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I purchased GAP insurance on my truck when I bought in Dec 2007. We are going to refi the truck with our local credit union to lower the interest and the payment by about $100 (same pay off date). I thought I read here once that if you bought GAP insurance and you refiance, you can get a refund on it from the dealer that sold it to you. Is that right?
Read your GAP Contract to see if it is a refundable policy. It all depends on who the GAP is underwritten by. If it is a Third Party (Western Diversified, etc.) it is typically cancel-able. If it is through the bank or credit union, most often they are not cancel-able.
This might sound really bad, but we got nothing like a contract when we purchased the GAP insurance on the truck when it was financed. I see the purchase agreement has it listed but I didn't get any other paperwork!!! YIKES! Maybe I should call the dealer.
@pizzadude wrote:
Wow, the dealer should have given you paperwork in the GAP coverage. Definitely give them a call.
Does your paperwork at least state who the underwriter is for the insurance ?? If so you could also look up a phone # for them and inquire about cancellation.
Ummm nope. It is just listed as a line item on the purchase slip. Man, I normally am not this scattered brained about financial transactions. It took about 4 hours that day to finance the truck and we hadn't had lunch, and I was about 8 months pregnant. When we were ready to sign, I was just thinking get me outta here so I can have a sandwich!
I will do some digging and hopefully I didn't get myself into anything really stupid!
Ha ha ! Hopefully the dealer will be forthcoming with the information on the GAP coverage. If not then they will have the wrath of a *formerly* pregnant woman to contend with...