will gap insurance pay my loan if my car falls under the lemon law?

Answer 1

Gap insurance will not pay the loan off. If your car falls under the lemon law, the manufacturer will buy it back and give you a new car. That new car should be covered by the gap insurance, and your payments should remain the same. You will get as close to the exact same car as can be arranged. If the new car has a higher price, you will not have to pay the difference, unless you want any changes in the vehicle. Like now you want a sun roof and your old car didn't have one. You would have to pay for that extra equipment. Probably up front to keep your loan payments the same.

Answer 2

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Answer 3

Yes, and they should. Gap insurance basically means that the insurance company will pay the balance on the loan of your car that you owe, no matter how much it's worth. That's what it's for. Not very many people know about gap insurance, and the insurance companies like to keep it that way.

Answer 4

No it does not. rules consistent with se are frequently basically for clean vehicles. There are some states who've some risk-free practices whilst paying for a used motor vehicle inspite of the incontrovertible fact that it rather is actual a lemon regulation. It feels like your caught, sorry to assert. If the broker you acquire it from won't participate interior the fee with regards to the only factor you're able to do is report a regulation wholesome, touch the BBB or touch the lawyer Generals place of work. You did no longer checklist any info as to specifics as to what's actual incorrect so it rather is annoying to assert if the broker did any factor incorrect, it might want that might actually assist you (interior the destiny) to do somewhat extra thorough interest of analyzing, gaining knowledge of and turning out to be familar with a used motor vehicle paying for technique to stay away from or shrink the probabilities of this occurring lower back. The link under is a few articles that would help Jerry

Answer 5

No. Gap insurance comes into play when you make a claim using your collision/comprehensive coverage. Generally mechanical failures are not covered by insurance, unless you bought that type of coverage (some insurnace companies offer that for new cars.)

Answer 6

no the insurance wont pay for it but it will be covered by the lemon law which will get it replaced for you or get you a refund,but insurance doesn't get involved in this part of it,good luck i hope this helps.

Answer 7

if your car falls under the lemon law the car company is responsibe and has to pay you