Pittsburgh, Pennsylvania
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Not resolved
6 comments

I bought a car in Jan, the next day I try to cancel the gap insurance. 6 months later Im still getting the run around.

$560 for some bullsh insurance that the dealer talked me into. The people at cap one auto act like they are complete *** Good luck canceling the bogus gap insurance !! Gap insurance is a complete rip off, it only protects the finance company, it does nothing for the consumer. Dont buy it and beware of dealers who insist on buying it !!

The dealer trys to tell you that they can get you a better finance rate if you get the gap insurance, which is completely bogus.

Then when you try to cancel (within 30 days there is supposedly no charge) they act like they dont even know you. Bogus !!

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Anonymous
#1242142

My car was financed through capital one my car was recently deemed a total loss. Capital One told me they didn't offer gap insurance, so now I am stuck with a balance for a car i no longer have.

Anonymous
#1063519

Actually Gap insurance is for your benefit. If your car is totaled and the insurance company only pays $10,000 but you owe $15,000, the gap will pay that difference.

Without Gap you are still responsible for that balance.

Hope this helps.

Anonymous
#574070

*** i am a woman,And i knew that.Believe me GAP is a GOOD THING.I purchased a BRAND NEW VEHICLE and Guess what happened.In less than 6 MONTHS it was TOTALED OUT,YOU TALKING ABOUT IN SHOCK.I DAM NEAR HAD A HEART ATTACK.My insurance company was 'TIGHT RIGHT"I alway's believe that each and Every person should alway's "Place GOOD FAITH FIRST".First of all these people want to be "PAID"If something happen's to this vehicle.I myself can understand this issue.If i did not have "GAP" WHERE would i be even at this point.Take the PLUNGE."TAKE THE GAP".YOU WILL NOT BE SORRRY.AFTER all it is better to be SAVE than SORRY RIGHT.

Anonymous
#574055

GAP is a scam. The finance companies troll the boards trying to tell everyone GAP is good but it is a SCAM.

Look up horror stories GAP and see GAP does not cover you.

GAP pays less then you pay for the GAP insurance every time. Total Scam.

Anonymous
#452644

Dude,

You need to have better understanding of your actions. Don't be blaming others for not understanding who GAP insurance is through, which as you said was bought at the time from the dealership; hence, dealership product. Besides, GAP insurance is actually in your benefit if you have trouble managing your finances.

Anonymous
#359719

First of all when you by a car and you are not in a good equity position, ex: neg equity it is to your advantage to purchase gap ins w/ the contract to protect you the client and your credit. You see the bank knows that if this car is totaled ins will only pay them for the Value of the car not how much you have financed, they don't care its all about #'s the balance remaining and sometimes it is a large amt, still has to be paid to the bank even though you have no car.

You can't get another car as long as you have an open car loan on your credit, and when you cancel gap it comes off the end of the loan not back to you and will not lower your payment. A bank will sometimes give a little lower rate if you need gap and choose to get it w/ the loan b/c they know they will not have to rely on you for a deficiency bal should the worst happen!