If someone’s vehicle is financed above 120%, plus 30% for dealer add-ons like Vehicle Service Contracts, etc., will his/her gap claim be denied?
No, the vehicle loan is still covered; however, the gap insurance settlement the lender receives may not clear the loan balance entirely. Someone financed above these limits really needs Gap Insurance. However, that customer should know that some part of the loan balance may not be paid off by the coverage.
Related Questions
- Do I have to go back to my original dealer for repairs under my new or used car extended service contracts or extended SUV service contract or truck service contract?
- If someone’s vehicle is financed above 120%, plus 30% for dealer add-ons like Vehicle Service Contracts, etc., will his/her gap claim be denied?
- What are vehicle service contracts?
