Okay so for context I got a car in February and I March i got into an accident first accident of my life. The car was totaled when I got the loan it was for 30,379.07. I put 2k down bringing it down to 28,379.07 I made four payments of 336.11 before my accident. Progressive offered 23,415.36 with full coverage. I had gap and they paid 4,448.93. Doing the math that means there was and extra like 830 bucks paid will i get that back or is my math wrong.
Posted by PitifulOutcome99
2 Comments
How much of what you paid went to interest vs principal? What you need to know is what was the “payoff” on your loan at the time they paid it off. Chances are everything actually zeros out.
A large chunk of those early payments usually go toward interest, not the principal balance. GAP insurance paid exactly what was owed to the bank to “zero out” the loan.
The only check you might actually see is a pro-rated refund for the GAP policy itself or any extended warranties you purchased.