What is the name of your state? Kansas
A year ago I bought a 2018 ford fusion, new off the lot and I purchased gap coverage, almost 2 months age a hit a deer on the interstate and the car was totaled, the total of the loan was just above $20,000, Insurance paid $14,500 and the cap coverage is only paying $2,600 leaving me about $3000 in the hole. The cost of the extended warranty $1300 and the gap coverage $750. When I add finance charges and taxes it appears to me that the gap only covered the amount of the loan that was charged for their coverage and I still owe the same amount that I would if I didn't buy the gap coverage at all. How is this a legitimate business practice of both the dealer and the gap insurance company? As I was in good standing on my loan, I was able to purchase another vehicle, and thinking that Gap would cover the difference, I purchased it again. I will now go get a refund and look for other gap options than the dealership as I have not mad a single payment yet, but do I have any options with the previous gap company and the $3000 I still owe?
A year ago I bought a 2018 ford fusion, new off the lot and I purchased gap coverage, almost 2 months age a hit a deer on the interstate and the car was totaled, the total of the loan was just above $20,000, Insurance paid $14,500 and the cap coverage is only paying $2,600 leaving me about $3000 in the hole. The cost of the extended warranty $1300 and the gap coverage $750. When I add finance charges and taxes it appears to me that the gap only covered the amount of the loan that was charged for their coverage and I still owe the same amount that I would if I didn't buy the gap coverage at all. How is this a legitimate business practice of both the dealer and the gap insurance company? As I was in good standing on my loan, I was able to purchase another vehicle, and thinking that Gap would cover the difference, I purchased it again. I will now go get a refund and look for other gap options than the dealership as I have not mad a single payment yet, but do I have any options with the previous gap company and the $3000 I still owe?
