'Vehicle of his dreams' turns into man's financial nightmare

ATLANTA — "I loved my truck," Ben Peace said. "I bought the exact vehicle that I wanted. I paid right about $39,000 for it."

The 2016 Dodge Ram that Peace bought last year was the vehicle of his dreams.

His 84-month loan included guaranteed automobile protection, or Gap Insurance.

When a car owner is left upside down in a loan after an accident, gap insurance promises to pay off what's left after primary insurance does its job.

Peace was told that as long as he made his payments on time, he'd be covered, but that's not what happened.

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After an accident earlier this year, Geico totaled Peace's truck for $28,066.97.

Peace's gap insurance provider told him that was not enough.

"I get an email that Geico undervalued the truck. The adjuster did, in particular, by about $4,000. Therefore, they're not gonna pay," Peace explained.

With his loan still hanging over his head, Ben is stuck paying almost $600 a month for a truck he doesn't have.

"It makes me angry. I mean, it's a waste of money," Peace said.

After multiple emails and phone calls, he was told a check was being sent to the lien holder, but so far that has not happened.

Channel 2 Action News Consumer Advisor Clark Howard said that there is an easy way to avoid having something like this happen to you.

What Peace is going through is a mess, but it all started with taking on an ultra-long loan, Howard explained.

The key is to buy a cheaper car that you can afford to pay for in a loan of 42 months or less.

Cox Media Group