Total Loss FAQs
If you’ve been in an auto accident and your vehicle is considered “totaled” by your insurance company, it means your vehicle isn’t repairable or it costs more to repair it than what it’s worth.
The insurance company will need to provide a Letter of Guarantee (LOG), Market Evaluation, and the Settlement Breakdown.
Have the insurance company email the required documents to loansupport@myncu.com
Neighborhood Credit Union, Attn: Loan Support 13651 Montfort Drive, Dallas TX 75240
In most cases, a claim can pay out within 6 to 8 weeks. Each claim varies depending on the situation.
Usually within 10 business days, then 14 business days for mailing.
Once the Loan Support department receives the insurance documents.
Usually 7 – 10 business days.
The member can retain the vehicle and settle with the insurance company. Usually, the settlement will be a lesser amount with the owner retaining.
The Loan Support department will file the GAP claim on behalf of the member(s).
No, it is not the same. Once the Total Loss claim is closed, the GAP claim is filed.
You will need to pay off the loan out of pocket or refinance the existing balance.
Yes, you can apply for a new auto loan at any point during the total loss claim.
You can contact the Loan Support department by sending an email to loansupport@myncu.com
Yes, the Loan Support department will cancel the back-end products once they receive the insurance documents on the total loss.