random_ryan

does anyone here understand gap policys? my wife truck was stolen. they found it. when they found it someone burned it to the ground. we have gap and insurance. and we don't understand all the paper work. We are having a hard time understanding the policy for our gap. I know some of you here work for dealerships and have experiance in this. thanks ahaead of time.

phoenixtc

If you have GAP it will cover you up to the remaining payoff of the car instead of what the car books at. So if you owe $20,000 and it books at 15,000 GAP will cover the $5000 negative equity. It is always good to have GAP if you are financing a vehicle. It is basically telling you that the insurance will ensure the difference between what one would owe on the vehicle as compared to what the insurance says it is worth.

dagarhart

^^^What he said... GAP pays for what they insurance does not pay for when you owe more that what the insurance pays you for.

phatchef

uea just dont be unside down on the loan and then have mods you think your getting money from

dagarhart

You almost need a second policy just for mods. Or deal with the loss.

Just1n

I sold Gap for a long time as a finance mgr in a dealership. This product is the only one I felt strongly about and wouldnt take no for an answer. People still call to thank me for being firm on the product. In most cases it will also pay your full deductible. Keep in mind some Gap providers will not pay the entire amount such as Previous vehicle inequity roll over but it depends on the deal stucture. NEVER PAY MORE THAN $140 TO $160 NEXT TIME YOU PURCHASE A CAR. THEY WILL TRY TO CHARGE $600 OR MORE.