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GAP Insurance

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Tooliebell
Frequent Contributor

GAP Insurance

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?

 

 

Message 1 of 7
6 REPLIES 6
pizzadude
Credit Mentor

Re: GAP Insurance

I believe that is true, but check your loan documentation to see if that is the case. If you are entitled to a refund it likely would be prorated....
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 7
Tomoslx2
Established Member

Re: GAP Insurance

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.

Message 3 of 7
Tooliebell
Frequent Contributor

Re: GAP Insurance

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.

Message 4 of 7
pizzadude
Credit Mentor

Re: GAP Insurance

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.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 7
Tooliebell
Frequent Contributor

Re: GAP Insurance


@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!

Message 6 of 7
pizzadude
Credit Mentor

Re: GAP Insurance

 

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...Smiley Very Happy

 

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 7 of 7
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