What happens if my car is totaled or stolen while I am financing it?
We're sorry to hear your car was totaled or stolen, but we're glad to see that you're ok! When it comes to accidents or theft of your vehicle, you'll want to report the information to your insurance company as soon as it is safe to do so. It's best to do it immediately, but your safety should come first.
Please note, you are still responsible for any balance that remains after the payout from the insurance company (and GAP Insurance Claim if applicable) has been received.A Letter of Guarantee request, with claim information on insurance company documentation, can be submitted via email to [email protected] or faxed to (516) 714-2831. The request must include the following information:
- The vehicle's VIN (vehicle identification number)
- Insurance company’s claim number
- Payout amount for the vehicle
Once the request is received, we will forward the Letter of Guarantee within 2 business days. It’s important that you continue to make your scheduled payments until we receive payment from your insurance company. This will ensure that your credit is not adversely affected.