Why did my auto loan payment amount increase?

Modified on Mon, 26 Sep 2022 at 01:43 PM

If your auto loan payment amount increased, the reason may be Collateral Protection Insurance (CPI). CPI gets added to auto loans due to not receiving sufficient proof of insurance for the vehicle. When the insurance is added, the cost is applied to the loan balance, which will increase your monthly payment. The premium for CPI protects our interest in the collateral only. If you provide insurance for the entire period that the CPI covers you will get a full refund.  If you provide insurance for only a portion of the period you will only get a partial refund.

 

You may be entitled to a refund of the force placed insurance with your proof of insurance, please send to our Insurance Department:

Fax: 800-413-0259

Email: docsend@fmq.alliedsolutions.net

Phone: 800-523-0763


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