Bob's Septic Tank Service

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this response/resolution is satisfactory to me.  Please have Allied Solutions and [redacted] Credit Union update the Loan Settlement to $2,430.51Regards,
[redacted]

Revdex.com Attn: [redacted] 151 N. Delaware St., #2020 Indianapolis, IN 46204   RE:      Case ID:           [redacted] Complainant: Larry [redacted]:  Th_ank you for the opportunity to provide a response to...

Mr. [redacted]'s com2laint regardingh     _i_s   _ GAP Waiver Addendum. After thorough review of your file, we conclude that an additional waiver of $366.18 will be applied to Mr. [redacted]'s account at [redacted] Credit Union.   Allied provides Guaranteed Auto Protection ("GAP") for sale through financial institutions to borrowers in conjunction with financing the purchase of a vehicle. GAP is a voluntary, non­ insurance contract that becomes part of the loan agreement and, in the event the vehicle is totaled or stolen and not recovered, GAP waives the difference between the amount of the insurance pay off on the vehicle and the remaining loan amount, subject to any limitations and exclusions that apply.   On September 16, 2015, Mr. [redacted] purchased the enclosed GAP Waiver, which reads in part:   •       I understand that there are eligibility requirements, conditions, and exclusions that could prevent me from receiving benefits under the GAP Waiver Addendum which are explained in the following pages of this GAP Waiver Addendum. (Paragraph 5, Page 1 of the GAP Waiver)   •        I understand that I should carefully read the GAP Waiver Addendum for a full explanation of its terms and conditions before signing. "Gap Amount" is defined in the GAP Waiver as:   •      The difference between the primary Insurance carrier's physical damage insurance payment for an Unrecovered Theft, Total Loss or Constructive Total Loss . . . and the Unpaid Net Balance of the Installment Loan." (Paragraph 2, Page 2 of the GAP Waiver)   "Unpaid Net Balance" is defined in your GAP Waiver Addendum as: •      The amount in U.S. currency owed by [you] to clear the outstanding loan account upon the Date of Loss, including if applicable, any Negative Equity. The Unpaid Net Balance does not include . . . (4) Delinquent Payments . . . (7) disposition fees, termination fees or penalty fees; . . . or (9) amounts that are built into or added to the loan balance after the inception date of the Installment Loan." (Paragraph 7, Page 2 of the GAP Waiver)   Our records indicate that Mr. [redacted] maintained an outstanding loan balance of $15,427.76 on October 1, 2016 calculated as follows:   Outstanding loan balance as of lastpayment on 91212016:                $15,318.95 ----Earned interest at $3. 75/dayfor 29 days (91212016 - 1012/2016):     +   $108.81 $15,427.76   Mr. [redacted] received a settlement of $12,997.25 from his insurance carrier on or about November  18, 2016 which was applied to his loan balance leaving a remaining balance of $2,430.51.   Our records also indicate that Mr. [redacted] had the following amounts added to his loan principal: (1) Late fees of $83.40 and (3) net collateral protection insurance (CPI) charges of $1,347.00 (total CPI charge of $2,363.00 minus total CPI refund of $1,016.00). CPI charges qualify as "amounts that are built into or added to the loan balance after the inception date of the Installment Loan. Specific dates of CPI charges and refunds according to your loan history are as follows:   Date CPI Amount Added CPI Amount Refunded 12/28/2015 $2,363.00   02/16/2016   $1,016.00   I TOTAL CPI CHARGE      I $1,347.00     The late charges and CPI amounts are specifically excluded from the Unpaid Net Balance as described in the Waiver and above.   In our original calculation, Allied mistakenly included a late payment to Mr. [redacted]'s Unpaid Net Balance. Mr. [redacted] did have a late payment, however the terms of the GAP Waiver allow for one late payment, so it should not have been included in the balance. Allied has recalculated Mr. [redacted]'s claim as:   Loan Balance after Insurance Settlement:  Less: $2,430.51   CPI Charges: $1,347.00 Previous GAP Payment $633.93 Late Fees: $83.40   Balance: $366.18   Allied issued a supplemental payment in the amount of $336.18 to Mr. [redacted]'s financial institution, [redacted] Credit Union, on January 4, 2017 to be applied to his account.      Respectfully Nancy F[redacted], Director GAP & CSSC