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WHAT IS GAP INSURANCE?
Car dealers like to sell GAP Insurance. So what is it? GAP stands for Guaranteed Asset Protection. Car dealers like to tell customers GAP insurance covers the amount on a loan that is the difference between the amount owed and the amount covered by another insurance policy. Some GAP policies may also cover your deductible. In other words, it may come in handy if you are involved in an accident, and your car ends up getting totaled. But it’s not so simple.
Car dealers will put a lot of pressure on you to buy GAP. Some dealers may tell you that you must buy GAP in order to obtain financing. This is illegal. Or, if your vehicle is totaled, it turns out the GAP doesn’t cover the difference and you still owe the bank money. If a car dealer required you to buy GAP in order to get a loan, or your GAP didn’t pay off your loan, then you should call Auto Fraud Legal Center for a free case review. We are here to help you! We have been representing consumers in California for over thirty years.”
Contact Jeff Le Pere jeff@rbblawgroup.com to address any potential lemon law claim or dealer misrepresentation claim you may have.
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