GAP Insurance Refund from Paid-in-Full Loan?

[Angus]

I just recieved a letter from the company that financed my total G6 that the loan has been paid in full and that if I had additional insurance on the loan, Like GAP, I could get a refund.


Anyone else ever been able to collect a refund from paying their loan off early?

Does it matter that my car was totaled?...

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[Eagle]

Makes sense that if you had gap and the balance on the loan was less than the amount the gap policy would pay out, that you would get a refund.

 

[machausta]

Yes I have...I totalled a 95 Civic back in the day and collected a couple hundred bucks back.

 

[blakbearddelite]

It was my understanding that I would get 100% of the GAP insurance premium back once the car note was paid in full.

I think mine was about $700-$750.

 

[Dasfinc]

I just recieved a letter from the company that financed my total G6 that the loan has been paid in full and that if I had additional insurance on the loan, Like GAP, I could get a refund.


Anyone else ever been able to collect a refund from paying their loan off early?

Does it matter that my car was totaled?...

It was my understanding that I would get 100% of the GAP insurance premium back once the car note was paid in full.

I think mine was about $700-$750.

Typically its pro-rated, I sent the Paid in Full letter to my Gap provider, they sent me a check.

My Cobalt SS had gap coverage, and cost me $600. I only had the car for 3 months and got like $578 back.

 

[Angus]

Got my GAP refund check the other day. Well actually the GAP Insurance provider paid the old lein holder the amount and then that bank sent me an account over-payment check for the amount.

But I paid about $375 for the insurance and got $355 back. Drinking money for this weekend!