ComplaintsforLee and Mason Financial Services, Inc.
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Complaint Details
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Initial Complaint
01/12/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I financed through this bank for my ATV I Purchased in 2023 they sold me a gap insurance policy at the time of my purchase I recently had a total loss my ATV was stolen and I filed a claim with my insurance company majority of the loan was paid however there is still a balance of 6,505 left on the account and now they’re telling me that they didn’t sold me a gap insurance another company did I’ve Been running around trying to find the company who sold me the gap I want this bank to take responsibility of what they sold me.seems like they want to walk away from the remaining balance that’s owedBusiness response
01/25/2024
We are the third-party administrator who manages your lender’s ********** ***** ********** ******** The suggested list price for your **** ****** ****** **** was $9,999.00 at the date of loan origination, the total amount financed was $17,885.96. The ********** ***** ********** policy allows for a maximum financed value of 125% of the MSRP. This loan was considered over-financed due to a warranty, service contract and several dealer charges being added to the balance at origination. Your warranty and service contract should be canceled for a pro-rated refund of the unused portion. Estimated refund amounts are considered as part of our settlement calculation. Should the administrator of these contracts deny your refund request, please advise your lender who may contact us to review your claim. A detailed settlement breakdown is below and was communicated to your lender on January 8, 2024. Gross Unpaid Balance: Remaining Balance as of date of loss with interest $ 16,050.16 Less: Primary Settlement $ 9,618.16 Over Financed $ 3,730.36 Unearned Warranty- Service Contract $ 2,582.47 Unearned Warranty- Maintenance $ 1,082.61 Total Gap Claim Amount Payable $ - 963.44 Please contact your lender if you have any additional questions about the remaining balance due. Thank you.
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Customer Complaints Summary
1 total complaints in the last 3 years.
1 complaints closed in the last 12 months.