GSAnationwide Nationwide insurance Did not pay 100% of the financial GAP for total loss Houston Texas
I had a total loss for my car. After the loss, I continued to pay my car note for two months while the claim was being processed. Any payments that I made after my loss was supposed to be reimbursed to me. When I called the company (customer service person terse and rude by the way) I was told that I had a late payment.
I have never had a late payment. She said my contract indicated that my payments were due on the first of the month however, after the first payment I officially changed my payment date to the 20th of the month. I provided proof of this by sending them an official statement from Toyota about my change in the due date.
I emailed them and attached this statement. I received an email stating that the GAP contract states that they will only use the original due date and not any changed date and therefore would not refund the money. This is just a way for the company not to pay. If a due date was officially changed that due date should apply.
1 Updates & Rebuttals
Robert
Irvine,California,
United States
Incorrect
#2Consumer Comment
Thu, February 27, 2020
If a due date was officially changed that due date should apply.
You had the GAP insurance policy written based on the terms at the time of sale. The fact that you changed the terms with Toyota has NOTHING to do with the GAP insurance company they are INDEPENDENT of each other. They are not bound by any change and all of your terms are still based on the original contract. The only way the change in due date would apply to the GAP insurance is if the GAP company wrote a new policy.
The GAP insurance is required to pay the deficency balance between what you have remaining and what would have been paid if you made all payments on time and incurred no extra fees or interest. Since you moved the date to the 20th, we can figure that at a minimum you incurred extra interest, and possibly additional fees. At the beginning of the loan, this was probably a signifcant amount. Since that interest continues to accrue throughout the loan your balance is now higher than it would have been had you maintained the original contract.
What you need to do is find an amoritzation table and for the ORIGINAL loan put in the amount and terms. This will tell you the remaining balance at the time of loss that the GAP company should base the amount on.