My car was totaled out in September 2013. Geico paid my credit union $5600. My credit union stated I still owe $1600. I have gap but the said they don't owe anything because their pay off amount was $4900. But my credit union stated that my pay off amount is $7200. Now today my credit union stated that I have to pay the difference of $1600. I have never missed a payment. What should I do now?
I don't understand why there are different opinions on what your pay-off amount is??? I would have your credit union get you written proof of your loan balance (preferably an itemized payment history) and send that information to your gap carrier. If you still cannot get it resolved, contact a local attorney for a free consultation and go from there.
You may want to contact an insurance lawyer
Eric Dick, LL.M.; LEGAL DISCLAIMER: Mr. Dick is licensed to practice law in Texas and his office located in Harris County. Mr. Dick primarily practices insurance law in Texas and offers free consultations. Mr. Dick is ethically required to state that the response herein is not legal advice and does not create an attorney client relationship. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Often times the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Dick strongly advises the questioner to confer with an attorney in his or her state in order to ensure proper advice is received. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.
Personal Injury Lawyer
Have your credit union representative contact the claims adjuster for your GAP insurance claim. Usually, GAP insurance covers the difference between what a car owner owes and what his/her car is actually worth, and in sometimes, it covers regular auto insurance deductibles, as well. You may also seek a free consultation from an attorney who specializes in insurance law/diminished value law. AVVO provides "Find a Lawyer" search for attorneys in your state/area, Good luck.
Car / Auto Accident Lawyer
I'm a former insurance adjuster then supervisor and and eventually an Insurance claims mgr. where I handled and or managed thousands of claims. However, for the last 15 years I have only represented people with claims covered by insurance and handled by my old coworkers.
Demand a certified copy of your policy and a written explanation from the adjuster explaining the basis of their position. Do this in writing via certified mail. Ask for their communication back with you to quote the policy language and give the page and paragraph they are relying on to pay less than the payoff.