Well I financed a car a while back through Huntington and purchased GAP insurance. I know they dont refund any unsed portion according to the contract, but will they transfer it over since I am refi-ing the note?


ETA: I notice in the contract that it says no refund, no right to cancel the plan etc. Basically it says if Huntington does not finance the plan become void. However, Huntington sold the loan to Americredit a week after I got the loan. So would that mean the GAP becomes VOID and I would have a right to a refund. Sounds kinda odd the took my 600 bucks and ran!

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Huntington's passthru program is via Amercredit.

You still have GAP insurance on the contract as long as that contract is in place.

If you refinance the vehicle then there is no GAP possible on a PIF loan.

If you did refinance, you might want to purchase gap insurance thru the new approving lender if they offer it.

Marv,

Americredit says I have NO GAP insurance. I called Huntington and they have no record of my account becaused they passed it through Americredit. Americredit tells me to call the dealer to see who has my GAP, according to my loan paper work its through Huntington?
Everyone tells me I have No GAP, but I paid $600 bucks for it........

GAP insurance will be disclosed on a seperate line item on the face of the contract.

And

There will be a seperate GAP addendum/policy that would have had to be signed.


In some cases, some dealers offer HUNGTINGTON GAP, I don't sell theirs, I only sell mine. But in any case, it should be a seperate line item properly disclosed on the face of the contract.

Examine the documents you have.

I notice another thread in credit forum when you mentioned an auto refi with a credit union.

Same automobile?

Yes Line item: To Us for Huntington GAP $600
I have the Addendum for it as well.

I am not to worried about it, since i own way less than what its worth. I am still going to refi the loan.

In calling around today asking questions about my current GAP, payoff etc. Everyone tells me I have no GAP. So I called Huntington GAP's dept and they have no record either. I called the dealership and they have no record of it. BUT they were more than happy to charge me for it.....

Yes!


I am just wondering why I paid for GAP on the first loan but no one has record of it except me.....I mean its done and over with since I refied but if I was never given GAP to begin with then I should have a refund of what I paid for it.

Well as long as you have the vehicle under the present loan, your documents support your position on GAP insurance should you have need of it.

As soon as you refinance, it over and done with. And since you stated it's non-cancellable then there is no refund due.

Hey Marv,

In what instances is GAP insurance worth the money? I've always bought it, but I've always been heavily upside down in new cars. I'm wondering if it's worth it for used cars I may not be quite so upside down on.

Thanks.

IMO gap is worth it and necessary unless you are financing less than 60% of the worth of the vehicle as calculated by an approving lender.