Home  |  Contact Us  |  Site Map
BARNETT FINANCE COMPANY INC BARNETT FINANCE COMPANY INC
Customer: FAQs

Payments
What should I do if I fall behind in my payments?
If my car is broken down, do I still have to pay for it?
Can I defer payments to the end of my loan?

Insurance
Why isn't liability insurance enough protection for me?
Can I insure my car under another person's name?
If I have a wreck and the insurance company "totals"the car, will this end my loan obligation?
If my insurance company agrees to pay for the cost of repairs to my vehicle in the event of an accident, and they issue a check and make it payable to Barnett and me, what do I do with it?
What is GAP Insurance?
What is CPI or Collateral Protection Insurance?
What is Forced Place Insurance?

Repossessions
At what point can I face repossession?
Will repossession damage my credit? How so?
Is a voluntary repossession any less damaging to my credit than an involuntary repossession?

Vehicle Relocation
How do I register my vehicle in another state?

Administrative
How often will I receive a billing statement? What do I do if I don't receive one?
How do I know if I have a warranty on my car?
If I do have a warranty, how will I know what types of repairs will be covered?
If I marry and change my name, how do I change my name on the loan?
Do I qualify for protection under the SCRA?

Other
What is the difference between "Registered Owner" and "Legal Owner"?
Can I sell my car or sign over the title to another person?
Can I let another person take over or assume the payments?
What does "Breach of Contract" mean?
How can I get out of my signed contract if I later change my mind?
Can I have someone added to my loan after the fact?















What should I do if I fall behind in my payments?
On occasion, there may be a circumstance when you will not be able to honor your obligation. Barnett Finance representatives will actively attempt to contact you if your payment is one day late. Our representatives are trained to resolve delinquent accounts in a manner that is professional and timely. It is our position that you should seek our assistance should this unfortunate circumstance arise.

- Back to Top -
















If my car is broken down, do I still have to pay for it?
Barnett Finance does not believe that vehicle condition is a factor to consider when the time comes to make your payment.  As your finance company, we were not part of the sales process, nor are we aware of the vehicle's condition.  The selection you make in choosing your vehicle, and the attention you give your vehicle will help retain its value and condition.  Used vehicles vary in condition and value. We assume your obligation to make timely payments will be met despite any potential problems that may occur.

- Back to Top -
















Can I defer payments to the end of my loan?
Barnett will defer payments under certain circumstances. Deferments are only available after the first 12 months of good pay history. If a deferment is requested and the accounts has had 12 months of timely pay history, a deferment may be granted providing a 50% fee is paid prior to the due date being delinquent.

- Back to Top -
















Why isn't liability insurance enough protection for me?
Barnett contracts require full coverage insurance in case the car should be wrecked, totaled, or become mechanically inoperable. Our collateral, the vehicle, must be insured.

- Back to Top -
















Can I insure my car under another person's name?
Yes. Barnett must be supplied with the policy number as well as the name, address, and phone number of the person whose policy the vehicle is covered under.

- Back to Top -
















If I have a wreck and the insurance company "totals" the car, will this end my loan obligation?
In most instances there will still be a balance due on the account for which you are liable to pay. You can do this by continuing your scheduled monthly payments.

- Back to Top -
















If my insurance company agrees to pay for the cost of repairs to my vehicle in the event of an accident, and they issue a check and make it payable to Barnett and me, what do I do with it?
You must send that check to Barnett after you have endorsed the check. Once we receive an invoice from the repair shop for the repairs, we will forward that check to them.

- Back to Top -
















What is GAP Insurance?
This insurance is designed to cover the difference between what an insurance company will pay in a claim and the balance due on your loan. This is used when your vehicle is totaled.

- Back to Top -
















What is CPI or Collateral Protection Insurance?
This insurance covers Comprehensive and Collision on your vehicle. It does not cover liability, which is required by your state. Barnett requires that you carry both liability and CPI insurance on your vehicle at all times.

- Back to Top -
















What is Forced Place Insurance?
If you fail to maintain full coverage insurance on your vehicle, it is our option to Force Place insurance on your loan. The premium is added to your loan balance. Force Placed insurance covers comprehensive and collision coverage only. Liability insurance is not included.

- Back to Top -
















At what point can I face repossession?
You could face a possible repossession by falling into one or more of the following scenarios:

  1. Your payments falls delinquent.
  2. Insurance coverage lapses.
  3. Having a second lien placed against vehicle.
  4. Vehicle considered to be in jeopardy.

- Back to Top -
















Will repossession damage my credit? How so?
Yes, a repossession can hinder you from obtaining future loans and Barnett will report a repossession to all major credit bureaus. It will remain on your credit report for approximately 7 years.

- Back to Top -
















Is a voluntary repossession any less damaging to my credit than an involuntary repossession?
No, any type of repossession indicates the original loan obligation was not honored in full as agreed.

- Back to Top -
















How do I register my car in a new state if I relocate?
Some states require a copy of the title to register the vehicle. If you relocate to another state and need a copy of your title, you will need to contact the title department at (912)-692-0008. Some stipulations may apply.

- Back to Top -
















How often will I receive a billing statement?
You will not receive a billing statement.

- Back to Top -
















How do I know if I have a warranty on my car?
Your warranty will be disclosed in your loan contract which you should have received when you closed your loan. If you do not have a copy of your contract, you can call Barnett to find out if you have a warranty.

- Back to Top -
















If I have a warranty, how will I know what types of repairs will be covered?
You will need to contact the warranty company directly for any repairs to be completed before the work begins.

- Back to Top -
















If I marry and change my name, how do I change my name on the loan?
If you send us a copy of your marriage license, we will hyphenate your name in our computer system. However, the name on your title and contract will not change.

- Back to Top -
















What is the difference between "Registered Owner" and "Legal Owner"?
The "Registered Owner" is the person who purchased the vehicle.  The "Legal Owner" is the financial institution that holds the lien against the car until the loan is satisfied.

- Back to Top -
















Can I sell my car or sign over the title to another person?
Automotive loans with unsatisfied liens cannot be legally sold or titled to other parties without the consent of the financial institution that holds the lien.

- Back to Top -
















Can I let another person take over or assume the payments?
No, the person who obtained the loan is responsible for the terms of the loan until it is satisfied.

- Back to Top -
















What does "Breach of Contract" mean?
"Breach of Contract" is when certain or specific contractual stipulations were not satisfactorily honored by the registered owner.

- Back to Top -
















How can I get out of my signed contract if I later change my mind?
Once your Barnett contract is finalized it may not be rescinded.

- Back to Top -
















Can I have someone added to my loan after the fact?
No, Barnett is not authorized to alter a contract in any form once it is finalized.

- Back to Top -



















Privacy Policy  |  Security Policy
Click to verify BBB accreditation and to see a BBB report.