Complaint Review: Joe Cooper Ford - Oklahoma City Oklahoma

Gap insurance is an option that a consumer selects to puchase. On every form there is a place to accept coverage. Yes it is added to the loan. Nothing is free. Yes insurances companies pay off the value of a vehicle. Yes when you drive off a lot you lose value in a vehicle. 10-20 years ago people would put money down when buying a vehicle so there was not a big demand for g.a.p. but today less then half of consumers that finance put cash down. I have personaly seen a gap claim for $16000.00 and the wife was in tears when she thanked us for offering the product. Bottom line it is a "back end add" so if you dont want it just go and cancel it. No harm no foul. If you dont want it in your payments then go to your local bank and refinance it. (State Farm finances auto now and they require it on the loan)

GAP insurance is added in thru the dealrship, it covers the % of the money not paid by your INSURANCE. so if you get a new car/truck/suv or what ever and you have a accident and your Your Vehicle is Totaled the Gap Insurance covers the loss not paid for by your insurance company. well worth the money. i got it on my new car it was only 15$ more to my payment a month. a friend of mine got a new dodge caliber it got hit from the side it was a total loss. he paid 2 payments on it, but anyways his insurnace paid up to 87% of it off and the gap insurance covered the rest. now his car is paid off he got a settlement from the other driver INS comapny got a new car.

GAP insurance (Guaranteed Asset Protection) will pay the difference between what you owe on a vehicle and what the insurance company -in this case state farm- will pay you in the event of a total loss. let's use round numbers so that this makes sense. you have financed 25,000 on a new vehicle. you elected NOT to buy GAP insurance. a semi loses control and totals your new vehicle. the insurance company graciously offers to pay you 17,000 for the vehicle. who pays the extra 8 thousand dollars? YOU DO. whether it's fair, whether you want to or not, and whether you find this acceptable, you are the responsible party. same scenario, only this time you purchased (financed, whatever) GAP insurance. GAP kicks down the remaining 8 thousand dollars, bill is paid in full, and you and your credit are free to go get another vehicle, with no ramaining liability. you do not HAVE to have GAP insurance. it is, however, a very, very good idea, and something you would regret not buying if you ever needed it. some banks do require GAP to be on the paperwork to fund the deal, depending on several factors, such as credit score, length of term, etc. again, you don't necessarily HAVE to use that bank, but the GAP is a very, very good thing to have. random joe cooper ford employee.

This is in response to the complaint of having extra auto insurance. This insurance is commonly known as gap insurance. Although the gap insurance is not something anyone wants to purchase the finance person was right that it is something you need. For example if your insurance only covers twenty thousand dollars worth of damage to your truck and you total it out and you owe thirty or forty thousand still on the truck where do you think the money is going to come from to cover the loss. I don't know about you but I personally couldn't afford twenty thousand dollars on a wrecked truck and at the same time try to purchase another vehicle to replace it. I think the real complaint you have should be more with your insurance company than with the dealer, because like it or not he and Ford had everyones best interest in mind. It basically boils down to the fact that Ford Motor credit doesn't want to be left holding the short end of the stick when it is all said and done. I personally have had to purchase gap insurance for my trucks in the past and as annoying as it seems it is something you unfortunately just have to accept.

This is in response to the complaint of having extra auto insurance. This insurance is commonly known as gap insurance. Although the gap insurance is not something anyone wants to purchase the finance person was right that it is something you need. For example if your insurance only covers twenty thousand dollars worth of damage to your truck and you total it out and you owe thirty or forty thousand still on the truck where do you think the money is going to come from to cover the loss. I don't know about you but I personally couldn't afford twenty thousand dollars on a wrecked truck and at the same time try to purchase another vehicle to replace it. I think the real complaint you have should be more with your insurance company than with the dealer, because like it or not he and Ford had everyones best interest in mind. It basically boils down to the fact that Ford Motor credit doesn't want to be left holding the short end of the stick when it is all said and done. I personally have had to purchase gap insurance for my trucks in the past and as annoying as it seems it is something you unfortunately just have to accept.