Announcement

Collapse
No announcement yet.

Refund for GAP insurance

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Refund for GAP insurance

    We just payed off my Jeep 4 1/2 years early. I got GAP insurance on it when I bought it along with a maintenance plan. Got a letter from the finance company my loan was thru that I may be entitled to a refund on the rest of the GAP and maintenance plan since it was payed off early.

    Has anybody ever heard of this?

    Talked with dealer and they say it would have been taken off of the payoff.

    #2
    Yes. You should get a refund check in the mail. It could take up to a month.

    Comment


      #3
      I have got a refund every time I paid off my vehicle. You basically contact who ever you gap insurance was thru and they refund the unused portion. I always get my gap insurance through my credit union.

      Comment


        #4
        Ok

        Super long time car finance guy here for Autonation.

        Keep the records of the date you paid off the loan.

        Your maintenance is still good and should have been paid thru unless you got a “trade in “ pay off then all “soft adds” ( esc,Maine., gap, tire and wheel)are excluded in your pay off.

        Next, contact the dealership or credit union who sold you the gap when you signed for your loan. Bring your pay off record for date accuracy so your pro rated amount goes from that date forward and you get your just due. Gap companies like to drag their heels and push your date forward so your pro rate amount is less. Typical insurance tactic. After that, keep your copies you signed for Cancellation as record. Occasionally contact the gap company to verify your dealership started your refund.

        Cancellations work this way. The money is always sent to the lienholder first. If their is no lienholder, the money goes to you the owner. With your pay off satisfaction, you are proving to be the rightful recipient of the gap pro rated amount.


        Sent from my iPhone using Tapatalk

        Comment


          #5
          I got one when I refinanced my truck. It was nice getting mailbox money that I didn’t even know about

          Comment


            #6
            Thanks.

            Might have to check on my 2017 Titan also that I traded in to get a crew cab 2018 from a different dealer. Had GAP and tire/interior package cause of all my driving and work I do.

            Comment


              #7
              Yes you should get a refund. They do not take it out with the payoff. Push the issue...

              Comment


                #8
                I paid off a vehicle 3 years ago and just got a refund check for an extended warranty for ~$1,200 earlier this year. So, yeah, it pays to keep up with that stuff.

                Comment


                  #9
                  Calling on Monday to get things started.

                  Comment


                    #10
                    I just got mine in the mail last week. It was only $350 but every little bit helps!


                    Sent from my iPhone using Tapatalk

                    Comment


                      #11
                      You should get a refund. Maintanace plan I don’t think so. If it was an extended warranty then yes.

                      Comment


                        #12
                        Originally posted by captainsling View Post
                        You should get a refund. Maintanace plan I don’t think so. If it was an extended warranty then yes.


                        Maintenance is the same as an ESC and Gap, they are termed as “soft adds” meaning they were added to the loan but did not become part of the car such as a bed liner or car shine treatment or LoJack even.


                        Sent from my iPhone using Tapatalk

                        Comment


                          #13
                          Originally posted by mikerosa View Post
                          Cancellations work this way. The money is always sent to the lienholder first. If their is no lienholder, the money goes to you the owner. With your pay off satisfaction, you are proving to be the rightful recipient of the gap pro rated amount.
                          When we bought my wife's Highlander last year we refinanced with my credit union about 2 months later and once the credit union paid off the first loan we were told we had a refund coming from the GAP insurance. We tried to get the Toyota dealer to send it straight to my credit union and they refused. They sent it to us, and then we sent it to the credit union to be applied to our new loan.

                          Comment


                            #14
                            I had to stay on my dealers a** to get my money. Literally once or twice a week for 6 weeks. Finally got it taken care of though. $500 gap insurance and $1500ish left of the warranty. It was worth it.

                            Comment


                              #15
                              Originally posted by stickbowcoop View Post
                              When we bought my wife's Highlander last year we refinanced with my credit union about 2 months later and once the credit union paid off the first loan we were told we had a refund coming from the GAP insurance. We tried to get the Toyota dealer to send it straight to my credit union and they refused. They sent it to us, and then we sent it to the credit union to be applied to our new loan.


                              Exactly as I said. The lienholder always gets the cancellation and applies it to the loan.

                              If the loan is satisfied, the lienholder forwards it to the customer.

                              Gap works a bit different in that it is insurance for your loan, while an ESC or maintenance is insurance for the vehicle.

                              Whenever you pay off a loan or refinance, your gap cannot be transferred to another loan, while other ancillary products can be transferred.


                              Sent from my iPhone using Tapatalk

                              Comment

                              Working...
                              X