Posted October 25, 2019
GAP Provider Liability Realignment
Farmers Insurance had deemed our client’s 2018 Toyota Corolla a Total Loss and offered her a settlement of $16,819.44. The Farmers settlement pass through GAP Provider deduction was $978.00. After the pass thru deduction our client owed their lender TFS $978.00.
We successfully settled the claim for $22,239.25. The revised settlement satisfied our client’s $978.00 outstanding loan balance, reduced the GAP Provider liability 74.8% and Farmers issued our client a check for $2,770.56 for their equity. Our clients loan has been paid in full and she can now purchase a new vehicle with her $2,770.56 return of equity from Farmers.
Net settlement increase was $5,419.81 or 32.2%