What if the Actual Cash Value settlement amount will not pay off your loan?
Unless you have purchased auto loan/lease gap coverage, you will be responsible for the difference between the actual cash value of your vehicle and the outstanding balance owing to the lessor or finance company. You may want to contact your lender about the possibility of extending your existing loan to your replacement vehicle.
From: Washington Insurance Commissioner Fact Sheet
Navigation:
Comments »
No comments yet.
RSS feed for comments on this post. TrackBack URI
Leave a comment
Comments are moderated. All comments get moderated after 7 days to protect from evil comment spammers and folks into the digital graffiti. If you're neither, your comment will be approved and made public. Promise.