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Gap Insurance

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    marsha7marsha7 Member Posts: 3,703
    so these thoughts are purely speculative...

    Normally the main penalty on a lease is the odometer, where you drive more miles than the lease allowed...you also have to turn in the car in good condition, or they can penalize you for dents, paint scratches, chipped glass, etc.

    You are turning in a car that has supposedly had its problems fixed...maybe not the way you and I would think of it, but fixed nonetheless...after all, if you turned the car in with visible damage, THEY would have charged you for the repairs, but, instead, the "repairs" were paid by Allstate...

    There may be a slim possibility that you may not be penalized at all, since the car has been restored pursuant to another "authority" in the name of Allstate...I wish you luck with this...

    Also, read your lease agreement, as it may have a specific paragraph that discusses this very issue and how they handle it...while I have not had any experience with this, I am quite sure that the leasing company has...

    Let us know your outcome...I would be happy to learn from your experience...
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    Kirstie_HKirstie_H Administrator Posts: 11,148
    A reporter from a large finance magazine hopes to speak with consumers who have had a bad experience purchasing auto insurance online. If you’ve had a bad experience, please respond to ctalati@edmunds.com with your daytime contact information no later than Tuesday, April 15, 2008.

    MODERATOR /ADMINISTRATOR
    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

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    volvomaxvolvomax Member Posts: 5,238
    As long as the car has been physically returned to factory spec AND there are no warning/check engine/idiot lights on when the car is returned the lease co can't do anything.
    They can't penalize you if you just have a glitchy car.
    As long as you have made an effort to keep it up.
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    jagar100jagar100 Member Posts: 14
    I would also LOVE to read people's response on their experience with buying car insurance online. I work for an insurance agency and would love to advise people on reasons NOT to buy their coverage on the internet.
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    passat_mxpassat_mx Member Posts: 32
    Hi,
    I might need to get gap insurance since my current insurer doesn't offer it. I don't want to change my insurance company, just want to buy a third-party GAP insurance. Which one would you guys recommend besides the ubiquitous $399 online gap insurance ads? (those seem a little overpriced, and have no idea of their reputation)
    Thanks.
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    saints75saints75 Member Posts: 3
    I sold my truck and I had Gap Insurance on it. The dealer told me to go back to the dealership where I bought the truck and get my money back because I only pay for what I use. I want to make sure this is true before I head to the dealership.
    Thanks
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    prazpraz Member Posts: 163
    True
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    jforjamesjforjames Member Posts: 5
    Some states require refunding (typically pro-rata) on Gap coverage...others do not. I would ask for the refund and, if denied, request that the dealer cite the state law or regulation that allows them to sell non-refundable coverage...

    Dealer's hate to give refunds. If you look at your loan agreement, whatever price you paid for gap coverage, figure the dealer kept 60-80% of that amount.
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    saints75saints75 Member Posts: 3
    Thanks for the info.
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    jagar100jagar100 Member Posts: 14
    Is there any advantage to purchasing the dealer's loan gap coverage over the insurance company's? Insurance companys only charge a few dollars, compared to the hundreds of dollars the dealers charge!

    I was told by a dealer once, that the ENTIRE loan balance would be paid for by loan gap, even if you were upside down on a vehicle. Meaning, if there was a balance from the other vehicle that was tacked on to your new loan, he is saying that loan gap would pay ALL of it. Is this true???? I know that insurance loan gap will not pay finance charges, overdue principals outstanding or penalties of leased vehicles, etc. I can't take his word for it, and he could not provide it in writing since I was not buying a car, I was only calling to inquire.

    Also, when leasing vehicles, isn't lease gap included now?
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    fandiguyfandiguy Member Posts: 101
    The dealer was correct. GAP purchased through the dealer will pay off the whole loan up to $60000 (depending on provider of course). That includes all finance charges, previous loan balance rolled in, etc. It pays off the WHOLE loan, and pays your deductible up to $1000. The insurance company gap may seem like its cheaper, but once your loan is paid off, they will still charge you. The policy seems cheaper because they just add it to your premium on a monthly basis, its usually the same if not more, than the dealerships. And also, it won't pay off 100% of the loan and will NOT pay your deductible. 99% of the time, its a better deal to use the dealerships GAP. As far as i know, GAP is built into pretty much every manufacturer lease.....well those that still actually offer leases!! Oh, and banks limit how much a dealership can charge for GAP, usually around $600, but like anything else its negotiable how much YOU want to pay.
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    wlbrown9wlbrown9 Member Posts: 867
    There was some discussion of GAP limits in some group months ago. IIRC there was a limit over the MSRP that the GAP would cover. So, if that were the case, you could not roll an unlimited previous balance in, and with the credit crisis will we see less of that happening in the future anyway? My guess is yes.
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    fandiguyfandiguy Member Posts: 101
    Thats true, some companies limit the amount over MSRP they'll cover. The company i use will cover up to $60,000 in negative equity, as long as the bank approves the advance, they'll pay off the loan. With the credit crisis, banks are limiting the amount over MSRP they'll finance on trucks and suv's; 110% for A+ credit is what i've been seeing the last couple days. Thank god for big rebates and incentives.
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    tedebeartedebear Member Posts: 832
    The insurance company gap may seem like its cheaper, but once your loan is paid off, they will still charge you

    After the loan is paid off why can't someone just call their insurance company and tell them to cancel the GAP insurance? :confuse:

    When I bought my car a year ago the finance manager tacked on GAP insurance for an additional $599. I went home and discovered that my car insurance company offered it for $6/mo. I went back the next business day and canceled the dealership's coverage.
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    fandiguyfandiguy Member Posts: 101
    You can cancel it from your insurance once the car's paid off, but years after adding it most people forget it's there.

    $599 is what the dealer charged, $6 a month is what your insurance charged.....for how many months. Gotta compare apples to apples. Did the insurance company offer to waive the deductible if you ever used it? The coverage varies from company to company (dealership and insurance provider) so its hard to tell which is the better deal sometimes.
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    dtownfbdtownfb Member Posts: 2,918
    C'mon fandiguy. you went from accusing someone of comparing apples to oranges to now you comparing oranges to apples....

    You charge $599 for GAP insurance (which is useless the last year and half of a 60 month loan) and add it to the monthly car payment so they are paying it the entire length of the loan. So the actually cost of the GAP insurance is $599 plus the interest rate over the length of the loan. And of course you can't cancel it or people simply forget it's there. At least with your insurance company, you can cancel it at anytime, like the last two years of the loan when equity of the car may be greater than the amount owed (of course this depends on the car, loan amount, interest rate, down payment, etc).

    Quite honestly, if your insurance company offers GAP insurance, it is a much better bargain than what the dealership offers. GAP insurance is like extended warranties, it's for people who are looking for peace of mind. Nothing something I would ever buy but I can understand why people buy it.
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    fandiguyfandiguy Member Posts: 101
    Ok, i had to read your post several times to understand the point you were trying to make.

    You charge $599 for GAP insurance (which is useless the last year and half of a 60 month loan) and add it to the monthly car payment so they are paying it the entire length of the loan. So the actually cost of the GAP insurance is $599 plus the interest rate over the length of the loan

    There is no way to determine the value of a car 4 1/2 years out, so thats an assumption on your part. It never ceases to amaze me how many people are obsessed with the tiny interest charges on this amount of money. "I'll put it into a high-yield cd, etc, etc, etc." I'm so glad everyone has a plan to become millionaires by investing the charge of extended warranties and GAP policies, because interest on that amount of money is HUGE!!!

    And of course you can't cancel it or people simply forget it's there

    What?!?! I think i know what you were trying to say. You can go to the dealership at anytime and cancel GAP. Did you read the original post i was responding to when the poster said he cancelled the GAP policy he purchased at the dealership?

    Quite honestly, if your insurance company offers GAP insurance, it is a much better bargain than what the dealership offers. GAP insurance is like extended warranties, it's for people who are looking for peace of mind. Nothing something I would ever buy but I can understand why people buy it.

    The value would depend on the cost and coverage levels. If i sell you GAP for $200, now the dealerships GAP is a better value then the insurance companies-everythings not so black and white, there's a gray area. You're entitled to your opinion, but if you finance a car with no money down or trade equity, GAP is a no-brainer. Even a biased site like edmunds will usually agree with that.

    Just like with warranty's, if someone who doesn't have GAP totals a car and the insurance company won't pay off the loan, now they're the "evil insurance company."
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    dtownfbdtownfb Member Posts: 2,918
    There is no way to determine the value of a car 4 1/2 years out, so thats an assumption on your part. It never ceases to amaze me how many people are obsessed with the tiny interest charges on this amount of money. "I'll put it into a high-yield cd, etc, etc, etc." I'm so glad everyone has a plan to become millionaires by investing the charge of extended warranties and GAP policies, because interest on that amount of money is HUGE!!! .

    When did I mention anything about high yield cd, etc., etc. etc.? My opinion is based on where I've read that most cars reach their equilibrium about month 42-44 in a 60 month loan. Since you are an F&I guy, you should be able to confirm or deny this, instead of stating that "there is no way to determine....." Also GAP insurance kicks in when a car is totaled. I've been fortunate to not have had such a devestating event nor have I had a moving violation in over 25 years.

    The value would depend on the cost and coverage levels. If i sell you GAP for $200, now the dealerships GAP is a better value then the insurance companies-everythings not so black and white, there's a gray area.

    So now you sell GAP insurance for $200???? $200 would be a great price for GAP insurance. I've never heard of a dealer going that low. Most of the time it's "it will only be an additional $xx a month". I agree that everyone should consider it if you do a no money down loan or a buy a car that depreciates quickly.

    My point is simple, from my experience, GAP insurance bought through a dealership is over-priced. If you feel the need to have it (personal choice), check with your own insurance company first. Like the previous poster mentioned most insurance companies charge around $6/month although I have seen cheaper. Your GAP insurance at $599 on a 60 month loan would be a minimum of $10/month not including interest. Basically, I am a cheap person (it's my engineering background). I would rather not pay extra for something that I may or may not need. if I do make the decision to buy something like this, I will definitely pay as little as possible.
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    dtownfbdtownfb Member Posts: 2,918
    You're right that I should not have made such a general statement. But idiotic is a bit much....but I will stop there. I've read enough and have had enough personal experience that I am pretty comfortable stating that buying GAP insurance through the dealership will be your most expensive option unless you can negotiate the price (you haven't indicated you can do this...). Why would a dealership care whether or not you can pay for your car loan after the car has been totaled, unless they could benefit from it financially? I don't mind people making a profit but don't get offended if people think the product you supply is a bit over priced and suggest checking other options. That's all I am arguing!

    fandiguy: we differ on this issue and that is fine but please keep the insults to yourself. I've been a member of Edmunds since the mid 90s and have been a very active participant in these forums. I try to offer my opinion on various topics without insulting people or name calling. I like a good argument or debate but always try to be fair and remember to treat people respectfully. I also try not to use terms like "idiotic".
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    wlbrown9wlbrown9 Member Posts: 867
    Okay. I finally checked out my own version of GAP type coverage. August 2008 purchased new Saturn Outlook, MSRP $35K plus a little. Used HELOC and will pay that off once we sell the cabin on the lake in Arkansas dad built when he retired in the 1980s. Standard GAP would not work for me since I have no auto loan. Finally discussed with my Allstate agent. Went through several options and decided to go from their standard coverage to the 'Gold Package'. Since I have been with them for years, the Accident Forgivness is already their. Deductible Rewards drops the collision Deductible $100 right away and $100 a year after that, so I increased my collision deductible to $500 (effective $400 with that package). Next their New Car Replacement adds replacement first 3 years with a new vehicle if totaled, after 3 years that coverage drops off (by then I will probably have to buy the wife another vehicle). The net increase for this coverage change is $28.53 / six months or $4.76 month. That would work out to about $172 over the 3 year coverage period.

    They have a Platinum Package that adds Safe Driving Bonus where you get 5% of your premium back if you do not have an accident for 6 months. Comparing that it would have cost me $15 more every six months EVEN if I got the 5% back. The Accident Forgivenss package noted for multiple accidents where the Gold Package was probably non-multiple.

    I'm comfortable with this and in my situation I decided this worked out best.

    Bill
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    dtownfbdtownfb Member Posts: 2,918
    Very nice Bill!
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    player99player99 Member Posts: 5
    some people tried answering this before but some said yes other no. m y car was totalled like two months ago and my insurance said it was worth like $3500 more than what i owed but from those $3500, i had to pay $500 deductible.

    i just read the posts but it does not seem like a definite answer was found. so could i get the dedcutible of $500 from them even though i did not have to use gap to cover the loss as i owed less money. thanks
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    jagar100jagar100 Member Posts: 14
    I would say NO. A deductible is your retention, and unless the accident was NOT your fault, you don't get that back. Although, each insurance company has their own contract and wording, so you could call your insurance company and ask them.
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    jforjamesjforjames Member Posts: 5
    I don't believe any form of gap waiver/insurance coverage would pick up your deductible unless you have a true gap loss. For example if you owed
    $10000 on your auto loan and your auto insurance company settled the ACV at $10000, but cut a check for just $9500 (ACV less $500 deductible), the Gap coverage should respond to that loss and pick up your $500 out of pocket loss.

    However if your insurance company said the ACV was $11,000 and cut a
    check for $10,500., you'd be out the $500 deductible. The gap waiver/insurance doesn't respond when you don't have to come out of pocket for anything,

    Hope this helps. FYI...read your waiver/insurance form, you may be entitled to a refund of the unearned portion of what you paid for the gap, even when a loss is paid...that might get back of little of that deductible loss your suffered.
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    gapmangapman Member Posts: 1
    Yes, our gap would pay for that deductible. The coverage is for the difference in what is owed along with up to $500 of the deductible. If there is no difference, that's fine, we would still pay the deductible on a total loss. There would be no refund if it has been totaled.
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    thefinancemanthefinanceman Member Posts: 3
    Okay hear this from an expert. I have been selling GAP for 7 years. Buying GAP from your inurance company is the worst investment there is. You buy it from the dealer you buy the car from for many reasons. Most GAP with insurance companies only cover 110 percent whereas the dealer GAP company pays 150%. When you get in an accident if you have gap with your insurance company they still require you to pay your 500 deductible whereas if you have gap with the dealer the deductible is normally also paid by their GAP company.
    So the apparent savings with your own insurance company is none.
    Last do you really want your own insurance company to hold all the eggs in one basket? If there is an accident and it is on the line of being totalled or not being totaled do you think they are looking out for your best interest if the eggs in are in there basket? Something to think about!
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    sky23213sky23213 Member Posts: 300
    I have been selling GAP for 7 years...

    So this is a biased opinion.

    Buying GAP from your insurance company is the worst investment...

    It's not an investment, it's insurance. The money spent on it is exactly that - an expenditure. And tell me how paying $499.00 to $599.00, with interest added, is better than paying $10.00-15.00/6 mo. And you may cancel it at any time when your car is worth more than what you owe - usually within three years, unless some obscene amount of negative equity was rolled into the new loan.

    Last do you really want your own insurance company to hold all the eggs in one basket?

    I prefer to deal with my insurance company rather than an outfit I've never dealt with.
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    wlbrown9wlbrown9 Member Posts: 867
    " have been selling GAP for 7 years...

    So this is a biased opinion.

    Buying GAP from your insurance company is the worst investment...

    It's not an investment, it's insurance. The money spent on it is exactly that - an expenditure. And tell me how paying $499.00 to $599.00, with interest added, is better than paying $10.00-15.00/6 mo. And you may cancel it at any time when your car is worth more than what you owe - usually within three years, unless some obscene amount of negative equity was rolled into the new loan    . "

    Depends on the circumstances. I don't have a loan on my 2008 Saturn Outlook so GAP would be a waste. I took New Car Replacement coverage with my insurance. For less than $5 a month IF my vehicle is totaled, they will replace it with a new one. After 3 model years that drops off. Traditional GAP would not do me any good, but NCR would for the first 3 years actually do better than GAP, IMHO.

    I don't know exactly how this would work, but I would think Allstate would do the NCR and then try to recover whatever they could from the other party if the OP was at fault.
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    Kirstie_HKirstie_H Administrator Posts: 11,148
    So this is a biased opinion.

    Everyone's opinion is biased, whether by experience, hearsay, or profession. Bias is only bad if it's not disclosed, and at least he didn't pose as a "satisfied customer" - he's been honest with everyone.

    It's good to get opinions from a variety of perspectives. All the better to help people make choices.

    MODERATOR /ADMINISTRATOR
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    joel0622joel0622 Member Posts: 3,299
    I agree with the point about letting your insurance company control your own destiny on your GAP claim. I have seen Fords GAP company argue with the Insurance Company for more money. It is in there best interest to get you as much as they can for your car.

    I have 100% success rate with GAP claims that I have sold. Every claim has paid in full. On several occasions I can remember having to roll neg equity into a loan for the GAP the insurance companies plan did not cover.

    A word of advise, if you want GAP insurance and you plan on using your insurance company make sure the loan is in line with there plan. On 5 or 6 occasions I have had people tell me they would get there own GAP with there company and then find out the coverage was to much for them to write the plan, by the time they call me there contract is gone and they are SOL.
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    thefinancemanthefinanceman Member Posts: 3
    Thanks for the reply. Buying Gap from your insurance company is like a couple using the same attorney when getting a divorce. There is a conflict of interest. As far as being bias, maybe but I practice what I preach. I worked for BMW for years, three years ago I went to a dealership to buy a Honda civic hybrid which I needed for my commute. I knew no one at this dealership yet I chose to buy their Gap protection. I did negotiate the price, but I knew I was better off getting a third party to cover my GAP. I believe in it I live it and I sincerly believe using your own insurance for Gap, leaves you with inadequate coverage and a real conflict of interest. You get what you paid for , is very true in this case. I have many testimonials from customers who say I am right and I have a few that went to me later admitting they wished they would have listened to me.
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    sky23213sky23213 Member Posts: 300
    Thanks for the input.
    Sorry if my initial response came out a little snappy. I guess what I meant was that (as someone else pointed out) we shouldn't totally dismiss one option or the other. Dealers' GAP may work better for some, InsCo GAP - for others. It depends on individual situations and needs.
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    thefinancemanthefinanceman Member Posts: 3
    no problem I did not take it snappy! I just believe in the third party rule. This means get GAP from someone other than your insurance company, and it does not necessarily mean the dealer. You can buy GAP from a third party elsewhere but don't let the insurance hold all controls to your car's destiny
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    walstfcwalstfc Member Posts: 1
    I wrecked( totaled )my motorcycle, I have gap but, they tell me if I buy my motorcycle bak the gap will not pay off the balance. That just doesn't sound right to me
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    joel0622joel0622 Member Posts: 3,299
    Who tells you that? It is two totaly seperate transactions. If need be find out who they are going to sell the bike to and offer him $100 more then what he paid.
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    civic97civic97 Member Posts: 2
    I bought a new Honda over the weekend and the dealership offered me GAP and I accepted. I'm having second thoughts about it. I'm financed thru. HONDA. Can I cancel it and have my monthly statement reduced. The GAP cost me $560.00.

    Thank you
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    jforjamesjforjames Member Posts: 5
    Most Gap waiver contracts can be cancelled for full refund with 30/60 days. Should be stated in the waiver agreement itself. Full amount would then be credited to your loan balance due.
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    marsha7marsha7 Member Posts: 3,703
    I would recommend keeping GAP insurance, altho you do not have to get it thru the dealer...assuming you made a low down payment (can I assume?) then GAP will be critical in making up the difference if the car is totalled and you owe much more than the car is worth...the operative word here is MUCH...if your down payment was sufficient to bring the loan balance down to about what the car is worth, then GAP is not needed...but if there is a substantial differecne between your loan balance and what you would get if totalled, then keep GAP, just shop around for a better price, maybe your own insurance agent can offer it cheaper...
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    wlbrown9wlbrown9 Member Posts: 867
    One other thing to check out... Allstate and some other insurance companies offer new car replacement coverage, I believe it is for the first 3 model years. I checked this out when I bought a new Saturn Outlook last August. It ended up costing about $6 a month IIRC. It will replace the vehicle with a new vehicle, better that GAP which covers the difference between totaled vehicel value and your payoff.

    And yes, it really depends on the details of your purchase, load balance if any, etc.
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    joel0622joel0622 Member Posts: 3,299
    No your payment will not go down, the $560 will be taken off the back of your loan.
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    fantesia28fantesia28 Member Posts: 15
    I ended up purchasing Gap insurance through Toyota... They wanted to charge me $585, but I got them to lower the price to $485. I was way upside down in my Camry because it lost so much value over the past 2 years due to high mileage and the economy that I had to purchase some sort of gap coverage.

    For those who are considering this coverage, most dealers will negotiate the rate of the coverage! Definetly worth at least asking! I basically just told them that my credit union offered gap for considerably less money and he moved on the price. :)
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    jagar100jagar100 Member Posts: 14
    Why do people purchase GAP through the dealership in lieu of the insurance? Insurance carriers charge a fraction of the cost, and now some even offer "replacement" coverage.
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    marsha7marsha7 Member Posts: 3,703
    This is just a guess, but I think that GAP seemed to be issued by more dealers in the past, but it does SEEM now that more ins agents are getting involved in the process...and maybe my viewpoint is skewed... ;);)
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    joel0622joel0622 Member Posts: 3,299
    Because allot of them sell waiver addendums and not insurance policies, about 80% of the policies I have seen written by insurance companies pay up to 110% where what a dealer sells covers 150%, plus do you really want your insurance company to be the one to decide if they should total your car and pay a big [non-permissible content removed] GAP claim or should they not total it and fix it for half that? Which way do you think they are going to lean? :D We sell cars to an agent for Farm Bureau, and he buys our GAP for that exact reason.
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    kelliannkelliann Member Posts: 3
    I am buying a 2008 Toyota, and need to reduce the amount I am financing so am looking on the internet for gap coverage. Almost everything I find says somewhere in the fine print that they are connected to Lee and Mason in some way, and that they will not write GAP insurance for any car loan with interest rate over 12%. My rate is higher than that. My car ins. company does not offer GAP for used cars (Nationwide/Allied).

    Can someone tell me where I can get GAP insurance for a 1 year old used car, 72 month loan, interest rate over 12 percent. 60 months would be OK. If you have a web site address that would help. I have tried so many that say variations of gap auto insurance in the web site address and they all end up being connected to Lee and Mason somehow.

    Thank you very much.
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    joel0622joel0622 Member Posts: 3,299
    Does the dealer not offer it?
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    kelliannkelliann Member Posts: 3
    Joel,
    Yes, the dealer offers gap waiver insurance, but they want $600 for it and that's too expensive for me. I need to get the total amount financed down and with having to also make a down payment to reduce the financed amount, I have nothing left to also pay the $600 out of pocket so I can keep the total amount I need financed down.

    It looks like every gap policy in the country that an owner can purchase as an individual somehow comes through Lee & Mason even though you can buy it from a lot of web sites. All mention Lee & Mason as their agent. But Lee & Mason cap the interest rate you can be paying on your loan at 12.9% and unfortunately, I can't find a lender at that rate these days. (Hard for even me to believe, but, it's true).

    My research is indicating that: 1. Some regular auto insurers offer gap insurance but seem to be for new cars, not used, and you have to have all your auto insurance with them. 2. Dealers can get gap waiver insurance where they and the lender forgive whatever is left to be paid on the loan if there's total loss of the car. 3. Individuals like me and you can buy gap insurance on the internet from companies that will sell you the insurance all by itself, and it can be for used or new cars, but, it all seems to come through Lee & Mason with the restrictions of: no more than 12.9% interest on loan, no more than 84 mo. on loan, 110 to 120 percent of value of car and a few other things. 4. Drivers Select offers a "Total Loss Protection" deal for $299 which allows higher interest rate and used cars, for 60 months but I can NOT understand how it works no matter how many times I read it, and when I try to call, I can hear the number being forwarded and then a guy comes on and says they are "certified" something or other and to leave a number and they will call back. I know their site links to a warranty site called certified. This may be because it is a Saturday, don't know.

    I don't know if this will work for me or not. I can't afford to be left with thousands of dollars to pay if I lose the car. If you or anyone else can explain how this Driver's Select works, I'd love to hear. My question mostly is, what value are they putting on the totaled car? Where do they get it from? Here is the link: http://www.gap-insurance.com/indexTL.htm

    IF you click anything else on the page, it takes you to their regular gap insurance, and to return to the Total Loss page you have to click the above link again.
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    joel0622joel0622 Member Posts: 3,299
    Joel,
    Yes, the dealer offers gap waiver insurance, but they want $600 for it and that's too expensive for me

    I can't afford to be left with thousands of dollars to pay if I lose the car

    So pay the extra $12 a month and buy the GAP.

    Over $300 I would most definitley want the contract in my loan and by some third party fly by night.

    As far as the insurance companies go. Do you really want the company that decides weather your car is totaled also being the one that handles your GAP insurance?

    Think about it. If the repair is less then the GAP guess what, there fixing your car. Where if the GAP is with a third party they will not care and probably total it.
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    kelliannkelliann Member Posts: 3
    Joel,
    My insurance company does not do GAP for used cars, so, I was not considering using them for GAP. And the problem is, I may not get financing for the car if I include the $600 GAP insurance in the financing contract. I think it would be the best way to go if I could also get financing, but, right now I have to reduce the amount I am trying to finance or I'm not going to be able to get any. It's a tough world out there credit-wise these days.

    I am trying to find a company that offers GAP insurance for a 2008 car with a high interest rate loan. If you or anyone knows of such a company, please let me know. Thanks!
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    madmanmoomadmanmoo Member Posts: 2,039
    Why do I get the feeling that you're about to find the company on your own accord and then post the results to us here?
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