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Author Topic: HELP - "7 year gap coverage" on bill of sale  (Read 415 times)

Offline D n A

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HELP - "7 year gap coverage" on bill of sale
« on: October 21, 2011, 11:33:29 pm »
I purchased a 2012 Kia Soul last week. Havent heard anything from the dealer; I put $500 deposit. I was going over my bill of sale and noticed "7 year gap coverage $2277.00"
I tried searching for this information but I'm not sure why they charged me this? Any insight on this charge? Is it mandatory?
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Offline The Mighty Duck

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Re: HELP - "7 year gap coverage" on bill of sale
« Reply #1 on: October 21, 2011, 11:59:02 pm »
Some Googling found THIS, which may be of use.

If you're buying the vehicle, I would assume it's not mandatory. If you're leasing, OTOH, I can see that it could be.
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Offline articsteve

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Re: HELP - "7 year gap coverage" on bill of sale
« Reply #2 on: October 22, 2011, 01:08:38 am »
Who financed the vehicle?  What % rate? 
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Offline D n A

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Re: HELP - "7 year gap coverage" on bill of sale
« Reply #3 on: October 22, 2011, 06:54:01 am »
We did it through KIA for 5 years at 1.9%
It wasn't even discussed during the sale we just agreed on the price of the vehicle. I'm really stumped here. Thank you for the link
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Offline Cord

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Re: HELP - "7 year gap coverage" on bill of sale
« Reply #4 on: October 22, 2011, 11:15:53 am »
Phone and ask?
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Offline Mark N

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Re: HELP - "7 year gap coverage" on bill of sale
« Reply #5 on: October 25, 2011, 10:04:48 am »
No, it's not mandatory...they put it on there as an additional product sold to you. When leasing, most lease companies have a GAP insurance included at no cost to the buyer...it's to help you if your car is in an accident and written off...if you have an outstanding balance of say $15000 and they value the car at $10000, it makes up the diff on your behalf.
I would call the dealer and get that taken off.
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