Gap Insurance - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

hazzard623 · 07-06-2014, 12:04 AM

Hello friends, When I traded my V6 in last month I still had gap insurance on it. I was told to cancel It I had to get the pay off letter and odometer. I waited for the pay off letter and finally got it. When I try to cancel the Gap insurance will the prorated portion go back to me or my new lender or will the dealership try to take it?

Austin45 · 07-06-2014, 12:09 AM

Well... it depends.

The prorated balance should be applied to your pay off. If the vehicle is already paid off the check may go to you. Also, the dealer may have allowed for that pay off balance and "loaned" you that amount themselves and the check may go to them.

oldfriend · 07-06-2014, 12:10 AM

I have to assume that it will go to the person that paid for it
But you should check with the insurance carrier .
Give them a call and ask that you just wanted to make sure they have the right address to where to send the money to .

Eddiefuzz · 07-06-2014, 05:38 AM

How much does GAP insurance cost???

benji276289 · 07-06-2014, 05:49 AM

Quote:

Originally Posted by Eddiefuzz

How much does GAP insurance cost???

Around $800.

USMCSSGT-RET · 07-06-2014, 07:39 AM

Quote:

Originally Posted by benji276289

Around $800.

That's crazy high for GAP. Navy Federal Credit Union charges $249 on a new car, $349 for used.

A stealership will definitely charge closer to $800 though.

Destructo09 · 07-06-2014, 08:06 AM

They may send it to the lien holder/bank, but since the loan is paid off they will have to send a check to you for the remainder. Or the Gap insurer may just check/know the loan is closed and send the check directly to you.

Either way, you should wind up with the check since the loan is paid off now.

Speaking of which I have a expensive 799 gap insurance I need to cancel also after refinancing mine.

Eddiefuzz · 07-06-2014, 08:21 AM

Quote:

Originally Posted by USMCSSGT-RET

That's crazy high for GAP. Navy Federal Credit Union charges $249 on a new car, $349 for used.

A stealership will definitely charge closer to $800 though.

OK, so if you have a 5 year loan and you sell the car after 3 years you get 40% back?

Camarolover85 · 07-06-2014, 09:51 AM

Quote:

Originally Posted by Eddiefuzz

OK, so if you have a 5 year loan and you sell the car after 3 years you get 40% back?

No, not exactly. I had gap on my Toyota corolla and when I traded it in I received a small refund because it was paid off. When I cancelled it on my camaro, they are sending it to the bank, since it isn't paid off.

It's more relative to miles, not years, regarding payout. But if the car is 100% paid off and it was financed you paid for the gap so you get the refund, it'll take awhile though.

Always go through your insurance though. I learned that, mine was like $280 for 6 years and the dealership charged me $600, cancelled it.

JCunningham · 07-06-2014, 12:55 PM

my gap insurance was $60 and it covers 100% of the gap. And i traded in a 1 year old Silverado for my new Camaro so i was very upside down.

hazzard623 · 07-06-2014, 01:56 PM

I went today to cancel gap insurance for the v6 I traded in and they guy there was one of the nice finance people. Told me what I needed to bring , went there he filled out the cancellation
form and I signed it. Said the check would be sent to me and I would receive $600 back in 4-5 weeks.

07-06-2014, 12:04 AM	#1
hazzard623 Drives: 2011 2ss/rs Black l99 Join Date: Jan 2014 Location: phoenix Posts: 35	Gap Insurance Hello friends, When I traded my V6 in last month I still had gap insurance on it. I was told to cancel It I had to get the pay off letter and odometer. I waited for the pay off letter and finally got it. When I try to cancel the Gap insurance will the prorated portion go back to me or my new lender or will the dealership try to take it?

07-06-2014, 12:09 AM	#2
Austin45 The Logistician Drives: 2012 LFX 45th Anniversary Join Date: Aug 2012 Location: Jonesboro, AR Posts: 864 View My Garage	Well... it depends. The prorated balance should be applied to your pay off. If the vehicle is already paid off the check may go to you. Also, the dealer may have allowed for that pay off balance and "loaned" you that amount themselves and the check may go to them. __________________

07-06-2014, 08:06 AM	#7
Destructo09 Drives: 2010 CGM Camaro 2SS/LS3 Join Date: Oct 2013 Location: Raleigh-Durham Posts: 1,409	They may send it to the lien holder/bank, but since the loan is paid off they will have to send a check to you for the remainder. Or the Gap insurer may just check/know the loan is closed and send the check directly to you. Either way, you should wind up with the check since the loan is paid off now. Speaking of which I have a expensive 799 gap insurance I need to cancel also after refinancing mine. __________________ 2010 2SS BMR 1" Springs Koni Orange struts/shocks 1LE rear sway bar SRP Racing Pedals Hurst Billet short shifter Square tire/wheel setup Elite Engineering Catch Can Stainless Power longtubes/highflow cats K&N Typhoon CAI RPM Motorsports of Garner, NC dyno tune (421 RWHP)

07-06-2014, 12:55 PM	#10
JCunningham Drives: 2017 2SS M6 Join Date: Jun 2013 Location: WNY Posts: 7,070	my gap insurance was $60 and it covers 100% of the gap. And i traded in a 1 year old Silverado for my new Camaro so i was very upside down. __________________ real ZL1 wheels and brakes, 285/305 Michelin Pilot Super Sports, Pray ported Intake manifold, Soler Throttle Body, Rotofab intake, EFI Tuning Flex fuel kit, full American Racing Headers Exhaust, 1 7/8" w/ cats H pipe and mufflers. Full 1LE suspension, with BMR adjustable sway bars and links, GM aluminum cradle bushings, Hurst shifter with lighter reverse spring, TWM shifter knob, Tick level 1 transmission. I should have bought a ZL1

07-06-2014, 12:10 AM	#3
oldfriend Drives: Fiat 500 E Join Date: Dec 2009 Location: 32.7607/N. 16.95947/W Posts: 7,816 View My Garage	I have to assume that it will go to the person that paid for it But you should check with the insurance carrier . Give them a call and ask that you just wanted to make sure they have the right address to where to send the money to .

07-06-2014, 05:38 AM	#4
Eddiefuzz Drives: 2011 RS Join Date: Apr 2011 Location: Florence New Jersey Posts: 1,125	How much does GAP insurance cost???

07-06-2014, 01:56 PM	#11
hazzard623 Drives: 2011 2ss/rs Black l99 Join Date: Jan 2014 Location: phoenix Posts: 35	I went today to cancel gap insurance for the v6 I traded in and they guy there was one of the nice finance people. Told me what I needed to bring , went there he filled out the cancellation form and I signed it. Said the check would be sent to me and I would receive $600 back in 4-5 weeks.