All loans provided by GoTo Loans are secured by the vehicle being repaired. This means that the borrower is required to add GoTo Loans as the First Loss Payee on their auto insurance policy. This will ensure that any payoff from an insurance company will be made co-payable to GoTo Loans.
Proof that GoTo Loans was added as the Loss Payee can be submitted up to 10 days after the loan was funded. For more information on ‘How to Add GoTo Loans as a Loss Payee’, you can visit www.gotoloans.com/insurance.
After the 10 day grace period has expired, a default fee will be assessed on the account. The default fee is dependent on the original loan amount:
$500 – $1,500: 3.95 + HST
$1,500.01 – $3,000: $5.95 + HST
$3,000.01 – $5,000: $8.95 + HST
$5,000.01 – $7,500: $14.95 + HST
$7,500.01 – $10,000: $19.95 + HST
Proof of being added as a Loss Payee can be provided to GoTo Loans at any time. Once provided, the default fee will cease.