Very upsetting day today......my poor z =[

Skeeterbop

GAP pretty much just covers you if the car is valued at less than what is owed in case of it being totaled. For example if you owe 30k and it gets totaled and is valued at 25k the GAP will cover the 5k difference. At least that is how I understand it. And it isn't a mandatory thing. Just the Comprehensive and Collision is.

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Srenity: "Yeah no rest needed to spread the love when your 20 that's for sure...."

kayess

You are correct sir, it works in conjunction with your insurance.

I'm doing my personal side investigation on company policies on financed cars, trying to find some documentation that will give me the upper hand in this fight where i can prove buying non full coverage on that car was impossible.

37zeroZ

From what I've read....doesn't sound good in favor of Kayess.

Insurance is designed to protect the party who has the title in their name, i.e., money talks. In this case, it's the finance company....not the owner who is making payments. You own nothing until the finance company releases the title to you, thus, they are the ones on the hook.

There are checks and balances in place to make certain that full coverage is obtained by an individual who is lent money, but not always 100 percent. The responsible individual is the person who is given the property. You are ultimately responsibility for making sure that you cover any loss that might prevent you from defaulting on the purchase.

Or you could do the dishonourable thing and default on the loan and turn over the vehicle to the lender. Not what I would recommend, but I've seen worse defaults. Of course, not smart, especially if you have paid much money into the vehicle greater than taking a loss.

Good luck.