Balian Posted August 28, 2006 Report Share Posted August 28, 2006 So my bike gets stolen and finally after a lot of months of fighting the insurance company, I get a bill from Harley saying I still owe x amount of dollars because GAP Insurance didn't pay it all. Isn't the point of having GAP insurance to cover what your insurance company does? Quote Link to comment Share on other sites More sharing options...
Skinner Posted August 28, 2006 Report Share Posted August 28, 2006 yes gap insurance will cover the difference of what you owe and what the vehcile is worth. but will not cover negative equity Quote Link to comment Share on other sites More sharing options...
old dirty bastard Posted August 28, 2006 Report Share Posted August 28, 2006 I would think gap ment that. When I was in my car crash last year my gap insurance covered the rest of my loan that the regular insurance didn't. Quote Link to comment Share on other sites More sharing options...
Balian Posted August 28, 2006 Author Report Share Posted August 28, 2006 Wow. Salesguys need to learn what the hell they are selling. I was told by more than 2 people at the dealership that the GAP insurance would pay whatever the insurance didn't pay and leaving me with no payment if it was stolen, or destroyed. Quote Link to comment Share on other sites More sharing options...
Skinner Posted August 28, 2006 Report Share Posted August 28, 2006 here got this from one of our manuals Total Loss Coverage (TLC) is insurance protection that covers the difference between the borrower’s insurance settlement for physical damage and the net payoff of the automobile loan. Without TLC (aka: GAP insurance), the borrower will be responsible for paying the difference between the actual cash value (ACV), less the physical damage deductible and the loan balance out of pocket. This gap occurs most frequently within the first three years of the loan term. Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted August 28, 2006 Report Share Posted August 28, 2006 Gap covers up the the book value of the car. Example: You buy a car for $25000 Over 4 years the value goes down to $10000 You still owe $15000 Insurance will usually cover around $10000, gap is suppose to leave you with zero due. Quote Link to comment Share on other sites More sharing options...
Balian Posted August 28, 2006 Author Report Share Posted August 28, 2006 Yea, so that basically says they would pay off the difference between the insurance payout and what's left. Quote Link to comment Share on other sites More sharing options...
Balian Posted August 28, 2006 Author Report Share Posted August 28, 2006 Gap covers up the the book value of the car. Example: You buy a car for $25000 Over 4 years the value goes down to $10000 You still owe $15000 Gap will usually cover around $10000, insurance should pay the rest. Hmm..gap didn't even come into my situation till after the insurance had paid. Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted August 29, 2006 Report Share Posted August 29, 2006 Hmm..gap didn't even come into my situation till after the insurance had paid. Your right, I mixed them up while I was typing. It's is suppose to take care off 100% of what is left. Thats wierd if they arent paying it all. Quote Link to comment Share on other sites More sharing options...
Balian Posted August 29, 2006 Author Report Share Posted August 29, 2006 Yea, I can see them not paying the deductible from your insurance, but not anything more.. Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted August 29, 2006 Report Share Posted August 29, 2006 Yea, I can see them not paying the deductible from your insurance, but not anything more.. Is there any type of disclaimer in the paperwork? Since in most cases you have to pay more to have gap they should hold up their end of the deal. Quote Link to comment Share on other sites More sharing options...
Balian Posted August 29, 2006 Author Report Share Posted August 29, 2006 This is true. I don't know. All of my paperwork is being moved down to TX with my wife, so I have no access to them and she has no clue about stuff like this. lol Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted August 29, 2006 Report Share Posted August 29, 2006 Damn. I would raise hell with the finance company and keep escalating until they ger tired of you and just pay it off. I just noticed you lived in Hilliard. I've probably seen you around. I'm off of Walcut. Quote Link to comment Share on other sites More sharing options...
Balian Posted August 29, 2006 Author Report Share Posted August 29, 2006 Yea, I am off Roberts and Hilliard Rome Rd. Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted August 29, 2006 Report Share Posted August 29, 2006 Cool - I drive that way almost everyday. Hope everthing works itself out without too much trouble Quote Link to comment Share on other sites More sharing options...
Balian Posted August 29, 2006 Author Report Share Posted August 29, 2006 HA..Nothing ever goes easy for me. Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted August 29, 2006 Report Share Posted August 29, 2006 I know exactly what you mean. If it were me I would spend a month calling. I would talk to 100 different people, and on the last call they would say... the first person you spoke with fixed it Quote Link to comment Share on other sites More sharing options...
Balian Posted August 29, 2006 Author Report Share Posted August 29, 2006 Yup.. Meantime I have to use my cell so I would run up my mins and my cell bill leaving me with a bigger cell phone bill than motorcycle payment. Quote Link to comment Share on other sites More sharing options...
BloodRed Posted August 29, 2006 Report Share Posted August 29, 2006 I am courious about how much money they are asking for? The only thing that I can think of in this situation is that maybe when the GAP company called the loan company to get the pay off amount after the insurance sent in there payment, more interest was added to the loan because of timing. Normally when you call in for a pay off amount, that amount is only good for 7 days, if they don't get there money, then they continue to add interest. In that case, you would have to pay that amount because you are the one responsible for the loan. It is the only thing that I can think of. Hope you can get this worked out. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted August 29, 2006 Report Share Posted August 29, 2006 if you had any late payments, deferred payments, or if you did not make any payments on your loan after your bike was stolen and before the insurance paid, gap will not cover that. for example bike is stolen may 1st. you dont pay may since you think insurance is paying. you dont pay june, and insurance pays in july...you have 2 payments that werent paid, plus late fees/interest gap wont cover that. i deal with this every day doing auto collections Quote Link to comment Share on other sites More sharing options...
Balian Posted August 29, 2006 Author Report Share Posted August 29, 2006 Ah, that does make some sense. I never thought of it that way! Thanks. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted August 29, 2006 Report Share Posted August 29, 2006 np....does that solve where your balance is coming from or do you think its still from something else? Quote Link to comment Share on other sites More sharing options...
Balian Posted August 29, 2006 Author Report Share Posted August 29, 2006 Nope. Not even close. But it does make up for some of it. lol And just for info, I had no negative equity in the bike. I walked out with a deal. lol Quote Link to comment Share on other sites More sharing options...
thorne Posted August 29, 2006 Report Share Posted August 29, 2006 Odd, When i totaled my camaro ( up until they said it was totaled ) I paid my payment just 1 then i had negative in it from my other camaro they paid it all. Quote Link to comment Share on other sites More sharing options...
grease monkey Posted August 30, 2006 Report Share Posted August 30, 2006 I get my dad to post in here sometime tommorow, he knows A LOT about gap, and how it works and blah blah blah... Quote Link to comment Share on other sites More sharing options...
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