Had truck stolen,insurance paid their part,gap paid a portion but not all of th remaining balance. why is this

Question

Had truck stolen,insurance paid their part,gap paid a portion but not all of th remaining balance. why is this

Answer 1

did youhave ex. warranty on the truck? if so you need to have the selling dealer cancel that for you and send the refund to the lein holder. if you do not have that then gap should have paid off the truck. this is my job so if you have any other questions email me and i will try and help you

Answer 2

no one here knows - but they should tell you.

Most likely, it was negative equity from a prior vehicle, when you got this truck, rolled into the loan.

Answer 3

This is a guess, but did you trade in a vehicle when you purchased this one?  If so, did you owe more than that unit was worth (aka: "negative equity" or "upside down")?  In such a case, the additional balance (debt) would be financed along with the loan.  However, since it did not represent the value of the unit being purchased, paying that amount as well would basically represent a windfall, rather than "indemnification" (paying you for what you lost).  If this is correct, then you will probably need to make other arrangements in order to pay that balance off. (Signature loan, home equity loan, 401k loan, credit card, or pay off the balance in cash if you have it).

Answer 4

If there were any kind of penalties or fees (late payments, etc) are not covered by gap. So if there were any type of these charges they would not have been paid.

Have you called the gap carrier and asked them?