[Resolved] Safe-Guard — Gap insurance
Under coverage "This addendum may not waive the entire amount owed at the time of loss if the Amount Financed on the Finance Agreement exceeds 150% of the MSRP for new vehicles or 150% of the NADA retail value for used vehicles, if the term of the Finace Agreement exceeds 84 months, or if other excluded charges (as defined in this Addendum) are included in the Unpaid Net Balance.
The amount financed for the car was 15,000 and then we added extended warranty, tire coverage, and gap insurance, which totaled 19,035.01. Vehicle was lost in flood just after first payment was made. Insurance paid 14,002.00 after 500.00 deductible Other refunds were made in the amount of 2,300.00. Now the gap insurance will not pay the balance because the the NADA value was 12,375.00 is this correct. Please help.
Complaint marked as Resolved Aug 14, 2020
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