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The Water Cooler
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Red crown credit union
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<blockquote data-quote="Shoot Summ" data-source="post: 3385648" data-attributes="member: 1055"><p>I've been a Red Crown Member for over 40 years, they have always been great to deal with.</p><p></p><p>What I hear is that this isn't a Red Crown issue, it is a timing issue, same thing would have happened with any other financial institution.</p><p></p><p>Just because the car is totaled and the "insurance is taking care of it" doesn't mean you are off the hook on the payments. If they took 3 months to settle the balance then you are up for 3 months of payments, or at least the interest that accrued in that time(if worked out with the lender). Same thing with the GAP insurance, any balances and payments are due until they settle the difference. Maybe terms of the insurance might have a clause the changes that, but you would have to read the terms to validate it.</p><p></p><p>Here is a little clip from a legal site:</p><p></p><p><strong>Pay your car loan payments.</strong> Until your insurance claim is settled, you should continue making your automobile loan payments on a timely basis to not default on your loan. If you did not purchase gap insurance and your vehicle is totaled, you will owe any balance of your car loan above the ACV payment. You are legally responsible for paying the full balance owed to the lender—even though you no longer have your car and may need to finance the purchase of a new one. You will need to contact the lender to make payment arrangements.</p></blockquote><p></p>
[QUOTE="Shoot Summ, post: 3385648, member: 1055"] I've been a Red Crown Member for over 40 years, they have always been great to deal with. What I hear is that this isn't a Red Crown issue, it is a timing issue, same thing would have happened with any other financial institution. Just because the car is totaled and the "insurance is taking care of it" doesn't mean you are off the hook on the payments. If they took 3 months to settle the balance then you are up for 3 months of payments, or at least the interest that accrued in that time(if worked out with the lender). Same thing with the GAP insurance, any balances and payments are due until they settle the difference. Maybe terms of the insurance might have a clause the changes that, but you would have to read the terms to validate it. Here is a little clip from a legal site: [B]Pay your car loan payments.[/B] Until your insurance claim is settled, you should continue making your automobile loan payments on a timely basis to not default on your loan. If you did not purchase gap insurance and your vehicle is totaled, you will owe any balance of your car loan above the ACV payment. You are legally responsible for paying the full balance owed to the lender—even though you no longer have your car and may need to finance the purchase of a new one. You will need to contact the lender to make payment arrangements. [/QUOTE]
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