Question on gap pay off?

Question

I pretty much understand how the gap works, but can my bank still want me to pay on the loan until they get payment from the gap company?

Answer 1

Until it is settled, make your payment.  Then fight for the money back from the date of accident until the final payment.  It stinks but they can report late/no payments to the credit agencies which will hurt you for MANY years to come.

Answer 2

Yes!  If you don't it will mess up your credit!

Answer 3

Absolutely.  And they'll charge you late charges, if you don't.  And Gap won't cover the late charges.

Answer 4

When you purchased your car and took out a loan to finance it you agreed to make payments every month until the loan was paid off. Therefore you need to continue to make the agreed payments until the gap insurance actually pays the loan off.