Frost Financial Services, Inc.

Dear *** ***,Thank you for taking the time to report your concern. Our company takes the concerns of consumers very serious and it is our goal to help make sure that yours are addressed appropriately. Based on your comments shown in the "Customer Statement" we do
appreciate your frustration and hope that our explanation of facts will help with a better understanding of the situation. The first item that we need to clarify is that your comment; "bought GAP insurance from Frost Financial through *** *** *** ***" is not accurate. Our company, Frost, is a GAP program administrator and our contractual role is to make sure that the program is managed in manner that accurately and consistently applies the terms of the GAP Addendum that a consumer purchases with their loan. The GAP Addendum that you purchased with your loan is purely a Loan Addendum Agreement between you and the Lender.In this particular case, the GAP Addendum that you purchased from the *** *** with your loan had a "Day Free Look Period" and is non-refundable after the day period. Some GAP programs are designed to be refundable after the Free Look period, but this program is not refundable and as such the *** *** is able to offer at a considerably lower price for its members. Had you canceled during the day Free Look period you would have received a 100% percent refund. Unfortunately, your loan was canceled after the day period and therefor there is no refund due to you. Our job at Frost is to administer the GAP addendums per the letter of the agreement and we are not allowed to make exceptions. I know that this is probably not the answer that you are looking for, but this follows the clearly defined terms in the agreement.As a courtesy, we will discuss the situation with the *** *** and share your concerns that you have explained in your complaint. Thanks again for your time and please feel free to contact me directly at anytime if you would like to discuss. My direct number is *** *** ***.Best regards,Phil M***, Partner

Our company, Frost Financial Services, is an "Administrator" for financial institutions and does not sell GAP to consumers. The financial institutions (our clients) offer GAP coverage as an addendum to their auto loan. In this case, *** *** elected to purchase the GAP addendum
with his loan at a local financial institution and the program offered by this Lender has a day Free Look period and then is "non-refundable". Our job is to administer the GAP program for the financial institution and we are required to treat all consumers in a consistent manor per the terms of the agreement that they have with that financial institution. Many Lenders choose to offer a non-refundable GAP program because they can provide it a much lower cost to the consumer. The GAP program cost at this Lender was actually just $which is much more affordable than typically sold through Auto Dealers. We have contacted the Lender and they will send *** *** a copy of the GAP agreement

[A default letter is provided here which indicates your acceptance of the business's response If you wish, you may update it before sending it If you and the business have reached an agreement and compliance is set for a future date, we trust the business will comply Please contact us after that time if the matter is not resolved as agreed and we will review the complaint and proceed accordingly.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me.
Regards,
*** ***