Fasteners, Inc.

Dear Mr***,Thank you for taking the time to express your concerns to Revdex.comIt appears the email Revdex.com had for Cabrillo Credit Union was very old and not in useI can certainly understand your frustration in this situation.According to the insurance company rep we spoke with, I understand
several facts:Accident occurred on 5/4/o Vehicle was in the shop and the shop tried to repair for monthsInsurance Co decided could not be repaired and declared it a total loss midAugust o Shop would not release vehicle due to large amount owing on repair whichinsurance company needed to pay o Insurance paid and vehicle was released a month later o Title was requested of Cabrillo before loan was paid offWe released title (which is not customary practice) (11/19/15) because insurance company wouldn't pay if they didn't have title o 12/15/insurance company received POA from insured o In December - debate occurred over the vehicle value and additional optionswere added to settlement amount o 1/23/insurance company received titled signed off by insured and checkwas issued to Cabrillo on following day.Mr***, the complaint was filed 1/27/15, after we released the title to the insurance company and before the insurance settlement check was receivedThe complaint states Cabrillo was negligent in processing paperwork to release the titleWhile liens are not normally released before the loan is paid in full, the lien was released and title sent to the insurance company.At this point in time, the insurance settlement check has been posted to the loan and the GAP claim has been filed.In reviewing the facts in this case, I believe Cabrillo acted accordingly in its role as lenderThe Outstanding loan balance was not a result of any errors on our partIn this regard, the request for a reversal of two months of payments is not reasonableWe will be happy to waive interest for the existing balance of $4647.39.I apologize that the emails and phone calls were not returned and that we didn't do what we stated we would doI understand phone calls and emails were exchanged during NovemberWe strive to provide quality service to our membersClearly, we failed to do so on this occasion.We value your membership and look forward to serving you in the future.Sincerely,*** *** Chief Operations Officer