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Red crown credit union

Discussion in 'General Discussion' started by saltydog, Jun 29, 2020.

  1. saltydog

    saltydog Sharpshooter

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    I purchased an Audi on credit thru Red Crown credit union here in Tulsa last October 2019. Two weeks after I signed the papers Thru the car dealership my daughters boyfriend hit a deer and the car is totaled. I turn the car over to my insurance company and they take care of it. After my insurance company pays, Red crown cc call me and tells me I have a balance that my insurance won’t pay. I said fine I purchased GAP insurance to cover the rest. I fill out gap paperwork and send it off. This is last November. June of this month I get a call from Red Crown cc and they tell me I owe $1200 back interest on payments I didn’t make on a totaled out car that I turned over to my insurance company last November. huh? A very heated exchange took place on the phone over this interest charge And I told them I’m not paying anything. Now I find out my credit score took a drop of 41 points for being over 90 days behind on $187 dollars and I have no clue where they got that amount at. If I call and ask, it will cause nothing but a pee pee war. Just thought I would let you know this country has really gone crazy!
     
  2. KOPBET

    KOPBET Sharpshooter

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    What's a credit score?
     
    O4L likes this.
  3. druryj

    druryj Super Moderator Staff Member

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    It's when you score some credit...you know, like: "I will gladly pay you Tuesday for a hamburger today".
     
    O4L, KOPBET and Aries like this.
  4. tRidiot

    tRidiot Sharpshooter

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    Dispute it with the CRAs, then request verification of the debt and validation through the original creditor, there's a process.

    Go check out www.creditboards.com
     
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  5. Shoot Summ

    Shoot Summ Sharpshooter

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    I've been a Red Crown Member for over 40 years, they have always been great to deal with.

    What I hear is that this isn't a Red Crown issue, it is a timing issue, same thing would have happened with any other financial institution.

    Just because the car is totaled and the "insurance is taking care of it" doesn't mean you are off the hook on the payments. If they took 3 months to settle the balance then you are up for 3 months of payments, or at least the interest that accrued in that time(if worked out with the lender). Same thing with the GAP insurance, any balances and payments are due until they settle the difference. Maybe terms of the insurance might have a clause the changes that, but you would have to read the terms to validate it.

    Here is a little clip from a legal site:

    Pay your car loan payments. Until your insurance claim is settled, you should continue making your automobile loan payments on a timely basis to not default on your loan. If you did not purchase gap insurance and your vehicle is totaled, you will owe any balance of your car loan above the ACV payment. You are legally responsible for paying the full balance owed to the lender—even though you no longer have your car and may need to finance the purchase of a new one. You will need to contact the lender to make payment arrangements.
     
  6. O4L

    O4L Sharpshooter

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    IDK. I deal in cash.
     
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