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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....
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....