GAP Insurance Payout?
I'm wondering what will happen if anything. My car was totaled and my lender took forever to get my GAP claim filed. The GAP claim has finally been finished up with and the check was sent out to my lender.
I missed this last payment due to having another car payment now. Looking at my payoff quote and looking at the amount GAP paid, it looks like once it is applied to the principal amount, it should cover the whole balance. I'm wondering if the lender can still come after me even if the loan is paid off. My thinking is they're getting their money, but they could charge me a late fee I guess and report the missed payment on my credit.
- MayLv 63 weeks ago
If you missed a payment, you will have to pay that payment. But.....Maybe you were not required to make that last payment?
However, If the entire balance has now been paid, that should be the end of it.
- Anonymous3 weeks ago
Yes to the late fee and showing up on your credit. But, if everything else is good it won't have a huge effect.