Lobel Financial Corporation Consumer Loan Complaint

Lobel Financial Corporation Consumer Loan department,

Vehicle loan Problems when you are unable to pay California

Lobel Financial assessed a mandatory insurance policy on a vehicle financed through them even though the proper and required proof of insurance was provided to their legal and insurance departments on several occasions by myself and by my insurance agents. The policy premiums for the coverage assessed on the vehicle were prorated on a monthly basis and added to the monthly payment on the vehicle. Despite repeated phone calls and faxes by my insurance agents the assessment went in for a period of approximately 30 months. Additional attempts to provide proof of coverage were to no avail. Lobel Financial was informed the account should have been credited for the accrued mandatory insurance premiums by -/-/2016 else legal action would be brought. Company representatives provided assurances that the insurance issue would be taken care of and that the amount credited back to the loan balance would be used to offset future payments due. On -/-/- the company proceded to repossess the vehicle on grounds of missed payments on the account. On -/-/- upon contacting the company to cure the loan to recuperate the vehicle the company representatives stated that the only available venue to get the car back would be to pay the remaining balance in full. Their excuse for proceeding in such manner was the allegation that the vehicle was being used to commute back and forth from - contrary to the loan terms. Upon review of the loan documents said clause is obscure and unclear and therefore subject to many interpretations.