Important Information About Your Loan
Vehicle Insurance – It’s Required
Paragraph 2.d on the back page of your vehicle sales contract states: You agree to have physical damage insurance covering loss of or damage to the vehicle for the term of this contract.
Paragraph 11580.1b of the California Insurance Code requires that liability and property damage insurance is placed on all vehicles registered in California.
URGENT NOTICE – Many “discount” insurance policies cover ONLY the driver that purchased the policy. If you let anyone drive your car and it’s involved in an accident, YOU are responsible for ALL damages.
CHECK WITH YOUR AGENT TODAY
Late Fees – Avoid Them
Paragraph 3.a. on the back of your vehicle sales contract states, “You will pay a late charge on each late payment as shown on the front.” The front of the contract states “If payment is not received in full within 10 days after it is due, you will pay a late charge of 5% of the part of the payment that is late.”
Your Credit Score and Credit Reporting
Improve your credit score by paying your vehicle loan on time. Freeway Funding does report to the Credit Reporting Bureau once a month. Stay current, don’t fall behind and watch your credit score go up! Check the Federal Trade Commission Web Site for great information.
