Posted by CC on October 21, 2004 at 16:16:36:
In Reply to: gap insurance posted by virgil on March 24, 2004 at 01:37:09:
Virgil
Hmm, usually gap insurance has to be declined in writing by you. Is the lienholder and car dealer one in the same? It sounds like you may not have beeen given that opportunity.
Of course, unless you have "full replacement value" spelled out in your coverage, then the lienholder can come after you. It's not their fault the dealer was negligent. My guess is that
you would be responsible for the difference with the lienholder and you will have to rectify the negliegence with the dealer.
If you can get those damages recovered from the dealer, remains to be seen.
CC
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: how do you fight the lienholder on the 'gap' insurance neglience? My vehicle was stolen. The insurance company pay off is insufficient to cover the loan. It is my side's opinion that the lienholder and car dealer was negligent in telling me about gap coverage. They typed right over it twice and I didn't initial it or otherwise know about it. If I did I would have 1) not signed it or 2) got gap coverage. The contract itself doesn't even provide an detailed or thorough explaination of what gap coverage is. What are my rights as consumer, the lien holder is threatening to come after me for upwards of $20,000 and I say that it is not in my contract for them to do so. But they don't want to hear it. WHAT TO DO>?< HELP!!!!!!!
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