97% LTV at Loan = $14,155.26 GAP Claim 23 Months later!

How does a nice 2018 Ford Expedition go from a book value of $46,575 in March of 2022, to a book value of just $22,225 in Feb 2024? One word, Depreciation!

This GAP claim was paid for a Credit Union member who did everything right, but had the misfortune of being involved in a crash that resulted in a total loss. The member made all his payments on time, but the combination of an 84-month term loan and electing two skip payments left him still owing a large loan balance at the date of loss.

Meanwhile, the vehicle lost over half its value in just 23 months resulting in depreciation of 52.28%! We agree there are some “junk fees” to address, but GAP isn’t one of them. Just ask this member, who would otherwise still owe over $14K for a truck they can no longer drive.