How does GAP payout work?

Trying_really_hard

Hi All,

I did have a scan through the search results to see if anyone had asked this before, so I do apologise if I missed it.

Some lovely person broke into my house last week and stole my car keys (amongst other things), therefore helping himself to my car. :mad:

I think its going to be total loss but was wondering where I stand with the GAP insurance. I have VRI with the AA (yes, I now know I could have got it cheaper). I know they will basically cover the difference from the Insurance policy but worry about how they will pay it. I've read somewhere that they will credit the people from whom I purchased the car; is this the case? If so, can i ask to have it as a cheque? Also, will they just credit the gap amount to the dealer or will they take the whole sum from my Insurer as well?

This is based on the fact that I swore I would never go back to the dealer as I had far from decent service from them and (more importantly) my insurance will double on a similar car and I just can't afford that with paying for a wedding at the moment so was going to leave off buying a car for a couple of months.

Sorry for the longish post.

Any help will be greatly appreciated as its been a long week. :rolleyes:

mcjordi

if the car is a write off then the insurer will pay the finance company the market value. with GAP they will pay the remaining amount on finance.

do you have Return to Invioice GAP?? if so that will pay the amount between the insurance settlement and the price paid on the invioce. the dealer wont get a penny of it the finance company will get it

ie.. You owe £6700 on finance
insurer pays £5200 as settlement
GAP pays £1200 to finance company
therefore you owe nothing

RTI GAP
invoice cost was £7995
You owe £6700 on finance
insurer pays £5200 as settlement
GAP pays £1200 to finance company
You get £1295

HTH

i think thats how RTI GAP works

dacouch

http://www.aawarranty.co.uk/cars_gap_vvr.htm