by tmjones4205 » Wed Jan 13, 2010 06:58 pm
I purchased gap insurance from the dealer at the time of purchasing a new vehicle. The vehicle subsequently has been refinanced through another institution; is that gap policy still applicable to my vehicle?
Posted: Thu Jan 14, 2010 04:32 am Post Subject:
Yes
Posted: Sat Jan 16, 2010 01:29 pm Post Subject:
NOT if you purchased it thru the orginal finance company no...GAP is paid (all I've seen anyway), monthly, quarterly, by annually, just like any other auto policy...How have you been paying it?
If it's under your auto policy you're fine. You need to check this to be sure...
Posted: Mon Jan 25, 2010 06:21 am Post Subject: GAP insurance
No.....GAP is non transferable. Your modifications on the refinances won't be covered unless you get a new GAP policy
Posted: Wed Jan 27, 2010 03:01 pm Post Subject:
No.....GAP is non transferable. Your modifications on the refinances won't be covered unless you get a new GAP policy
Trust me it is. I just refied 2 vehicles from seperate leins that included the modified GAPs from the original loan, because that amount was part of the original loan. I physically did not have to get a new GAP policy, it was just transferred to the new lein. It has a different policy yes, but the GAP didn't not change, it's part of the loan. It's paid monthly and the amount is the same.
Posted: Wed Jan 27, 2010 06:45 pm Post Subject:
I stand corrected. New policy, just terms and price stayed the same. Sorry for the confusion. :oops:
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