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Looking for some advice on how to negotiate with GM FINANCIAL. I am willing to pay the full balance at this point for some positive reporting or deletion of negative information is this possible, and how would I even begin? This is a vehicle that was involved in an accident and the insurance/gap paid off somehow there was a balance of $833 that to this day I am uncertain as to why. I was under the impression gap paid what insurance didn't. Any information would be helpful. As you can see GM reported it to my credit as a CO originally in December 2018 though the accident happened on 07/05/18 they went and backdated my credit report with 30,60,90 AND 120 with CO when I disputed the information in December 2018. Then I disputed again in May 2021, and they went back and added CO to every month before May again causing my score to drop drastically.
One thing that's important to remember is that GAP insurance is a very specific kind of coverage that exists to provide a very specific protection. It's only in place to cover the difference between your car's value and what you still owe on it, and that doesn't include your deductible. It's not there to cover everything your normal insurance doesn't offer. They should have contacted you (which they probably did) about the difference instead of running to CO status. But as with anything credit. You should have stayed on top of this all along. It started 08/18 and now its coming to light? Soon as the 30 day late hit. Should have made some major moved then. Sorry. Wish there was a better way to put it.
To add on to what @FireMedic1 said, unfortunately all you can do at this point is pay it in full so it'll stop updating monthly and dinging your scores. It'll still be a negative, and there's no way to change that anymore, unless GM agrees to delete it altogether (which is highly unlikely), but at least it'll be paid and begin to age.
@FireMedic1 wrote:One thing that's important to remember is that GAP insurance is a very specific kind of coverage that exists to provide a very specific protection. It's only in place to cover the difference between your car's value and what you still owe on it, and that doesn't include your deductible. It's not there to cover everything your normal insurance doesn't offer. They should have contacted you (which they probably did) about the difference instead of running to CO status. But as with anything credit. You should have stayed on top of this all along. It started 08/18 and now its coming to light? Soon as the 30 day late hit. Should have made some major moved then. Sorry. Wish there was a better way to put it.
Sounds awfully mean. OP came for help and advice, not to be blamed and ridiculed. You don't know what others went through so maybe a little sympathy and respect.
OP, you can look at your credit report and call the number on the tagline. If they still owns the debt, solve it with them. If not, see where debt is now and call the collection agency. Maybe try goodwill letter once paid. Good luck.
@Anonymous wrote:
@FireMedic1 wrote:One thing that's important to remember is that GAP insurance is a very specific kind of coverage that exists to provide a very specific protection. It's only in place to cover the difference between your car's value and what you still owe on it, and that doesn't include your deductible. It's not there to cover everything your normal insurance doesn't offer. They should have contacted you (which they probably did) about the difference instead of running to CO status. But as with anything credit. You should have stayed on top of this all along. It started 08/18 and now its coming to light? Soon as the 30 day late hit. Should have made some major moved then. Sorry. Wish there was a better way to put it.
Sounds awfully mean. OP came for help and advice, not to be blamed and ridiculed. You don't know what others went through so maybe a little sympathy and respect.
OP, you can look at your credit report and call the number on the tagline. If they still owns the debt, solve it with them. If not, see where debt is now and call the collection agency. Maybe try goodwill letter once paid. Good luck.
In no way was I intentionally trying to be mean. I ended it with no real way to put it lighty. You got a cavaty on a tooth. First 30 day late. Nothing was done and then it turns into a full blown toothache that needs a root canal and then a crown. Hit negs early before worse things can happen. I dedicated my life to help others as you can see from my username. But I do give constructive critism to my regular Patients I transport thats leading to death if they dont turn things around quick. I am very compassionate to others. But I do tell them the truth. Thats all.
Thank you all for your replies!
@Anonymous
We were in contact with GM Financial in August 2018 they were waiting for the payment from Gap after extended warranties and such were canceled and applied to the balance. They received the insurance payment in July 2018. They stated if they needed anything else they would contact us we received no other correspondence from GM until it hit our credit in December 2018. We had contacted GM in November 2018 to report to our credit that the account was closed and to please report it as such because it was still reporting as an open auto loan (nothing negative just open) and instead, they hit our credit with a balance due of $833.00 when I contacted GM and asked balance for what? the response was it's your balance. After explaining to GM over the phone and in writing and attaching previous emails and statements sent DIRECTLY from GM and what the payout due was as of 7/15/2018 the balance did not make sense there should have been a zero balance. The way it showed on our final statement from GM in Sept 2018. I am simply trying to understand how to go about speaking/negotiating with them NOW since I have disputed this balance. I have sent copies of all paperwork and statements to the 3 credit bureaus and GM and more negative garbage appeared rather than a correction or even an explanation of why there is a balance when there should be NONE. I know we don't owe this balance but at this point, it would be worth the 800.00 to stop negatively affecting our credit.
Sorry I can't be much help to you, but I wanted to share that this happened to me as well. I was involved in an accident and also had gap insurance. I understood that gap would cover the difference between what I owe and the cars value.
However, GM waited several days after the adjustment to inform me that I could negotiate with the appraiser to see how much of the remaining loan balance could be covered. I did not know that I could negotiate the value with the appraiser. Now I'm stuck with a $2500 balance that was reported as a charge off due to having to buy a new car.
The balance has switched from GM to a collection agency and back again. I plan to just pay it off in full soon because I know it will hinder my ability to lease any gm vehicles. Hopefully this helps others with gap insurance to see if they can negotiate the final value of thier vehicle if it's consider a total loss.