What is the Total Loss Protection Agreement?
In some cases, as a result of the total loss of a vehicle due to collision or theft, the unpaid balance of either the installment loan or lease may be higher than the value of the vehicle as defined by the consumer’s automobile insurance coverage (the “actual cash value”). When there is a difference between what the customer owes on the vehicle and what the insurance will pay, the vehicle owner is responsible for the short-fall payment to the finance source or in making up the difference in the course of securing another vehicle.
Related Questions
- If my car is a total loss and I order a new vehicle from MINI would I have to pay delivery charges, new vehicle registration fees, road tax, number plates and factory-fitted options?
- Did the Covered Defect in the Covered Document Directly Cause the Claimed Loss under Insuring Agreement D & E?
- What is the Total Loss Protection Agreement?
