Back to blog list

Do you need GAP coverage?

This is a personal question. But, from a finance point of view banks and finance companies typically do not allow GAP to be written on a vehicle finance contract if the amount to finance is less than 80% of the vehicles value. This means that you had 20 to 30% down or an equivalent amount in equity in your trade in.

Even with this being said, for people who drive more miles year than the 15,000 miles a year norm, a case can be made for GAP as their vehicles will depreciated fast than normal. In this case, at your request for GAP, a dealer can contact the finance company and request an override on their amount to finance GAP policy minimum.

Posted 11-09-2017 - trey melton


  • No comments found. Be the first to comment!



As a member you will be able to:

  • Post Car Buying Stories
  • Comment on Blog Posts and other member's posts
  • Learn more about how to Beat The Dealer
  • Take the Automotive Buyer's Education Course
  • Receive Special Deals on vehicle purchasing and servicing
  • Search Reputable Dealer's Inventories
  • Apply for Financing
  • Buy Your Next Car


Join the movement and receive updates as we add new features and benefits to this membership portal

Start Taking Back Control Of Your Car Deal!