Mags : "To pay my car loan.."
CRS: "Oh you don't get the money. We send it directly to Toyota and it is applied to the end of the car loan."
Mags: " But that's not what I was told. I was told the insurance would make the payments for me while I was out of work."
CSR: "We will send the money directly to Toyota towards your loan."
Mags: "So what about my monthly payments?"CSR: "That's your responsibility."
Mags: "But this is why I took the loan. I was told if I were out of work, you would make the payments for me."
CSR: "Well, that's not how it works."
Unbelievable right? Worse yet, Mags called the Toyota dealership where the car was purchased (and between her and her family, over 10 Toyota's have been purchased) and the head of the department told her basically "too bad for you" and we got zero results there. She told him that the insurance was sold under false pretenses but he really could not have cared less. So a warning if you plan to buy a car from these guys. They are on route 9 south in Freehold NJ. DO NOT take this 'insurance'. Unless of course you think you'd be fond of getting your chain pulled, ripped off, and developing a bleeding ulcer.
My Thyroid blood tests were normal but I still need to see a doc about the nodules on my thyroid. Next week I guess.
In my last entry I ranted about how I could more easily get a job and/or make more money if I spoke Spanish. Maybe I should not have said Spanish. The entry wasn't directed at Spanish folks . I like Spanish people. I liked the Asian folks, the Africans, the Chinese, etc etc. We hired lots of diverse peeps at my last job. What I should have said was simply ' if I spoke a foreign language'. I apologise if I hurt/offended anyone or gave them the wrong idea. My second favorite Southerner Jud commented asking me if I would feel the same if the job required me to speak German or French, and I'm sorry but yes I would. It vexes me that as an American, it is increasingly difficult to find a job in America because I speak the national language. The times they are a changin' I 'spose.....


Jud said...

Did they car dealership videotape the loan closing? (they do here) I would ask to see the tape.

Send the forms to the folks via certified mail, if need be.

I know this is too late, but generally extended warranties on most products and loan insurance is a bad deal, whether it is 'credit life' or something else.

By the way, I love the blues tune that is playing now.

Hang in there, guys.

Nelle said...

They did not tape anything unfortunately. I was told that should I become unable to work I should CALL the loan dept and they would handle it. So very wrong. The person who sold us this insurance is now gone. I learned that some Toytota dealers use independent companies while others use the actual Toyota's insurance. The company's customer service people do not give adequate information and it took me THREE calls before I found out that the doctor left the DATES she saw me off the form. Got that corrected and now they have sent letters to specialists I have seen who have NOTHING TO DO WITH me being out on temporary disability. I have called Toyota financing etc. etc. and they all say there is nothing they can do. IF this is not paid, I will be calling a local newstation for their "Shame on you" segment. In the meantime I have put out two car payments and one is due this week.