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CLS1993

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Closed account due to GAP insurance?
I owned a car for almost nearly a year when I was hit and my car was totaled out. I purchased GAP coverage along with my car and dealt with the long process of going back and forth between them and the insurance companies all while still paying on a car I was no longer in possession of. I probably made 4-5 payments on the car after it was totaled out by the lady(who hit me)'s insurance company to my lender GECU. Finally I had all of my paperwork in line and I figured that was it. Then a month or so later I receive a letter stating I was late on my car payment owed roughly $500 dollars on it still AFTER the GAP was supposed to actually pay off the rest of the loan? Because I had no clue of this now the account on my credit report reads "closed." Which it was up to about 720 and now down to about a 590. Do I try and pay the 500 or do I leave it and consider it a lost cause?

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Obviously, the loan will be marked as "closed" since it should be paid off. However, that shouldn't be your worry here. Your worry should be that the GAP insurance provider is not paying as they should. You need to contact an attorney ASAP and go after the GAP insurance company, they owe you for what you paid in between the accident and now and also for damages to your credit.

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