Our experience with the financial institution was incredibly frustrating, resulting in us bearing the cost of a mistake that wasn’t ours. After purchasing a vehicle, it was unfortunately totaled within a day due to an animal crossing. The insurance company declared it a total loss, and we quickly submitted all necessary documentation to the financial institution. We were assured by the institution that: the original loan would be closed once the insurance payment was received, and in the meantime, they would issue us a new loan for a replacement vehicle under the same terms, which we proceeded with in good faith. A month later: the insurance company had not issued the payoff check, the original loan remained open, we incurred a full month’s payment on the old loan, a full month’s payment on the new loan, and interest on the old loan, despite the vehicle being declared a total loss and unusable. In essence, we were informed that “everything was fine,” yet we were silently charged for two loans simultaneously, including interest on a vehicle that no longer exists. This reflects a significant lack of coordination, transparency, and customer service during an already stressful time. At the very least, the original loan should have been paused or interest suspended until the insurance payout was settled. We anticipated professionalism and fairness. Instead, we encountered confusion, financial strain, and a complete lack of accountability.
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