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Lender Kept Gap Money After Settling a Car Loan for a Totaled Vehicle

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  • 08-31-2010, 10:44 AM
    rosco100
    Lender Kept Gap Money After Settling a Car Loan for a Totaled Vehicle
    My question involves a consumer law issue in the State of:GA
    my car had a loan with the bank and was involved in an accident
    ,the car was totaled and the insur co paid about 6000 less
    than the balance on the account. there was a gap coverage
    policy on the car as well. the bank legal dept made me an offer
    to settle account for 1700 which i accepted.I paid the 1700
    and the bank listed the account as settled in full on my credit.
    later the gap coverage paid the bank 4500 more. if thr account
    was settled shouldnt i get the monies from the gap coverage??
    also is settled in full a closed account??? the bank refuses
    to give me the gap monies.
  • 08-31-2010, 08:19 PM
    Mr. Knowitall
    Re: Lender Kept Gap Money After Settling a Car Loan for a Totaled Vehicle
    We can't read the terms of your settlement agreement from where we're sitting, but I very much doubt that your lender waived its right to collect on the gap policy. Help us out - what is the exact language of the settlement agreement?
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