I bought this total gap contract from Germain Ford (614 889 7777) (I have been speaking with Rob Demorry) when I bought a 2005 Ford Explorer XLT and purchased the contract, which was financed by National Auto Finance (1 800 810 2966, acct # 215-9124-24291). I totalled the vehicle on 11/22 and my insurance company paid about 6500.00, which they state was all the vehicle was worth, they state that is the actual cash value of the vehicle.
I contacted Jim Moran & Associates, aka JM&A, acct # J00002583588, (the total gap contract) and they are stating that they will only pay $874.22, which I might add I paid $750.00 for the gap contract. According to them that is all they are required to pay out, because they claim the vehicle was worth almost $12,000.00 through NADA.
My insurance company had two adjusters look at the vehicle and my finance company had an independent claims adjuster view the vehicle. All three of these adjusters came to the same conclusion as to the value of the vehicle which is about half the value that JM & A are reporting. At best this is crooked. This is theft by deception.
I spoke with a Mike Moran, an employee of JM&A Group aka Jim Moran & Assoc., and he stated that he would re-evaluate the vehicle based on whats commonly used in this state, but has yet to return my calls. This had been ongoing since the first of December and now my finance company has stated that they want their money and that they will report negatively to the credit bureau. Jim Moran & Assoc is not honoring their contract. The contract specifically states that if NADA is not used in a particular area, they would use what is commonly used in the area. Also, they have all these exclusions that they will not pay, which makes this contract worthless!!! Do NOT buy this product, it is worthless!!!
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