Why didn't gap insurance transfer to me?
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Why didn't gap insurance transfer to me?
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I had a car loan with a reputable car loan company. When I asked about gap insurance, they told me that it was built into the loan.
When I had my car repossessed, they still held me liable for the balance, even though the gap insurance paid THEM the entire balance. ($23,000 balance- although I paid over $15,000 toward principal 13% interest late fees for almost 2.5 years)
I have been hearing that you can sue companies for this. Is this true?
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Uncle Jed
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Gap only covers loss to crash,flood etc not repo. Read this(below) there's not one word about repo in it.So there is nothing to sue for..............md
http://www.carinsurance.com/kb/content10049.aspx |
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Two Smoking Guns
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My understanding is that GAP insurance covers you in case you crash the car and are upside down, it isn't a guarantee that pays the car off when you default, better read your policy again before you call a lawyer. |
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Scott H
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Gap insurance only pays if your vehicle is a total loss - not repossessed. I'm not sure what you're thinking, but you still owe the remaining loan balance. |
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