Bridgecrest payments Tampa, FL Internet
I got a car from drive time with bridgecrest being the lein holders the car was deamed a total loss on Aug the 25th. They state that until they get information about the car being a total loss from the insurance company that the payments have to be continued to be made on time ( that part i understand). However they stated that even if the paperwork from the insurance compay gives a date at toy when the car was deem a total loss that they will not issue a refund for payments made between the time the car was deem a total lost and the day that the isurance pays it off. Which to me seems kind of like a rip off cause the insurance will pay the car off in full from the date that the car was deem a total loss and then bridgecrest would still have the payments that i made so that means that they will be gettin paid double if they are not giving me a refund and this is the first that ive ever heard anything of that sort. Ijust know next time not to go thru his company or any othe comay that uses bridgecrest as a lein holder there instrest rates are high as hell and they dont really care to help consumers.
2 Updates & Rebuttals
FloridaNative
Palm Beach Gardens,Florida,
USA
Do you have GAP insurance too?
#3Consumer Comment
Tue, September 19, 2017
I ask this because when you have a high-interest subprime type loan, it is very likely that you owe more than the value of the vehicle. As Robert pointed out, if you owe more on the loan, then you need to pay the difference between what the insurance company will pay the lienholder and the outstanding balance on the loan. That is why GAP insurance is important. Take a look at your insurance policies and speak to your insurance representatives for both the auto insurance and the GAP policy. Hopefully you have GAP and it covers the difference.
To answer your other question: yes, you are responsible for ontime payments until the loan is paid off. This is SOP for all auto loans. There is no refund unless you pay more than the outstanding balance due.
Robert
Irvine,California,
USA
Not Quite
#3Consumer Comment
Thu, September 14, 2017
When your insurance settles the claim, they pay the "value" of the car, not the balance of the loan.
While it is possible that the value will either be equal to or greater than the loan balance, this is RARELY the case.
So unless you purchased additional GAP insurance, not only will you likely not get any money back, you will still owe the deficency balance on the loan. That is the amount remaining on your loan after the insuranced pays. The finance company may allow you to continue with the regular payments until it is paid off or they may require full payment of the entire balance at once since they no longer have the car as collateral. This may be what they were referring to when they said they won't refund any payments.
Now, if by chance the loan is satisfied and there is an excess. Just like you owe the balance if there is a deficency, you are generally entitled to receive the excess back. However, in practice it could take a few weeks for you to see any money back. But before you ask, no they are not going to pay you interest on the money.
Oh and this is NOT unique to this dealer, this is how all auto loans work regardless of the company.