I relocated to a different state, and had to change car insurance companies.
old insurance company did not do insurance in new state.
My change of insurance was a seamless change, drop one, buy new coverage for a year
Old insuarance company informs Velocity Credit Union who sponsered loan on my vehicle I was without insurance
Without contacting me Velocity Credit Union starts adding CPI premiums to my policy
I show Velocity proof of insurance and the call my agent to verify, and they say they are going to remove the chages in 2-3 weeks.
2 days after they confirm insurance, the continue to charge CPI fees.
They say they will refund.
My main complaint is after the add the CPI fee, they raise my principal, and the interest coumpounds daily, so for the days My principal was inflated by CPI fees, they gain extra interest. So they collect interest on an inflated amount of money, that has never exchanged hands and only exists in writing.
after they pull this scam on hundreds of people, they could net a large profit, so this is a very lucrative hustle for them
Velocity Credit Union Reviews
I relocated to a different state, and had to change car insurance companies.
old insurance company did not do insurance in new state.
My change of insurance was a seamless change, drop one, buy new coverage for a year
Old insuarance company informs Velocity Credit Union who sponsered loan on my vehicle I was without insurance
Without contacting me Velocity Credit Union starts adding CPI premiums to my policy
I show Velocity proof of insurance and the call my agent to verify, and they say they are going to remove the chages in 2-3 weeks.
2 days after they confirm insurance, the continue to charge CPI fees.
They say they will refund.
My main complaint is after the add the CPI fee, they raise my principal, and the interest coumpounds daily, so for the days My principal was inflated by CPI fees, they gain extra interest. So they collect interest on an inflated amount of money, that has never exchanged hands and only exists in writing.
after they pull this scam on hundreds of people, they could net a large profit, so this is a very lucrative hustle for them