Financial Gap Administrator

Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Mr. [redacted] is upset that his GAP claim has not been processed.  Please note the GAP Addendum is an agreement between Mr. [redacted] and [redacted] Ford of Columbia, MO and is an...

amendment to the original vehicle financing agreement.  Financial Gap Administrator, LLC is merely the GAP claims administrator on behalf of [redacted] Ford. The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions, including the documents that will be required in the event of a claim, are clearly outlined in the GAP Addendum. This loss occurred on January 24, 2017.  The claim was reported to us on March 16, 2017 by Mr. [redacted]’s lender.  When the claim was initiated, we sent a letters to Mr. [redacted] and his lender describing the documents needed.  Unfortunately, the nature of the documents required at claim time are confidential and require the borrower’s involvement in obtaining.  Throughout the claim process we were in contact with Mr. [redacted] and his lender regarding the documents received and what was still needed.  On April 11, 2017 we received all required documents.  On May 10, 2017 the claim was processed and his lender was paid.  We regret that this level of service did not meet the needs of our customer. Our intent is to administer fast, fair claim service in every instance.  If you have any questions, please feel free to contact me at [redacted] or [redacted]@gapadmin.com.

To whom it may concern: Below is our response to Mr. Michael [redacted]’s Revdex.com Complaint [redacted] filed on 1/25/18.   On 12/12/18, our company, Financial Gap Administrator LLC, received a request from Mr. [redacted] requesting to cancel his GAP Addendum contract.  Our...

representative, that same day, forwarded his cancellation request to his creditor, Open Road Lending in order to confirm the status of the financing agreement to which the GAP contract was an addendum.  On 12/19/18, we received correspondence back from Open Road Lending stating the financing agreement on the 2013 Chrysler was paid off.  FYI: Per the terms of the GAP Addendum, the cancellation refund must be forwarded to creditor unless the financing agreement is paid off; in which case, the refund may be forwarded directly to the borrower.  On 12/21/18, we processed the cancellation for the GAP Addendum contract.   His cancellation refund was mailed to the address for Mr. [redacted] that we had on file, which we later learned was invalid.  Mr. [redacted] had moved since the GAP Addendum had been written. Upon learning of this, we immediately updated Mr. [redacted]’s address to [redacted], Stafford, VA 22554.  Once we received confirmation from our bank that the original check had not been deposited/cashed and then subsequently voided, we overnighted a new refund check in the amount of $720.55 to the updated address.   We received confirmation from Fed-Ex that the refund was delivered on January 30, 2018 at 11:26am EST.  We certainly apologize for any confusion during the processing of this cancellation.

I have received your request for assistance dated August 3, 2016. Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Mr. [redacted] is upset with the outcome of his GAP claim.  Please note the GAP Addendum is an agreement between Mr. [redacted]...

and Car City of Conway in Conway, SC and is an amendment to the original vehicle financing agreement.  Financial Gap Administrator, LLC is merely a third-party GAP administrator on behalf of Car City of Conway. The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions are clearly outlined in the GAP Addendum. You will see from the attached GAP settlement breakdown that $1011.00 was deducted from the claim and is the subject of Mr. [redacted]’s complaint.  You will also see in the highlighted conditions of his GAP Addendum that, “any amounts deducted from the Primary Carrier’s settlement due to wear and tear, prior damage, unpaid insurance premiums, salvage, towing and storage and other condition adjustments” are excluded.  Unfortunately, Mr. [redacted]’s primary carrier deducted $1011.00 from their settlement as a “Condition Adjustment”.  (See attached)  This is expressly not covered under the terms of the GAP Addendum.  We have explained to Mr. [redacted] that if he feels this deduction was unfair or excessive, he needs to discuss the matter directly with his primary carrier. Our objective is to administer fast, fair claim service in every instance so that the customer receives the maximum benefit per the terms of the GAP Addendum.  If you have any questions, please feel free to contact me at [redacted] or [redacted]@gapadmin.com.

I have received your request for assistance dated March 7 2016. Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Mr. [redacted] is upset that his GAP claim has not been processed.  Please note the GAP Addendum is an agreement between Mr....

[redacted] and [redacted] of Metairie, LA and is an amendment to the original vehicle financing agreement.  Financial Gap Administrator, LLC is merely the GAP claims administrator on behalf of [redacted]. The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions are clearly outlined in the GAP Addendum. During the course of his loan with whom it was originally assigned, [redacted] Consumer USA, Mr. [redacted] refinanced with [redacted] Auto Finance.  Unfortunately, the GAP addendum amends the original financing contract.  It would be fine if one lender assumes the loan from another lender and the terms do not change, however, GAP terminates if the loan is refinanced. (See attached)  Financial Gap Administrator, LLC has no way of knowing when a consumer refinances their loan, therefore, Mr. [redacted] or his new lender would be responsible for cancelling the original GAP addendum and making sure it is financed into the new loan.  Mr. [redacted] can still cancel his GAPWise addendum for a prorated refund.      Our intent is to administer fast, fair claim service in every instance.  If you have any questions, please feel free to contact me at [redacted] or [redacted]@gapadmin.com.

I have received your request for assistance dated December 6, 2016. Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Ms. [redacted] is upset that her GAP claim has not been processed.  Please note the GAP Addendum is an agreement...

between Ms. [redacted] and [redacted], Inc. of El Cajon, CA and is an amendment to the original vehicle financing agreement.  Financial Gap Administrator, LLC is merely the GAP claims administrator on behalf of [redacted], Inc. The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions, including the documents that will be required in the event of a claim, are clearly outlined in the GAP Addendum. This loss occurred on August 12, 2016 but Ms. [redacted] did not initiate the GAP claim until September 14, 2016.  When the claim was initiated, we explained the process and sent a letter to her lender and Ms. [redacted] describing the documents needed.  Unfortunately, the nature of the documents that are required at claim time are confidential and require the borrower’s involvement in obtaining.  On October 18, 2016 we received all the needed documents and spoke to Ms. [redacted] the same day explaining how much time was needed to process the claim.  On November 29, 2016 the claim was processed and her lender was paid.  We regret that this level of service did not meet the needs of our customer. Our intent is to administer fast, fair claim service in every instance.  If you have any questions, please feel free to contact me at [redacted] or [redacted]@gapadmin.com.

Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Mr. [redacted] is upset that his GAP claim has not been processed.  Please note the GAP Addendum is an agreement between Mr. [redacted] and [redacted] Inc. of Cicero, NY and is an...

amendment to the original vehicle financing agreement.  Financial Gap Administrator, LLC is merely the GAP claims administrator on behalf of [redacted], Inc. The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions, including the documents that will be required in the event of a claim, are clearly outlined in the GAP Addendum. This loss occurred on December 31, 2016.  The claim was reported to us by Mr. [redacted]’s lender on January 27, 2017.  When the claim was initiated, we explained the process and sent a letter to Mr. [redacted] and his lender describing the documents needed.  Unfortunately, the nature of the documents required at claim time are confidential and require the borrower’s involvement in obtaining.  Although we are currently experiencing heavy claim volume, our records show multiple contacts with Mr. [redacted] and his lender until all the required documents were received on April 27, 2017.  The claim was processed and paid to the lender on May 12, 2017.  We regret that this level of service did not meet the needs of our customer.  We have investigated the comment that our website is down but found the site fully functional and could not recreate the issue.  Our intent is to administer fast, fair claim service in every instance.  If you have any questions, please feel free to contact me at [redacted] or [redacted]@gapadmin.com.

Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Mr. [redacted] is upset with the settlement of his GAP claim. Please note the GAP Addendum is an agreement between Mr. [redacted] and [redacted] Chevrolet of Granite City, Il and is an amendment to the...

original vehicle financing agreement.  That original vehicle financing agreement is typically assigned to a Lender who also becomes obligated under the GAP Addendum.  Financial Gap Administrator, LLC is merely the GAP claims administrator on behalf of [redacted] Chevrolet and the Lender assignee. The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions, including the documents that will be required in the event of a claim, are clearly outlined in the GAP Addendum. I’m afraid Mr. [redacted] has misunderstood the 150% maximum eligibility limit as stated in the contract.  It has nothing to do with a claim payment obligation, rather a maximum amount allowed to be financed by his lender upon purchase.  The GAP addendum states that 150% of the vehicles value at the time of purchase is allowed to be financed.  Any amount financed above this limit will be excluded at claim time.  It’s important to note that this contract condition had nothing to do with the outcome of Mr. [redacted]’s claim. The calculation breakdown of Mr. [redacted]’s claim is attached and explains why there was no GAP to pay.  His loan was amortized on the date of loss according to the terms of his original loan contract.  Accordingly, his balance on the date of loss was $13,628.65. This is important to note, because the actual balance of the loan at this point was higher due presumably to late payments and the associated additional accrued interest and fee(s) – all of which are not covered per the terms of the GAP addendum, which assumes that the borrower make their monthly payments as originally agreed.  From that amortized balance, the primary insurance carrier’s payment of $11,515.19 was deducted. His primary insurance carrier also made two deductions from their settlement, that are also expressly excluded by GAP.  First, they identified prior damage to the vehicle in the amount of $650.00.  Second, they took a conditioning deduction in the amount of $455.00.  A conditioning deduction occurs when they identify excessive wear and tear on the vehicle which impacts its actual cash value.  Again, these deductions are expressly excluded within the terms of the GAP Addendum.  Lastly, there was a $3.60 deduction for unearned interest. This was a charge applied by his lender over and above what was agreed to in the original payment schedule.  This unearned interest is also not covered by the GAP Addendum.  Furthermore, Mr. [redacted] financed a tire & wheel contract , credit life and disability insurance, as well as the charge for the GAP coverage.  All of these protection product contracts are refundable by the dealership.  [redacted] Chevrolet has refunded Mr. [redacted]’s lender $754.78 for the tire & wheel and credit life/disability products.  They also refunded $428.91 for the unearned portion of his GAP contract.  These refundable amounts also decrease the amount waived under the terms of the GAP addendum.  FYI, the $428.91 for the unearned portion of his GAP contract was refunded by [redacted] Chevrolet of Granite City and should have reduced the loan balance accordingly. Using the amounts indicated in the two paragraphs above, beginning with the amortized balance as of the date of loss and subtracting all of the excluded items, the result is a negative amount, which means that there is no GAP amount to waive per the terms of the GAP Addendum. Our intent is to administer fast, fair claim service in every instance.  If you have any questions, please feel free to contact me at [redacted] or [redacted]@gapadmin.com.

Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Ms. [redacted] is upset with the time it took and outcome of her GAP claim.  Please note the GAP Addendum is an agreement between Ms. [redacted] and [redacted] of Olive Branch, MS and is an...

amendment to the original vehicle financing agreement.  Financial Gap Administrator, LLC is merely the GAP claims administrator on behalf of [redacted]. The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions, including the documents that will be required in the event of a claim, are clearly outlined in the GAP Addendum. This loss occurred on June 5, 2017 and the GAP claim was initiated by Ms. [redacted] on June 22, 2017. Unfortunately, the nature of the documents required at claim time are confidential; and often require the borrower’s involvement in obtaining.  Throughout the claim process we were in contact with Ms. [redacted] and her lender regarding the documents received and what was still needed.  On August 7, 2017 we received all required documents.  On August 9, 2017 the claim processing was completed and her lender was paid/reimbursed for the amount to be waived.  GAP benefits are a straightforward calculation.  It begins with the loan balance on the date of loss.  This is calculated with an amortization using the terms and conditions of her original loan contract which assumes that Ms. [redacted] paid as ag[redacted].  Ms. [redacted] had late fees and missed payments that are not part of this loss date loan balance.  From that, the payment made by her primary insurance company is deducted.  It is important to note that her vehicle had a premium radio that was not included in her primary insurance company’s settlement. These missed options are expressly excluded by the terms of the GAP coverage.  So, Ms. [redacted] should consider contacting her insurance company in order to request a proper settlement.  In the end, the amount to be waived by her lender is $299.20 which represents the amount due under her GAP coverage.  After reviewing the claim, it was processed in accordance with the terms of her GAP contract.  We regret that this level of service did not meet the needs of our customer. Our intent is to administer fast, fair claim service in every instance.  If you have any questions, please feel free to contact me at [redacted] [redacted] or [redacted]@gapadmin.com.

T Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Ms. [redacted] is upset with the outcome of her GAP claim.  Please note the GAP Addendum is an agreement between Ms. [redacted] and [redacted] Chevrolet of Union City, GA. and is an amendment...

to the original vehicle financing agreement.  Financial Gap Administrator, LLC is merely the GAP claims administrator on behalf of [redacted] Chevrolet. The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions are clearly outlined in the GAP Addendum.To answer Ms. [redacted]s complaint we must start with the definition of a payable loss.  I have highlighted the attached GAP contract where it says a payable loss is the difference between the Outstanding Balance and the Actual Cash Value of the covered vehicle on the date of loss. Based on the terms of the original loan contract, the amortized loan payoff on the date of the loss was $22,639.30. The primary insurance company settled in the amount of $22,581.25.  What remains is a GAP deficiency of $58.05 which has been paid to Ms. [redacted]’s lender.  You will see from the attached payment history that Ms. [redacted] was charged a number of late fees and at deferrments throughout the life of her loan.  These fees and adjustments are not covered by GAP and are likely the cause for a remaining balance.GAP claim calculations are very straightforward and settlement breakdowns are provided to every customer on every claim.  We regret that Ms. [redacted] feels the process was confidential and would be happy to send the breakdown again.  Our intent is to administer fast, fair claim service in every instance.  If you have any questions, please feel free to contact me at [redacted] or [redacted]@wisefandi.com.

Thank you for giving us the opportunity to review our handling of the above-captioned GAP claim.   Ms. [redacted] is upset that her GAP claim has not been processed.  Please note the GAP Addendum is an agreement between Ms. [redacted] and [redacted] of Milwaukie, OR and is an...

amendment to the original vehicle financing agreement.  That original vehicle financing agreement is typically assigned to a Lender who also becomes obligated under the GAP Addendum.  Financial Gap Administrator, LLC is merely the GAP claims administrator on behalf of [redacted] and the Lender assignee . The GAP Addendum is offered to the customer at the time of the vehicle purchase and a charge for the GAP Addendum is financed into the customer's loan.  This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation.  All terms and conditions, including the documents that will be required in the event of a claim, are clearly outlined in the GAP Addendum. This claim was initiated on October 10, 2016.  When the claim was initiated, we explained the process and sent a letter to Ms. [redacted] and her lender describing the documents needed.  Unfortunately, the nature of the documents required at claim time are confidential and require the borrower’s involvement in obtaining.  On January 6, 2017 we received the last of the required documents, then completed processing the claim according to the terms of the GAP Addendum and issued payment to the lender on January 10, 2017. After receiving that payment, the lender waives the corresponding amount from the remaining loan balance owed by Ms. [redacted]. It’s important to note that GAP benefits are calculated using the loan balance on the date of loss.  If Ms. [redacted] made payments after the date of loss, it does not reduce what GAP will pay.  Ms. [redacted] needs to consult with her lender to see if she is eligible for a refund of those payments.  Lastly, our records show approximately 10 emails or conversations with Ms. [redacted] throughout the claim process reviewing what was received and what was still needed.  We regret that this level of service did not meet the needs of our customer.  Our intent is to administer fast, fair claim service in every instance.  If you have any questions, please feel free to contact me at [redacted] or [redacted]@gapadmin.com.

Initial Business Response /* (1000, 5, 2015/07/01) */
Contact Name and Title: [redacted] Claims Mgr
Contact Phone: XXX-XXX-XXXX x [redacted]
Contact Email: [redacted]@wisefandi.com
I have received your request for assistance dated Jun 22, 2015. Thank you for giving us the opportunity to review...

our handling of the above-captioned GAP claim. Ms. [redacted] is frustrated trying to reach a claims representative during the process and the time it has taken to settle her GAP claim.
Please note, the GAP Addendum is an agreement between Ms. [redacted] and [redacted] Murray of Murray, UT. Financial Gap Administrator is merely the GAP claims administrator on behalf of [redacted] Hyundai Murray. The GAP Addendum is offered to the customer at the time of sale and a charge for the GAP Addendum is financed into the customer's loan. This is part of the financing/sales documentation which is signed by the customer at the time of purchase and a copy is to be given to the customer by the dealership as part of the vehicle purchase documentation. All terms and conditions are clearly outlined in the addendum.
Ms. [redacted] initiated this claim on April 22, 2015. A list of the needed documents was sent to her via email and regular mail on that date. On or about May 4, 2015 we received most of the documents from Ms. [redacted]. On May 15, 2015 our claim Specialist spoke to her and explained that her primary insurance company evaluation was still needed along with a copy of the maintenance contract that was purchased and financed into the loan. We show records of several email and phone conversations throughout the claim but regret they did not meet the needs of our customer. On May 26, 2015 we verified receipt of all the needed documents and processed the claim. On June 18, 2015 a settlement check was sent to her lender and the claim was closed.
Our intent is to administer fast, fair claim service in every instance. If you have any questions, please feel free to contact me at XXX-XXX-XXXX x [redacted] or [redacted]@gapadmin.com

Complaint: [redacted]
I am rejecting this response because: I received one phone call from the GAP company. This was after many messages left by myself. I contacted the lender and they show no record of any conversations with the GAP company. Fives faxes from the insurance company and one from myself were sent containing the same information to GAP which was rejected. Finally the insurance claims adjuster called and had to explain how to read the paperwork and GAP finally understood how to read the five times sent information. In the meantime I had to make four payments on a car I did not own. To summarize: I received one phone call, the lender shows no contact and I was told by the person I spoke to at GAP it was not their job to contact the lender or the insurance company, IT was MY job.
 
Sincerely,
[redacted]

Complaint: [redacted]
I am rejecting this response because:No where on my monthly statement did it show late charges are deferment payment over 2000.00. If I had over two thousand dollar worth of late charges I should have been aware of this. I am concern this company and [redacted] are trying to get out of paying this claim.  When [redacted] paid my claim it was a balance of 2032.00 left on my loan, this company  only paid 58.00 so they are lying about the balance left on the loan.I paid for Gap insurance and I expect for it to do what it's suppose to do. Now this company told me their figure were confidential, now they are saying I can see them. Something isn't right here. And I ask that your company investigate this matter, how many claims have they not paid. 
Sincerely,
[redacted]