Gap insurance refund after refinancing???

[tooleman694]

When I traded in my car a couple months ago, they use my GAP refund for the down payment on the new car I bought.

[Jutz]

I'm guessing they don't just mail out a check eh?

I had GAP insurance on a car I bought in 07, owned for 18 months, and needed to get rid of it to lower payments.  It was on a 6 year term.  Do I probably have GAP insurance proration floating out there somewhere?  Not asking if I've ever seen a dime of course, just wondering if it all works the same, and I didn't do my due diligence.

[Anonymous]

Your post got my attention  b/c  it is exactly what I am doing ~ I've learned that thru a credit union , there is an option to purchase GAP ins. with the re-fi or out of pocket so not to have it rolled into the loan. Once I learned of what the Credit Union  charges for GAP( it's right online on the webisite)   I ran  to get my loan agreement to see I am paying almost 4 times as much . Even tho your post is a coupe of years past,  I have learned that I will be getting a refund for the unused portion which makes me ELATED now just b/c I felt as tho I was being over charged and now I know where those hidden charges are . I will be sure to tell people to keep a sharp eye on what your cost is for GAP Ins. as you can purchase it elsewhere, there is a timeframe .THANKS!

[mtrsprt]

Most dealers make money of selling GAP also.  Varies by state.  NH dealers usually charge about $700-800.00 for it.  In NY, it's only $200.00 and dealers can not change it.  Do yourself a favor, and buy an affordable vehicle, and a great interest rate, while putting down as much as you possibly can when purchasing.  Avoid GAP IMO.

[Anonymous]

This sounds like the amount of overpayment that your Honda loan had, not GAP refund. Check your original dealer paperwork on your '09 to find the GAP company's address and ask them if you have any refund coming. Good Luck!