TOTAL YOUR CAR | WRECK OR STOLEN WITH A LOAN OUTSTANDING | YOU WILL BE GLAD YOU HAD GAP INSURANCE!!!
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- čas přidán 24. 06. 2021
- full and audio episodes jeffsterns.com
Let me just clarify what gap is. So when someone takes delivery of a new car or new lease, especially in leasing, I believe the manufacturers are the least companies include gap insurance. Now, it used to be a policy that you always needed to buy. But I would always have gap insurance. If I'm either rolling a lot of negative equity or not making a good down payment, onto a used car and 100% of the time on a new car, you should have gap insurance. And what this means is, is if you leave the dealership Five minutes later, five weeks later, five months later, the car is totaled, meaning wrecked, unrepairable or stolen, unrecoverable. That's what we call a total, they want to pay only what it's worth, which might be 5000 less than you or it might be 15,000 less than you owe, if you financed in tax tag title, maybe a little bit of negative equity from your last car, there's a very good chance so now, you have nothing you have no car and you owe money to pay off the car that's total. This is what gap insurance protects you against. Did I word that right?
Absolutely. That's that's 100 100% and, you know, that's a big hole in the insurance world. You buy insurance to replace the value of the car. At the time. It's it'd be it's deemed a total loss. So that's exactly right, Jeff, it's it's a total it's a total loss scenario
#gapinsurance #negativeequity #totalloss #walkaway #nobalance #caradvice #automotiveexpert #Vinceberretta #walkaway - Auta a dopravní prostředky
Gap paid my dealership and I was to get my balance, but the dealership sent back the check to gap
The idea is that when you have negative equity, you don't owe anything and can walk away. Did it go another way for you? Text me if needed 727.638.0069
What I was trying to bring across is that gap paid what was left after the insurance... I had owed 1500. Gap sent a check almost 5g and the company took their money out... But send back the remainder back to Gap... I am so dam mad
@@godswarrior5527 don't be mad! That's all the coverage is meant to do! Make sure you have no negative equity! I never heard of a customer getting "over"
yes I was told that I would have received the remaining balance...I had put extra payments in...so if I get back...I should be the one to get the difference...and gabp also stated that fact 😀
@@godswarrior5527 I get it then. F R U S T R A T I N G
What if my car get stolen and I still needed pay 10k loan and I decide not to pay because I don’t have that car no more. Then I get new private seller car. Can they repo my private seller car ?
No. You will have bad credit and potentially a collection on the stolen car
Jeu what should I do if I totaled my car and didn’t have car insurance at the time I only have GAP and warranty on it
I am sorry. It is very important to have car insurance. To protect the OTHER person.
@@JeffSterns thank you but none else was involved it was a self reck
@yatubane8690 thank God! What if you carry no insurance and really injured another driver? Very dangerous
Hello sir, please reply. I live in Colorado someone stole my car and do the accident. We don't find the person but my insurance said to me my car is total my car worth $25,000 and they only giving me 19,000 but I have to pay my loan 25,000 now I don't have car and I don't have money to buy other one. I need car because I have to go work every day and it's really far I just want to know I can keep that 19,000 and buy other car for cash and not give to my loan but just paying them monthly. There will be okay just I'm wondering
I am sorry. The insurance settlement needs to go to the lender. This is what Gap insurance is for: to cover the Gap between what you owe and what the insurance will pay (if less).
What if you just have full coverage car insurance for one month but your car was stolen three days ago?
Are you having a problem getting covered ?
What if my insurance lapsed before it was stolen cause I’m an idiot but had gap
Gap covers the shortfall to what you owe vs what insurance pays. With no insurance you're not covered. (Sorry to say)
What about if you had liberty insurance but didn’t have full coverage ?
@ihoopx24 no full coverage ....meaning ....no collision? That would be odd if you have a loan or lease?