My mom got a $7 for her total loss payout on her new VW Jetta when I got rear-ended at a red light 😊 if you want gap insurance always check the fine print of your coverage
It usually is so that if the vehicle is entirely totaled, it will cover the difference between the insurance payout for the vehicles most recent value and the full loan, since you lose a huge amount of value driving off the lot
My first car I bought off a lot, wasn’t totally new but sure as hell newer than the Craigslist beaters I’d been buying, they informed about Gap insurance.
Now, I wasn’t sure if its was really needed, but it was my first car and I was nervous so I went for it. And thank GOD I did. It got totaled 6 months later from someone speeding through a stop sign and slamming into me.
It took a while to kick in after the car was deemed totaled, so for about 3 months there I was making payments on a car I didn’t even have anymore but I got a little kick back from the gap once it paid the rest of what I’d owed. Huge boost to 20 year old me’s credit too (financed through a credit union). Having an auto loan paid off in full super quick like that lol
Yea... It covers the difference between the loan amount and the value of a vehicle. But most people don't take it, but then again a 60-72 month loan on a brand new car doesn't inspire confidence in decision making.
You have to pay off whatever you owe on the loan. If your upside down (owe more than the car is worth) you have to pay off that negative equity to sell.
Genuinely what’s the point of bots like this? Does Reddit sponsor them to make the platform look alive? Does the subreddit? Or is this the original poster boosting their content?
Do you have gap insurance?
You've gotta be in the industry 🤣
No lol it'll just cover the negative equity when totaled 😂😂😂😂
You've gotta be in the industry lol
Have you seen if carvana would buy it?
I used to have a gap between my teeth, does that count?
Een banaan 🍌 haha
Wtf is gap insurance is that a thing?
You've gotta be in the industry lol
/uj it covers the "gap" between what a car owner owes on their car and the car's current value in the event of an accident
Thank you!!!!
My mom got a $7 for her total loss payout on her new VW Jetta when I got rear-ended at a red light 😊 if you want gap insurance always check the fine print of your coverage
It usually is so that if the vehicle is entirely totaled, it will cover the difference between the insurance payout for the vehicles most recent value and the full loan, since you lose a huge amount of value driving off the lot
My first car I bought off a lot, wasn’t totally new but sure as hell newer than the Craigslist beaters I’d been buying, they informed about Gap insurance.
Now, I wasn’t sure if its was really needed, but it was my first car and I was nervous so I went for it. And thank GOD I did. It got totaled 6 months later from someone speeding through a stop sign and slamming into me.
It took a while to kick in after the car was deemed totaled, so for about 3 months there I was making payments on a car I didn’t even have anymore but I got a little kick back from the gap once it paid the rest of what I’d owed. Huge boost to 20 year old me’s credit too (financed through a credit union). Having an auto loan paid off in full super quick like that lol
Thank you!!!
Something that shouldn't exist
Wtf is gap insurance is that a thing?
Yea... It covers the difference between the loan amount and the value of a vehicle. But most people don't take it, but then again a 60-72 month loan on a brand new car doesn't inspire confidence in decision making.
you gotta be in the industry to understand
u/614jjg answer for your sins
It’s a bot bro it aint gonna reply.
Wtf is gap insurance is that a thing?
It is yeah it’s the difference in what insurance would cover vs what you owe on a car
Do you gotta be in the industry?
Yeah, you gotta be in the industry 😂
How do I get rid of a car I’m still financing?
No lol it will just cover negative equity when totaled 😂😂😂
You have to pay off whatever you owe on the loan. If your upside down (owe more than the car is worth) you have to pay off that negative equity to sell.
Dental plan!
Lisa needs braces!
Dental plan!
Wtf is gap insurance is that a thing?
Basically if you buy car from a dealership they add that on in case you wreck the car before you pay it off they can recoup full value.
You gotta be in the industry
What is the capital of Mexico please
Genuinely what’s the point of bots like this? Does Reddit sponsor them to make the platform look alive? Does the subreddit? Or is this the original poster boosting their content?
you gotta be in the industry LOL