I think I've been abit of a ****...?

[Mr Trophy]

Guys,

Have I been abit of a fool? I bought the Z4 last week. Got money for the Clio and then I gave my own deposit down. I was then going to pay the rest off with BMW Finance. At the last second, I pulled out of the finance part and paid the Z4 off completely... However, I took out GAP Insurance on the car which cost me £399 through BMW. But, as I have paid the car off, was it stuipd to pay for GAP Insurance through BMW? Or, am I not getting something here?

Any help would be excellent, if you need more information I'll happly spill.

Simon

[LHDisbest]

What GAP policy is it? Is it RTI for the first 3 years?

If so, then £399 isn't that bad.

However....

If it's shortfall then you've just spunked £399 up the wall.

[naetype]

Yes. You'd only need to use GAP insurance to cover the difference between the sum paid out if your car was written off and the outstanding finance balance on it.

You've no outstanding finance. On the face of it you've paid for something you don't need. Speak to BMW finance I'm sure they'll reimburse you. They certainly should.

[edp190]

When I bought my GAP cover it was return to invoice, regardless of how much finance was outstanding?! At least that's what the stealer told me.... Hmmmm....

[justin220]

edp190 said:

When I bought my GAP cover it was return to invoice, regardless of how much finance was outstanding?! At least that's what the stealer told me.... Hmmmm....

Yeah I'm almost certain thats how it works

[m30dus]

I had almost the same afair when I bought my M3 in March of last year. BMW finance refunded the GAP policy on a pro-forma basis.

[Lastinclass]

30 day cooling off period on the insurance product??

[Fume troll]

naetype said:

Yes. You'd only need to use GAP insurance to cover the difference between the sum paid out if your car was written off and the outstanding finance balance on it.

You've no outstanding finance. On the face of it you've paid for something you don't need. Speak to BMW finance I'm sure they'll reimburse you. They certainly should.

Don't think so, my gap insurance covers me for the difference between insurance settlement and the cost to replace with the same model. Good value IHMO.

Cheers,

FT.