Drewhop Posted August 30, 2006 Report Share Posted August 30, 2006 A lot of gap varies on what they will pay. Our dealerships gap is up to 150% of suggested replacement value. And all gap will be different. If you salespeople told you that it would cover all and they are still telling you that. Then i would definately make and issue of it with them or the finance company that they are selling gap for. Quote Link to comment Share on other sites More sharing options...
Kohones Posted August 31, 2006 Report Share Posted August 31, 2006 If I had a mortgage question or issue, I'd seek advice from MadMalibu & Powers. If I had a question regarding consumer loans ie direct loans, pcl's, credit cards, AUTO LOANS - I'd ask me "Kohones" because thats been my profession since 1977 - GAP Product. It was designed to do what everyone has posted here. Pay the difference you owe your lender once insurance co remitted what they were paying (typically NADA wholesale value.) To get full benefit of the Gap Product you paid for & "financed" with your auto, truck, suv, motorcycle loan the following must be understood: 1) Gap does not pay if there was not total insurance coverage in force "at the time of the loss" 2) Gap does not pay for any payments that are delinquent 3) Gap pays in the event of a total loss of the vehicle, either an accident your fault or not, or if it's stolen & not recovered There are many Gap Products out there offered by different co's. Costs range from $125 - $650. * There are of course different gap policies available too (this is where it gets confusing). Some gaps cover 125% of MSRP or NADA retail value, some go as high as 150% or $50,000 whichever is less. YOU NEED TO GET YOUR GAP POLICY THAT YOU PURCHASED & FINANCED & READ IT! Then you'll know if you have $$$$$ due your lender, if you were handled correctly, if the dealer told you bullshit, etc. Again there are different types of gap programs in the market today! Additionally if the people that worked at that dealership that told you you were completely covered by this gap product &&&& if they still work there / they have broken several state & federal laws by misleading you the consumer, ergo you could (legally) force the dealership to pay for misleading you. Now please get your hands on that gap agreement you signed & READ it - Quote Link to comment Share on other sites More sharing options...
Balian Posted August 31, 2006 Author Report Share Posted August 31, 2006 Damn man. That is some good information. Let me ask you this. I don't have my paperwork cause it is on it's way down to TX, but since it is being sold at the dealership, I should be able to get a copy from the finance department or administration department at the Dealership, right? Quote Link to comment Share on other sites More sharing options...
Kohones Posted August 31, 2006 Report Share Posted August 31, 2006 Balian - I don't know how long ago you purchased the bike (if it was somewhat recent like in past year) they're probably still selling the SAME product. If thats the case you "should" have no problem getting the fin dept to give you an uncompleted (typed) gap doc so you can read it. Tell them wife has the papers & you want to review what the gap policy says, shouldn't be a problem. If THEY don't want to give you a policy to review, oh boy - the problems will be just beginning, get ready, get an atty, & start moving forward with it. Based on what you've said thus far, this doesn't sound like your financial transaction was handled properly????????? Quote Link to comment Share on other sites More sharing options...
Balian Posted August 31, 2006 Author Report Share Posted August 31, 2006 Yea, the bike was less than a year old for me when it was stolen. I will check with them tomorrow. I don't think the dealership will give me any problems.. Quote Link to comment Share on other sites More sharing options...
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