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Gap Refund and warranty refund?

gischiagischia eau claire wiPosts: 1
edited April 2018 in Hyundai
Hello,
I'm sure this has been asked elsewhere however i cannot find it. Recently my car has was in an accident. to make a long story short, we did a self repair, that failed after 3 months and my transmission went out. the insurance company decided to repair everything on the car so that they could see exactly why the transmision failed, either due to accident or by manufacture defect, or if it was due to the radiator that we put in ourselves (which we later learned was the wrong radiator? idk how that happened) anyways....

the insurance compnay is reviewing the claim to fix the transmission and we should hear back in a couple of days. however im leaning on them opting to not repair it and ill be stuck with a car in great shape with a broken tranny that needs to be rebuilt. aside from fixing it which i cannot afford to do i was thinking of trading the car back to the dealership and in exchange pick up a new car. my question is this...

can i cancel my gap insurance and extended warranty to benefit me in getting a better trade value of some sort with teh car if i do this? i was told that i may be able to see a payout if i cancel them before i trade it and that it may help go towards the downpayment of a new car. not really sure and cant find to much out about this online. i figure that it probably varries depending on dealership and terms of the loan but just thought id ask. thank you in advance

Comments

  • kyfdxkyfdx Posts: 120,221
    gischia said:

    Hello,
    I'm sure this has been asked elsewhere however i cannot find it. Recently my car has was in an accident. to make a long story short, we did a self repair, that failed after 3 months and my transmission went out. the insurance company decided to repair everything on the car so that they could see exactly why the transmision failed, either due to accident or by manufacture defect, or if it was due to the radiator that we put in ourselves (which we later learned was the wrong radiator? idk how that happened) anyways....

    the insurance compnay is reviewing the claim to fix the transmission and we should hear back in a couple of days. however im leaning on them opting to not repair it and ill be stuck with a car in great shape with a broken tranny that needs to be rebuilt. aside from fixing it which i cannot afford to do i was thinking of trading the car back to the dealership and in exchange pick up a new car. my question is this...

    can i cancel my gap insurance and extended warranty to benefit me in getting a better trade value of some sort with teh car if i do this? i was told that i may be able to see a payout if i cancel them before i trade it and that it may help go towards the downpayment of a new car. not really sure and cant find to much out about this online. i figure that it probably varries depending on dealership and terms of the loan but just thought id ask. thank you in advance

    You should have contracts for those two policies. Anything regarding cancellation should be in there. This doesn't sound like a relatively new car, and I wouldn't hold out much hope of reimbursement. Insurance companies make money by NOT giving it back to customers.

    If you've made poor repairs to your car, you can guarantee that the insurance company is not going to cover your transmission. Not sure how you'll be able to afford a new car, if you can't pay to fix this one? Also, a non-operable car will be worth virtually zero on a trade-in. If you have GAP insurance, you'll have a loan to payoff, right?

    Getting this car in operating condition is going to be your best bet, no matter what you decide to do with it, after that.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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