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Discussion Starter · #1 ·
My friend bought a VRSCX in March for $21,000. He put $0 down and financed the whole thing. He purchased GAP insurance at the time of the sale since he was financing the whole thing. Well the lucky bastard won $112,000 in the state lotto and payed off the FULL remaining balance of his bike.

He wants to know if he can cancel the GAP insurance and get some kind of a refund???
 

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Not being a lender I dont know for sure but everything I have ever been involved with regards to finance and insurance is so regulated that I suspect if he just calls his lender or insurance company he will get a honest answer.
 

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If he just won $112,000 who gives a $hit about a refund? Go have some fun on that CX and leave the worrying about money to the pesents. By the way will he lend me a couple G?rand
 

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Color me Gone
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I'm pretty sure he can get a refund on the unused portion of the insurance. In other words they will charge him for the time used but I think he can get a refund on the remainder of the policy. I'm sure there are also cost involved so that will eat up some of the money but still it should be worth it.
 

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Billy
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Max said:
I'm pretty sure he can get a refund on the unused portion of the insurance. In other words they will charge him for the time used but I think he can get a refund on the remainder of the policy. I'm sure there are also cost involved so that will eat up some of the money but still it should be worth it.
:them:
 

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Discussion Starter · #6 ·
Cool I hope he just gives the money to me!!
 

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he should be able to get most of it back. They prorate it. I sell gap for cars
 

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i did the same things with my car(minus the winnings) and you get a refund back
 

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Cliff
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Did he get the gap coverage from the finance company or the insurace compnay? If it was the finance company and he paid off the note the gap coverage is over as well, if it is through the insurance company he can cancel the coverage as it is an endorsement.
 

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hd-v-rodder said:
If he just won $112,000 who gives a $hit about a refund? Go have some fun on that CX and leave the worrying about money to the pesents. By the way will he lend me a couple G?rand
:them:
 

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Part-time mod
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When I canxed my ESP and gap, they just took it off my total financed amount. Since he paid off his loan, I'm guessing that they will just cut him a check with the pro-rated amount like everyone else said.
 

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Congrats to your friend. I don't think there is anyone out there who couldn't use an extra $112,000.

Hummmm, I can see the online orders in the making! LOL
 

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Discussion Starter · #14 ·
He is already talking about getting a couple bikes!
 

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Discussion Starter · #16 ·
Nice thing is he is not 80 or older...lately I have seen many older folks like that winning
 

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Bike is for sale!
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Congrats to your freind...I never win
 

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myvrodrocks
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Who buys GAP with a Harley?!?! :banghead:

GAP is to cover the diff between value and payoff. When would a Harley value be less than payoff?
 

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anodized antnee
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tell him to pull the horseshoe out of his ass and send it my way!!! (wash it off first!!) i never win anything!!! i'm so jealous!!
 
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