Legal Question in Credit and Debt Law in Florida

Gap insurance and contract assignment

I have a question concerning the responsibility of a provider of an automobile gap insurance coverage policy to pay a current loss payee not named on the initial insurance contract. Let me clarify the situation.

I purchased an automobile from a used car lot approximately 2 years ago. As a part of that sales contract I purchased gap insurance coverage that named the dealer as the loss payee. Since then then

contract has been assigned twice, first to a bank and then to a finance company. If I were to experience a total loss or unrecovered theft on the vehicle now, would I be able to make a claim with the gap insurance company to cover the deficiency balance with the finance company? Thank you for your assistance in this matter. You can send your reply to me at [email protected]

1 Answer from Attorneys

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Florida

Looking for something else?