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My car was repossessed, will be sold at auction. Will GAP cover the difference I owed on the loan? Thanks.?
24th February 2011
I couldn’t handle the payments and the car was repossessed last week. It will be sold at an auction. I am sure it will be sold for a price way under what I still owe on the loan. I have GAP insurance on the vehicle. Will GAP cover the difference I owe?
Posted in: Auction FAQ | | Comments (8)
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No, gap only applies if you have had an accident which totals your vehicle, not because you didn’t make your payments.
Your insurance pays out fair market value, and gap makes up the rest. You surely don’t expect your insurance to pay the finance company fair market value on your behalf because you didn’t make payments for at least 90 days, do you?
Comment by oklatom — February 24, 2011 @ 1:50 pm
No, gap covers the car when it is damaged, not repo’d. The car will be sold for pennies on the dollar, you’re still gonna owe.
Comment by fisherwoman — February 24, 2011 @ 1:50 pm
No. GAP insurance covers the difference between what your insurance company pays and what you owe on the loan when a car is totaled. Sorry
Comment by veesmom — February 24, 2011 @ 1:50 pm
No …sorry thats NOT what GAP is for!
Comment by Queen B — February 24, 2011 @ 1:50 pm
YOU will owe the difference you are falling into the gap!!!
Comment by Pedro S — February 24, 2011 @ 1:50 pm
No, the vehicle was repo’d, not totaled.
Comment by shjf47 — February 24, 2011 @ 1:50 pm
No. Gap covers the difference between ACV and loan balance for a collision or comprehensive total loss claim – not a repo.
Comment by mbrcatz17 — February 24, 2011 @ 1:50 pm
No, sorry, gap insurance isn’t on the car anyway, it is on the loan, and pays a deficiency between what insurance pays on a write-off, and the balance on the loan. This isn’t an insurance claim, so you really have to hope the car sells for as much as possible
Comment by Fred C — February 24, 2011 @ 1:50 pm