What could have been an expensive joyride… The owner of this SUV reported it stolen in February 2024. The vehicle was recovered, but deemed a total loss, despite only minor damage. The loan started out with more than $10K of negative equity. To make the owner’s situation even worse, the primary insurance carrier provided a settlement […]

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,

There are probably some interesting stories behind these pictures! Both vehicles were totaled while parked in their respective borrowers’ driveways. The truck had a fire, spawning a $4,930.33 GAP claim. The SUV was crushed by a falling tree limb, resulting in a massive $12,617.61 GAP claim. The good news is that everyone is okay and

If you know, you know. For everyone else, this is a classic “deer versus car” situation. This kind of damage is an all-too-common occurrence. Thankfully, the owner of the vehicle was not injured, and the car is even drivable. The bad news is that the car was deemed a Total Loss and the primary insurance

Based on recent trends, it is safe to say that “Depreciation” is back in a big way and that auto industry providers of “Local Market Valuation reports” are back to their old tricks! This double whammy is hitting consumers hard if their vehicles are deemed a Total Loss and drives up the need for quality

Here is a great example of how a sudden thunderstorm (with hail) can cause a total loss and how GAP can help prevent a major financial loss. To add insult to injury, the primary insurance carrier used CCC to do a Local Market Valuation Report, using their typical huge deductions to lowball the Actual Cash

Most lenders make loans on used vehicles by valuing them with retail values from JD Power Used Vehicle Guide. If a vehicle is totaled, the primary carrier would (presumably) consider a similar valuation guide to determine value for a total loss settlement. As we too often see, however, this isn’t necessarily the case. In fact,

According to the National Highway Traffic Safety Administration, about 50,000 lives are saved each year because of airbags. Airbags have been one the most important safety enhancements in the automotive industry since the implementation of the federal seat belt law went into effect in 1968. As any Boomers reading might remember, cars were not required to

As the jet stream settled further south than normal, 2023 saw a wetter and rougher spring for most Southern states. Flood, hail, and even tornadoes caused much damage and heartache. Climate change impacts, along with a strengthening El Niño, combined to make for a tough time. Thankfully, there are some happier stories. Stories where borrowers