I purchase GAP insurance in case of an accident. Well... From reports and what I read from the company they cover the difference between what the primary insurance does not and what is owed. Well they calculated on their own what the balance of the car loan should be not the actual pay-off. The account was current at the time of the accided. What they don't tell you is they don't cover the interest. Next bit - The covered the GAP between the amount they calculated to be owed and what the NADA value was. Leaving me a balance of $2669.49. The took 112 days to settle, which accrued late fees that they say they aren't responsible for. They paid a measly $369.42. Unbelievable!!! Now I have gathered that the way the Primary insurance (Allstate) and the GAP insurance claim the value are two different ways. Now I've got the finance company telling me its going into charge-off stage if I don't pay the $1298 past due.in which I was advised to wait for the settlement amount. I don't understand this maze as to which I am trying to find the end of but I can complain as much as I want. Any help you can provide would be greatly be appreciated.
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