Capital One Refi=No GAP Insurance?

[sccredit]

GAP is underwritten on the original loan only.  If you refinance the GAP does not carry over.  

[Harvey26]

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@Anonymous wrote:

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@Anonymous wrote:

Yep, once you refi your loan with another company, the previous company no longer honor your GAP insurance and you should get a pro rated refund back your your previous finance company .

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I did. Still no GAP , about 4k upside down. If something happens worry about it then. I would purchase from GAP direct if I could. 

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Curious why you did not refi with a credit union? What made you just go with Capital One. Have you looked at refi again rates are super low right now. So that you are able to get GAP. I know some credit unions have a higher LTV than traditional banks. 

[Anonymous]

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@Harvey26 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Yep, once you refi your loan with another company, the previous company no longer honor your GAP insurance and you should get a pro rated refund back your your previous finance company .

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I did. Still no GAP , about 4k upside down. If something happens worry about it then. I would purchase from GAP direct if I could. 

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Curious why you did not refi with a credit union? What made you just go with Capital One. Have you looked at refi again rates are super low right now. So that you are able to get GAP. I know some credit unions have a higher LTV than traditional banks. 

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At the time no credit union would refi due to LTV, CapOne was willing. Credit scores too low right now to refi with a Credit Union.