Posted October 25, 2019
GAP Provider Liability Realignment
Germania Insurance had deemed our client’s 2013 Honda Accord a Total Loss and offered her a settlement of $11,424.38. The Germania settlement pass through GAP Provider deduction was $1,001.00. After the pass thru deduction our client owed their lender Commerce Bank $1,001.00.
We successfully settled the claim for $15,328.00. The revised settlement satisfied our client’s $1,001.00 outstanding loan balance, reduced the GAP Provider liability 71.2% and Germania issued our client a check for $1,674.88 for their equity. Our clients loan has been paid in full and she can now purchase a new vehicle with her $1,674.88 return of equity from Germania.
Net settlement increase was $3,903.62 or 34.2%