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What is a CPI charge on my auto loan?
"I was looking at my auto loan statement, and I see something that says ""CPI Charge,"" which costs $2,500.
What is this charge?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Collateral protection insurance, also known as force-placed insurance, is something the lender can add to your loan if your current
car insurance
coverage lapses. So if you forgot to renew or didn’t pay, you might see this charge.Unfortunately, there’s not much you can do about this. CPI is written into your contract. However, if you believe this charge is a mistake, and you do have auto insurance, contact your lender immediately to show proof of insurance and get this charge dropped.
In addition, you might be able to get this policy canceled if you provide proof of insurance. This won’t always work, and you might be out of luck, but it’s worth a shot.”
View full answer
- Gregory R.
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