A man in Arizona says that his gap insurance denied his claim due to a 60-cent clerical error during the initial purchase. If he doesn't get relief, he'll have to pay the $18,651 he still owes on his now-totaled vehicle. At this stage, it appears as though the company is relenting after media pressure. When you buy a car, it starts losing value the moment you drive it off the lot. This is called depreciation.
However, a seemingly minor 60-cent clerical error made by the dealer at the time of sale resulted in his claim being denied. Munoz says that he bought the car, a BMW X5 SUV, in 2020 for $60,517.86. Evidently, when his credit union sent the dealer a check for the car, the amount was for $60,517.26 and nobody caught the error until seven months ago. That's when he was rear-ended by another motorist. Despite what looks like very minimal damage, the insurance company wrote it off.