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» мσммч тσ вє ; | Question about car insurance? |
My grandmother traded my car in & got me an 06 explorer. They financed it threw C&F fiance Company. The interest rate it 16.99% and the payments are $439.57 for 72 months.
My question is, after we got home she got to looking at the paperwork and realized they put GAP insurance on the car charging $625.00
What exactly is this insurance?
Is it necessary with me with my full coverage?
Why was she not asked rather she wanted this kind of insurance or not?
Thanks to anyone that may could possibly help me! |
 |
 
mbrcatz
 |
Whose car is this, yours, or your grandmother's??
GAP is a coverage when you owe more on the car than it is worth. It pays the difference between what regular car insurance pays, the actual cash value, and the payoff on the car. That difference is called the "gap". It does NOT cover any "negative equity" rolled in from a prior loan, or any financed taxes or registration fees.
See, I don't know what the purchase price of your car is, but your car is WORTH about $11,000. You're payback value is almost $32,000. Yep, you'll be paying about THREE TIMES what that car is worth. That's a HUGE gap.
Gap is NOT required by law. But if you total that car, while you owe more than it's worth (um, which might be four or five years), you'll still need to pay that loan off.
She WAS asked. She must have initialed or signed something, before getting the gap coverage.
Again, the source of confusion here, is who exactly owns the car. Sounds like it's her, and her loan, and her title, and probably her insurance. If she didn't add you as a driver, though, and you use the car regularly, then there could be a coverage issue if you get in an accident. You could end up having the whole claim denied - and making those payments for the next five years, with no car.
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|
Cat
 |
"Gap insurance will insure one for the difference between what one would owe on a vehicle and what an insurance company says it's worth. This insurance is a must for someone who is considering purchasing a new vehicle since a new vehicle depreciates right after it is driven off the dealer's lot."
More here:
http://personalinsure.about.com/od/policybasics/a/aa021405a_2.htm
As far as why didn't they ask if you wanted it - it's typical for car dealers to slip in any and all charges that they make a cut on - if the insurance amount is added into the total cost of the loan, then you are also paying interest on the insurance amount as well. |
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General Custer
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If car is totaled the insurance pays off the whole loan balance instead of just paying market value. |
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Wendy S
|
Dealers are notorious for adding things on to the sale (Gap, Vin etching, undercoating, etc) in order to increase their take. They're also notorious for giving you the highest interest rate you can afford, whether you qualify for another rate or not.
If your car is totaled, Gap insurance pays the difference between what the insurance company pays and what you still owe on the car. Do you need it? I think most people don't, but if you get a crappy deal, or if you owe more than the car is worth than it can be important.
I think you both got a crappy deal and owe more than the car is worth. Do you realize you're going to be paying over $53,000 for that car over 7 years? ???
You're financing just under $20,000 including the GAP insurance, taxes and other fees. If you had a more reasonable interest rate of even ten percent (I'm going high here because it's an older vehicle, and just to give you an idea) you're monthly payment would only be $366! That would save you over $26000 over 72 months! IF you qualify.
16.99 is an awfully high interest rate. If your grandmother has good credit she should be able to get a better rate through her bank or a credit union which would lower her rates. She shoul talk to someone about refinancing that loan.
Sorry, but I think they saw your grandmother coming and started drooling over the advantage they were going to take of her. I could be wrong, but please check it out.
Good luck!!!
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