GAP Cancellation After Refinancing

by Erika M.
(Kennewick, WA)

Question: I just refinanced my car and received a check for the dealer GAP cancellation. Is it necessary to put that check towards my loan now?

Answer Hi Erika, the GAP cancellation and any money coming back should be yours to keep, unless you made arrangements with the new lender to the contrary.

What I mean by that is if as part of your refinance you owed them this refund as part of a down payment.

You'd probably just need to call your new lender and be sure they weren't counting on that money to go to them as part of your refinance.

Hope this helps,

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