I purchased a vehicle in January 2018. Unfortunately, I was involved in an accident in July and the vehicle was deemed a total loss. Insurance covered the value of the vehicle, and I dealt with GAP. After all was said and done, I still had a remaining balance near $3,000, only to find out that GAP paid $1,549. When I looked at the breakdown I was sent, there's a line that says, "Minus Adjustment for unearned Extended Warranty." I had contacted GAP previously, before looking at the breakdown, about the amount that I allegedly still owed on the vehicle and their response was that the amount was the extended warranty, but the lienholder says the service contract (warranty) was already refunded.
So, what exactly does that "unearned" amount refer to?
I also contacted the lienholder, and they were confused because GAP has my "contractual payoff at the time of loss" at a different amount than the lienholder has it. And furthermore, the amount financed was around $21,000, but there's a contractual GAP maximum at $18,600, which to me doesn't make sense because from the few people I've talked to, shouldn't that amount be higher than the financed amount?
The last time I contacted GAP, they told me they have explained this all to me before (which they did), but I'm still looking at it and completely confused on what the purpose of GAP is if it isn't covering the remaining balance on the vehicle.
Submitted April 23, 2019 at 05:38AM by _atticuss http://bit.ly/2PqfEEe
