POINTS TO REMEMBER "ATTORNEY" GENERAL: GET THE CREDIT FACTS ON "AUTO CREDIT INSURANCE" INSURANCE POLICIES by Texas Attorney General Greg Abbott INSURANCE COMPANIES OFTEN NET- through Texas auto dealerships. Their When buying a car, consumers should
� Review contracts carefully to avoid WORK with automobile dealerships policies, which provided coverage for review contracts and invoices carefully purchasing an unwanted insurance policy. to offer credit insurance policies that the duration of vehicle loans,were sold to make sure they are not buying an insulate vehicle purchases in the as single-premium policies. Purchasers unwanted credit insurance policy.
� Check the "Truth in Lending" statement in event of a personal tragedy. These paid a single lump sum; that is, the Some policies add as much as $500 to loan agreements to determine whether policies fulfi ll borrowers' obligations entire cost of the credit insurance policy $1000 to the price of a vehicle. an insurance policy is required. to their lenders if the borrower dies was bundled into the buyer's total loan. Consumers should also check or becomes disabled. Because credit Some affected vehicle loans lasted up the "truth in lending" statement on
� Remember that Texas law entitles credit insurance policies provide coverage for to six years. their loan agreement to see whether insurance purchasers to unearned premium the full term of the vehicle loan, many Consumers who cancelled their insurance is required. Buyers always refunds if the purchaser cancels the policy consumers who pay off their loans policies or paid off their loans ahead should be cautious of high-pressure or pays off the loan early. early are entitled to have their unearned of schedule were promised refunds for sales pitches for unnecessary goods or To ask about a particular credit insurer premiums refunded. their unearned insurance premiums. services, including add-ons like credit or fi le a complaint, contact: Investigators with the Offi ce of the Investigators found, however, that insurance. Attorney General have discovered that Enterprise and others our office has Consumers who decide to buy credit Texas Department of Insurance many credit insurance companies are investigated retained the unearned insurance policies should be aware that (800) 252-3439 not complying with the Texas Insurance premiums. the premium is added to the vehicle Code, which requires credit insurers to Under the State's agreement with loan so they will have to pay interest on For more information on this and refund these unearned premiums. As Enterprise, more than 21,000 Texas it.
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