Frequent Contributor
Mike360
Posts: 433
Registered: ‎03-19-2010
Re: Should I keep GAP insurance?
[ Edited ]

I'd keep it. Why are you wanting to cancel the policy? My local dealer told me they don't issue money to customers on policy refunds (GAP & Maintence Plans). It just comes off your total loan balance so while your payments stay the same it just shortens your term. No idea how your dealer runs things.

 

I put $1500 down on my '13 sonata..$500 from competitor coupon and $1000 for financing thru HMFC and took the GAP.

~~In my wallet: Best Buy $7500, Dell Preferred $5500, Discover IT $4000, Chase Freedom $3500, Barclays NFL Extra Points $3300, Sears $2800, Bill Me Later $2100, CapOne Platinum $2000, Kohls $1500, Target $200