GAP Coverage
Toyota Motor Credit Corporation GAP Protection Settlement
Toyota Motor Credit Corporation (TMCC) is putting up $59 million to settle a class action alleging that it did not properly refund unearned Guaranteed Asset Protection (GAP) fees when customers paid off their finance agreements early. GAP protection can be added on to auto finance agreements so that if the vehicle is totaled or stolen, Read more
Red Rocks Credit Union GAP Refunds Colorado Settlement
Red Rocks Credit Union (RRCU) is paying nearly $400,000 to settle a class action about GAP protection refunds. The complaint alleged that, when vehicle loans were paid off early, RRCU did not automatically refund the unused portion of GAP protection amounts. Read more
PNC Bank No Refund of GAP Fees for Early Auto Payoffs Class Action
This class action concerns Guaranteed Automobile Protection (GAP) agreements when customers pay off their auto loans early. The complaint for this class action brings suit against PNC Bank, NA, which does business as PNC Auto Finance, alleging that the company retains unearned GAP fees, when it should be refunding them to consumers after early payoffs. Read more
Nissan Motor Acceptance Refunds of Unearned GAP Waiver Fees Class Action
When a car is totaled or stolen, the insurance payout may not be enough to cover the amount the person still owes on the auto loan. The difference between the payout and the amount of the loan is called the “gap.” Consumers can cover this gap by buying Guaranteed Asset Protection (GAP) products. This class Read more
Hyundai Capital No Refund of GAP Waiver Fees Class Action
This class action concerns Hyundai Capital America’s failure to refund fees from Guaranteed Asset Protection (GAP) Waiver Addendum fees when auto loans are paid off early. The complaint alleges that a certain portion of these fees are not earned when auto finance loans are paid off before the scheduled time and that these should be Read more
USAlliance No Refund of Unearned GAP Waiver Fees Class Action
When auto loans are paid off or otherwise terminated early, borrowers are supposed to be refunded for certain benefits that they will not be using. One such benefit concerns Guaranteed Asset Protection (GAP) Waiver Addendums. The complaint alleges that USAlliance Federal Credit Union, which does business as USAlliance Financial, does not refund these unearned fees, Read more
Wells Fargo Refund of GAP Fees Settlement
This settlement resolves a class action against Wells Fargo Bank, NA, on the subject of Guaranteed Asset Protection or Guaranteed Auto Protection (GAP). GAP offers extra protection beyond that provided by typical auto insurance policies in event of a total loss of the vehicle. The complaint alleged that when a vehicle’s financing is paid off Read more
Ally Bank GAP Coverage Class Action Lawsuit
This class action lawsuit claims that Ally Bank sold GAP Agreements for vehicles in Maryland that did not cancel consumers’ loan debt when the vehicle was totaled. Read moreToyota GAP Coverage Class Action Lawsuit
This class action lawsuit claims that Toyota has engaged in a practice of refusing to wave the full amount of the “gap” on vehicles, despite the terms of the GAP contracts. Read more
