Hi I am 18 months into a 3 year car lease deal with Nissan & took gap insurance as the advisor basically led me to believe I would not get the finance agreed unless I took it. He also said it could not be added on at a later date (i initially said id like tine to think about it & look into the details of having a gap policy)and that I could not remove it once it was purchased & also that it had to be purchased through the dealer - all if which I have recently discovered are not true! Therefore I believe iv been missold this policy & have since found out I could have saved alot of money by purchasing it independently of the dealer. What I would like to know is whether anyone else has had success in claiming back missold gap insurance as I feel I have been taken advantage of as I know these car salesmen earnt substantial commission for selling me this policy. Thank you
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Nissan gap insurance - missold?
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"GAP insurance is generally required if you take out a lease agreement because although the car is still owned by the dealership or car manufacturer the lease holder is financially responsible for the vehicle. GAP insurance in these circumstances makes perfect sense because it protects the lease holder from financial loss in the case of an accident and we've all heard about people who have lost out when their vehicle has been written off by an insurance company.
However, GAP insurance is not always required, is not always suitable and can be missold. It may be missold by dealerships who want the extra money or who are ignorant and just automatically add it to the loan or lease agreement without advising the buyer of what it is or asking them if they want it. As a consumer, you have the right to refuse gap insurance and to be given the appropriate advice".
Hi if your are in the Uk the are lots of ways that you can complain.
Yes you can use a claims company but first I would go back to the dealership. Gap Insurance just like any insurance is very heavily regulated and this means that there are lots and lots of red tape. If your dealership dose not want to help simply explain that you are going to complain to the FSA and the financial services ombudsman and speak directly to the insurance company who underwrites the policy. I can promise that they will not want anyone to be even thinking of miss selling their policies. If they still don't want to play ball then claims companies.
Unfortunately as the competition on the sales of cars increases more and more dealerships are looking for ways to make extra profit. Sales executives have bills as well and this means that they can be over pushy.
Fact One -You do not have to buy gap insurance from your dealership.
Fact Two - You do not have to buy gap insurance before you take delivery.
Fact Three - Gap Insurance is not a legal requirement is it always your choice.
Good luck and start with your dealership first.
Auto insurance is actual cash value at the time of the loss. If you owe more than the payout, and didn't carry gap insurance, the difference is your responsibility. A lawyer cannot change that. The first offer will be a low-ball, but it is not necessarily the final figure. Get proof of what other vehicles, same model, condition, etc, are selling for, and, if you can show your car is worth more than the offer, you should be able to negotiate a higher figure, although not necessarily the loan pay-out amount. What you owe on the vehicle is not part of the negotiation, and even bringing it up puts you in a position of weakness.
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Nissan gap insurance - missold?
Hi I am 18 months into a 3 year car lease deal with Nissan & took gap insurance as the advisor basically led me to believe I would not get the finance agreed unless I took it. He also said it could not be added on at a later date (i initially said id like tine to think about it & look into the...
"GAP" insurance is not mandatory or required...when buying a new car, as far as a lease I have never heard that either.
Gap insurance is recently a new product offered since approx 2004ish that covers the buyer in the event of an accident that totals out the vehicle. Gap insurance pays the difference you owe to the bank from the amount the insurance pays, which is usually lower then what you owe. That way you can pay off your loan and not ruin your credit.
Gap insurance will not pay you any extra to get a new car simply to cover the buyers loan amount.
good luck
This is one of those unfortunate money making schemes of dealers - trying to sell you something you don't need. Believe me,your insurance company will make sure you get the proper coverage, regardless of the dealer. . What your dealer sold you was extra and not necessary. I would write a letter to your dealer and explain to him how you don't appreciate being misled in this way. At the end of your letter - ask for your money back. Explain that if they aren't willing to reimburse you in some way for this misleading add-on sale, you will make sure they don't ever get any business from you, your friends or family members again. Car Rental companies do the same thing. I once got suckered into extra insurance I didn't need. I was only able to get them to split the difference with me, but I made it clear to them I was not going to ever use them again.
Good luck.