by sirmanjames » Fri Feb 24, 2012 10:39 am
the name of the insurance is Empower insurance and the dealer gave me his word that they are a great provider but the car deal that i was to get financed for didnt go through and the insurance company isnt trying to give me back all my down payment how would i sue them or take them to court to get my money back.
Posted: Fri Feb 24, 2012 12:57 pm Post Subject:
Your question is not quiet clear. Can you provide us with a little more information? Did you sign on the policy document that Empower provided you with? You purchased insurance for a car that you hadn't purchased yet at the time of purchasing the policy? What payments did you make? The purchase price of the policy along with the monthly premiums?
Posted: Sat Feb 25, 2012 01:46 am Post Subject:
the insurance company isnt trying to give me back all my down payment
OK, let's see if we have this correct.
You purchased a (new/used) car. You apparently did not previously have auto insurance, or there would be no need to apply to another company.
So, you left the vehicle at the dealership while you were waiting for your financing to go through, correct? OH! you didn't do that because you wanted to drive your car around town. I see.
For the next several days, while the lender was deciding that your credit was not up to snuff, you had the use of the vehicle and you had applied for, made a down payment for, and were covered by the insurance.
You returned the vehicle to the dealer (I assume) and so now you no longer have the vehicle and you don't need the insurance, but the insurance company is not refunding your down payment. At all or in part?
They are entitled to the daily value of the coverage they provided, even if only for two or three days. They are also entitled to the "cancellation fee" you agreed to when you filled out the application at the dealership and they gave you a receipt for the down payment and a proof of insurance certificate.
You did read what it was you signed, didn't you? NO? OK, then at least you asked the licensed agent who sold you the insurance what would happen if your financing did not go through and you had to return the vehicle? NO?
Well, if you are an adult who can read and write in the English language, then you probably have no excuse for what is happening. You either (1) failed to read what you were getting, (2) read it and did not understand it, but did not ask to have it explained to you, or (3) you really didn't care what it said as long as you could drive off the lot with the vehicle. One of those three choices is true, because I cannot think of a fourth.
Care to add any information? If you have received some amount of refund, it has probably been reduced by the number of days you had coverage plus the cancellation fee. Contact the insurance company for its explanation. They must give it to you in writing.
Posted: Sun Feb 26, 2012 05:44 pm Post Subject:
Changing your mind, insurance being expensive or lost time for work is not a valid reason to terminate the deal.
The car has depreciated by thousands of dollars. The dealer isn't going to eat that because you now realize its expensive. It is all dependent upon what contracts you signed. More than likely, if they cannot obtain financing for your purchase, they will demand you return the car to them, and they will deny returning your down payment because it is all applied to the mileage you spent on the vehicle. If they have failed to comply with some part of their obligations under the contract, there may be ways to rescind the contract and get all of your down payment back.
Thanks,
Delfina
Posted: Sun Feb 26, 2012 06:46 pm Post Subject:
Changing your mind, insurance being expensive or lost time for work is not a valid reason to terminate the deal.
Where does this come from? The OP stated his application for financing the purchase price of the vehicle was declined. It has nothing to do with your comment, and it has nothing to do with getting back the down payment on the purchase of the vehicle.
The OP wants a refund of his INSURANCE down payment that was probably paid separately from the purchase price of the vehicle. He may be entitled to some of it or none of it depending on the language of the AUTO INSURANCE CONTRACT.
This has nothing to do with the value of a vehicle. And even if it did, if the vehicle is returned due to financing being declined, the OP would not be responsible for any diminished value claim on the part of the dealer. That's the dealer's problem for releasing a vehicle before the financing is approved.
Please reread the post and post a revision to your statement accordingly or ask me to delete it. As it was written, it's completely off the point.
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