Toyota Gap Agreement

Less payments due, amounts resulting from existing damages, taxes, deductions of more than $1,000, if any, and outstanding costs. For more information, please see the agreement, certificate or waiver. Some restrictions may apply. Please discuss with your dealer and refer to your agreement at the time of purchase. It could be a vehicle for which your existing CAP insurance expires, or a vehicle you expected to throw away at the end of your original financing contract, but you now have a longer period and need CAP insurance for that longer period. If your Toyota is depreciated, your auto insurer will only pay what it thinks your Toyota is worth at the time of the loss (also known as “market value”). The purpose of CAP insurance is to replenish the amount paid by your auto insurer to a higher amount. Depending on the type of GAP insurance you have, this may be the billing figure for your financing contract, the price of the initial invoice for which you purchased the vehicle, or even the cost of replacing the vehicle with a brand new version of the same vehicle at the time of the claim. According to the complaint, members of the proposed class financed the purchase of their vehicles by selling tempes sales contracts with licensed Toyota dealers. As part of these agreements, consumers agreed to pay the price of the vehicles in monthly installments over a given period with interest, with contracts immediately sold and sold by a dealer to Toyota, to which all future payments will be made directly. The complaint would represent federal consumers who have entered into waiver contracts with a Toyota GAP, awarded to Toyota, who repaid their financing agreements before the contract expired and who did not receive credit or reimbursement of unearned CAP fees and/or accrued interest on those amounts. The case also seeks to cover the California and Colorado subclasses, which meet the same criteria Each retail contract at issue in the complaint contained a waiver of the CAP – an endorsement or supplement to the contract that changes its terms and is part of the overall agreement, the complaint continues.

As a result of the application, a waiver of the CAP is a debt cancellation agreement that provides that the dealer agrees to forego the difference if a customer suffers a total loss of his vehicle and the current value of the vehicle is less than the balance owed to the creditor.

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