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Will GAP insurance pay the difference after the car is repossessed?
14th August 2009
My son had GAP insurance on his new vehicle. Now he can’t continue the payment and may have his vehicle repossessed.
There will be a big difference between what he still owe on his loan and the resale price of the vehicle. Will GAP pay for this difference?
Posted in: Auction FAQ | | Comments (8)
8 Comments »
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Absolutely NO.
GAP only covers the difference if the vehicle is a total loss and is "upside down" and doesn’t get paid off by the insurance policy
Comment by Tori — August 14, 2009 @ 6:42 pm
No, it won’t. Sorry.
Comment by mbrcatz17 — August 14, 2009 @ 6:42 pm
LOL…really? no, sorry!
Comment by Queen B — August 14, 2009 @ 6:42 pm
Gap insurance = the extra amount required for replacement at market value.
Comment by anaise — August 14, 2009 @ 6:42 pm
lol NO Gap insurance related to an accident when a car is totalled.
Comment by americanfreeman — August 14, 2009 @ 6:42 pm
My son had GAP insurance and the only thing it covered was if he was invovled in an accident and the GAP insurance would pay whatever your regular insurance does not pay. I do not believe it covers anything if cannot meet the payments. That is on the you.
Comment by denotary01 — August 14, 2009 @ 6:42 pm
No – Gap coverage only pays in the event of an accident that totals the vehicle.
Comment by patsworth — August 14, 2009 @ 6:42 pm
Unfortunately, GAP only pays if the vehicle is totalled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repo sale. He will owe the difference. The finance company will make some reasonable arrangements to pay the balance, usually without interest.
Comment by weisenheimer — August 14, 2009 @ 6:42 pm