Vehicle Gap Insurance

I have a vehicle that I financed.

I have $ 15k.
value of the car is $ 11k KBB.
I have GAP insurance for the car.

Let's say I sell the car privately for $ 10k will pay gap for another 5 miles?

I'm past due about $ 2k as well.

Firstly, you can not sell the car private until you're stuck in your payments. What will you do? Leave the car get repossessed the new owner when you sell it?

Second, the GAP only covers the difference between the amount you owe and the value of the vehicle if, if your vehicle is considered a total loss in an accident, etc. Payments under GAP insurance have nothing to do with the sale of a vehicle.

Third, if you sell your private vehicle, you must repay the lender to release the lien on the full title.

If the buyer pays $ 10K, so you will find the remaining $ 5 km to repay. If the additional $ 2K is not included in the $ 15K you mentioned that you need, you will pay that too.

Nope. Having spent the payments, your bank will probably repo the car any time now. You should do everything possible to get caught up quickly to avoid a repo, which can be very damaging to your finances and your credit rating.

Nope.

Do you realize the stupidity of an insurance company should pay it? The reason you took the insurance is that you know you're going in the hole.

They are not crazy.

No, GAP insurance is there if you total the vehicle.

Sounds good but it does not work this way.

Gap is that if your vehicle is destroyed