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Gap Insurance Refused To Pay BMW Owner $19,000 Over 60 Cent Clerical Error

Carscoops

A man in Arizona says that his gap insurance denied his claim due to a 60-cent clerical error during the initial purchase. Standard car insurance, like collision and comprehensive coverage, will pay you the car’s current market value if it’s totaled in an accident or stolen. That’s where gap insurance comes in.

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Is GAP insurance required for a new 2025 Honda HRV?

Shawn Ryder

As a new car owner considering purchasing a 2025 Honda HR-V, you might be facing numerous questions regarding insurance options. One of the critical aspects of vehicle coverage is GAP insurance. GAP insurance, which stands for Guaranteed Asset Protection, plays a significant role in the event of a total loss of your vehicle.

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Understanding GAP Insurance: Your Safety Net in Vehicle Financing

Shawn Ryder

If you’re still paying off a vehicle loan, there’s a chance that the insurance payout might not cover the full amount you owe. This is where Guaranteed Asset Protection (GAP) insurance comes into play, providing crucial financial coverage to bridge this gap. What Is GAP Insurance?

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Negative equity in car – cover with down payment or use for newer vehicle?

Shawn Ryder

If you’re considering whether to apply your down payment toward covering negative equity or if you should use it for a newer vehicle, it’s essential to understand the implications of each choice. These losses can sometimes outpace the rate at which car owners pay down their loan balances.

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Sure, You Can Lease The Ariya For $99 A Month… If You’re Cool With Actually Paying $238

Carscoops

However, that low price comes with a catch: it requires a hefty down payment (which we don’t recommend—more on that below), bringing the real monthly cost closer to $238. Prospective buyers should keep in mind that putting cash down on a lease is generally not advisable. Oh, and it’s only available in Denver.

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Is there a Fifth Third prepayment penalty?

Shawn Ryder

Preparing for Future Purchases When preparing for future vehicle purchases, consider the following: Building Larger Down Payments: Aim to save for larger down payments, which can mitigate the likelihood of negative equity. For more on insurance nuances, check out our insights on GAP insurance considerations.

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Guide to the Common Dealership Terms When Buying A Car

Car Examer

For example, if there’s a £1,000 deposit contribution, that amount goes toward your down payment, reducing what you need to put down yourself. With PCP, you pay lower monthly payments because a large portion of the car’s cost is deferred until the end of the agreement.