Posted by
Arkansas Fan
Member since Oct 2013
20119 posts

Vehicle loan/insurance question
Recently purchased a new vehicle around the holidays. I traded in a vehicle and have a very cheap payoff for new vehicle.

Anyways, I got a letter in the mail today from my lender (that the dealership used). It says to lower our deductible from $1000 to $500. I looked through my paperwork from the dealer and I have no forms agreeing to this, like this letter states.

I can move my deductible down no problem, but if I get in a accident, I have the money for the 1k deductible, also the new insurance policy has taken effect and I have already paid a year in full with new changes.

I have never ran into this before where a lender has dictated or suggested a $500 deductible.

Is this norm with some lenders? Why didn't the dealership not disclose the terms? What would you suggest?

TDsngumbo (R)
Member since Oct 2011
12415 posts

re: Vehicle loan/insurance question
That’s very normal for lenders to require no more than a $500 deductible. You must have it financed with some shite company like Santander or something, though.

Just lower your deductible and pay the difference. I’m sure it’s somewhere in your paperwork. Look again.

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