Gap Coverage Offers by your Local Honda Dealer. life happens. GAP coverage protects you in an event your car is worth less than what you owe to the bank or a credit union.
Cheaper offers to get an optional GAP coverage are available. Not all GAP Insurance coverage are created equal. Make sure to read the fine prints. Some credit unions also offer this coverage for cheap. CUDL dealership also offer this coverage. Get in touch with Ask for Q Ali to go over your options.
Contact Ask for Q Ali to learn more about GAP Coverage Offers:
GAP stands for Guaranteed Asset Protection. GAP is offered by an auto dealers and insurance providers. Some lenders also offer GAP coverage.
In an event of total loss, GAP coverage pays for the difference you owe to a lender vs the market value.
Imagine you drive off the lot your brand new or used car and some idiot runs into you and you only put down $1000. you are on the hook for the balance you owe to the bank. Dealership GAP coverage gives you piece of mind.
GAP cost depends on the coverage and term you select when you buy a car, SUV or a Truck.
Gap insurance is not a requirement to buy a car. GAP insurance is not required by any insurance company or state law.
Do not panic. you’ve options if you didn’t take advantage of GAP coverage from dealership when you bought a car. Get in touch with Ask for Q Ali to explore your options when you don’t have GAP insurance coverage on your vehicle.
Yes. you can cancel or get a prorated refund when you have build enough positive equity on your car loan.
Your car has been totaled in an accident, and you didn’t buy GAP insurance from a dealer or your insurance company. Ask your lender about extending your existing loan to your replacement vehicle. For a collateral exchange, lender adds the payoff amount (after the insurance payment of your loan) on your existing loan to your replacement vehicle loan. sometimes also knows as negative equity.
GAP will pay for the difference what you owe to the lender in an event of total loss. You rolled in your negative equity to your new car loan.
Here’s a handy video regarding total loss by an insurance company.
https://www.youtube.com/watch?v=2y1J4utubK8
GAP insurance coverage doesn’t cover any interest the lender charges you, any late fees or missed payments. GAP also doesn’t cover any extended warranties, protections added to your auto loan.
You need GAP insurance, if you’re starting off in a negative equity situation. Getting an auto loan with $0 down payment. Trade-in a car which is worth less than what you owe to a lender.
Ask for Q Ali
The most reviewed Honda Car dealership employee. Helping people buy a car in Everett, Lynnwood, Marysville and Kirkland WA