by schoolgirl » Mon Aug 09, 2010 12:46 am
Only 1600.00 was left over and the "Gap" was supposed to pay off the rest, now the bank is stating that the Gap will only pay about 400 or so of the balance.
Can I roll the remaining balance into a new car loan? and why doesn't GAP pay out the what was left like stated in the contract?
How can I negotiate it with the bank. I do not have late payments or anything like that...
Can I roll the remaining balance into a new car loan? and why doesn't GAP pay out the what was left like stated in the contract?
How can I negotiate it with the bank. I do not have late payments or anything like that...
Posted: Mon Aug 09, 2010 02:15 am Post Subject:
Can I roll the remaining balance into a new car loan?
No. Not if you are upside in your current loan.
and why doesn't GAP pay out the what was left like stated in the contract?
GAP coverage usually does not pay for financing from old cars that were rolled into the current loan, they will only pay the financing for this car, not all the cars you may have had before. Did you roll a balance from a previous loan into the car that was totaled? If your GAP coverage didn't cover it all, then you owe the unpaid balance and they can go after you like almost any other unsecured debt.
How can I negotiate it with the bank.
If you are upside down in this loan, they won't.
Posted: Mon Aug 09, 2010 02:17 am Post Subject:
now the bank is stating that the Gap will only pay about 400 or so of the balance.
and why doesn't GAP pay out the what was left like stated in the contract?
I've tried but I still can't read minds. Have you _asked_ them (GAP carrier) why? This is where I would start to better understand the situation.Can I roll the remaining balance into a new car loan?
Some finance companies will allow you to do this but... IT'S A TERRIBLE IDEA! Read that again. One more time. You initially financed more money they the car was worth (bad idea)... now you want to roll all that over payment yet again into another loan. So now you'd be paying interest on your over-payment! You are simply digging yourself into a deeper hole.Posted: Sat Sep 11, 2010 12:24 pm Post Subject:
You are simply digging yourself into a deeper hole.
You're really making an attempt to escape whatever you're facing now. If you're trying to roll it into another loan, you're actually paying more towards a car which wasn't even worth your initial investment.
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