This all depends on a few factors like :
How much was your down payment?
Did you trade in a vehicle with negative equity?
Is the market value greater/lower than your current loan amount?
We all know what happens when we drive a brand new vehicle of the dealer lot, it depreciates! Gap Insurance may be the right option for you while you have negative equity in your vehicle. However keep in mind, as you continue to make payments every month, eventually your car value will surpass your loan balance, therefore there will no longer be a need for the coverage. At some point during your loan, you will hit this “break even” point and when you do, its a good time to explore getting a refund.
When the market value of your car is less than loan balance——– Gap is a good idea.
When the market value is greater than loan balance——– Time to explore getting a refund.
Refunds are all prorated. You can use our free refund calculator at calculatemyrefund.com to get a good estimate of what to expect back. We are always here to help and answer any questions your may have. Feel free to email us at firstname.lastname@example.org with any questions.
There are millions of dollars in unclaimed refunds so be sure to check your status at https://mygaprefund.com/refund/