Comments for Gap Insurance

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Gap protection
by: Bridgette

I just paid off my car and the finance company told me that I was due a refund for the gap protection. When I called to see how I go about getting it, they said that I had to return to the dealership to see why they didn't post it to the finance company. I come to find out that the company is not in business and the other companies that did commercials with them say that they can't do anything Can you direct me to the right place for my refund?
Hi Bridgette
by: Justin
(Editor in Chief)

The dealer should be responsible for the largest portion of the refund. The dealer however will have no idea that you paid your loan off unless you contact them.

From what I read in your post it doesn't look like you've contacted the dealer yet and that is definitely the first place to go.

If the GAP company went out of business, then you may be stuck with their portion of the refund, but more than likely the dealer will be responsible for over 60% of the refund.

As for the GAP company, you have to go after the insurer for a refund. Check on your contract to see who insured the GAP company. In many cases, the GAP company is simply the administrator and has an insurer that actually pays claims and the administrator takes a small cut for their part.

Hope this helps,
Justin

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