GAP Insurance (New/Used Vehicles)

[cb7pr]

Hey guys,

Recently I discovered an awesome fact about GAP Insurance I thought I'd share with all of you. For those that don't know, when you purchase a new/used vehicle, this is one of those add-on packages when your finalizing the sale/purchase, which covers whatever negative equity you might acquire in case of total loss or theft. In other words, whatever amount left on your loan after an insurance company cuts you a check for its actual worth, this would cover it.

Well, what dealerships don't tell you is that these are FULLY REFUNDABLE! So, if you decide to trade/sell the vehicle that you have a loan on, you can go back to the dealership you bought it from initially, and request a refund. All you'd need is proof of the payoff.

...just saying, since I just got my $637.95 back

-Nelson

[Leung]

Really now?

[deevergote]

Really? I didn't realize that! I just paid off my Fit not too long ago. That'd be sweet if I could get my GAP insurance refunded!

I'm surprised they do that. Afterall, the point of insurance is to make a profit when it's not used! I guess they make their profit from people that are unaware that they could have it refunded.

[cb7pr]

Really? I didn't realize that! I just paid off my Fit not too long ago. That'd be sweet if I could get my GAP insurance refunded!

I'm surprised they do that. After all, the point of insurance is to make a profit when it's not used! I guess they make their profit from people that are unaware that they could have it refunded.

Yep. I even started getting a bit greedy by trying to get the Extended Warranty refunded also; didn't work though, BUT something is better than nothing. (especially $600)

[buzz11]

Mm. Where does it say that the gap insurance is refundable? Not being a jerk, just curious so I can pass on the knowledge

[cb7pr]

Mm. Where does it say that the gap insurance is refundable? Not being a jerk, just curious so I can pass on the knowledge

I am passing the information to everyone on THIS forum, based on the things I accomplished successfully. If you desire an exact regulation, or policy for you to expand upon this post, sorry...I cant help you. I just did what I stated above...and "cha-CHING!" Again, this is something that dealerships keep to themselves.

[I was given this information when I asked about transferring the insurance from one vehicle to another; once I obtained the payoff letter/receipt, I took it back to the dealership where I purchased the vehicle I traded in, and was refunded with no hesitation.]

[buzz11]

I wonder if its on the contract when signing the papers. I have never bought/lease a new/used car from a dealer so I have never seen or read any of the papers. I'm assuming its on the gap insurance paper then. I'm curious where it could say this because what if the dealer does not give you the refund unless shown proof. And if this resorts to court, would you have proof to show that you are due a refund?

[phatdoughnut]

We got our gap insurance through our insurance company for our new vehicle. They called it something else though.