• This is a political forum that is non-biased/non-partisan and treats every persons position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Insurance Pay Out - Total Loss - Question on Process...

tessaesque

Bring us a shrubbery!
DP Veteran
Joined
Apr 13, 2011
Messages
15,910
Reaction score
12,629
Location
Plano, Texas
Gender
Female
Political Leaning
Other
So I checked my account balance on the loan for my car to see if the pay-off had been processed (they're mailing my check simultaneously, and I'm on a time crunch).

When I logged in, my total payoff balance was about $1500 less than it had been after I made my last payment. When I pulled up the detail page it said a principal credit had been applied and labeled "insurance cancellation".

My question is this: I assume the insurance they're referring to is the GAP coverage I elected to add to my note. In your experience, does the financing company send the insurance company the pay off amount LESS that deduction, or including it? I'm trying to figure out how much money to expect in the check I'm about to receive, and I didn't track my financing balance this closely the last time a car was totaled....
 
Top Bottom