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When you obtain financing to purchase an automobile, you likely make a contractual agreement to maintain insurance on the vehicle that serves as collateral for the loan. In the event you do not have insurance or experience a lapse in coverage, lenders frequently “force place” insurance on the vehicle by purchasing an insurance policy and applying the cost of the premium to your account balance.
Although auto lenders justify this practice on the grounds that it is necessary to protect their interest in the vehicle, many consumers have reported abuses with this practice. For example, some vehicle owners have reported that their lender:
Nichols Kaster understands how unfair and intimidating it can be to take on a large corporation on your own, and we would like to help. Please contact us if you feel that you are a victim of deceptive or misleading force-placed auto insurance practices.