When I bought my street glide last year I added GAP. I knew I would be under water for the first year and now I've got no negative equity according to KBB. I'm thinking of canceling and getting a pro-rated refund.

Has anyone here ever been in this spot? Any funny business I should watch for?

 

I have cancelled the GAP on the last 3 cars we bought.

You need to get a hold of the dealers finance person and ask for a cancellation.
There might be a form you will need to fill out.
The process will take several weeks if there are no hiccups.
The refund will be prorated.

 

Much appreciated

 

It's not going to amount to a whole lot of money

 

But still it's money that can be used for something else.

 

Exactly! And I’d rather have it in my pocket than in someone elses

 

I've cancelled a few GAPS and the money will not go to you. It will go to who has the lien on your vehicle...in NC anyway...

Same goes with extended warranty stuff. They'll send that to the lien holder also...unless you don't have a lien on it that is..

 

Maybe you'll get the refund. But if you borrowed the premium for the GAP into your loan, they will likely credit any refund against your loan balance. If you paid for the gap outside of the loan, then they'd refund you directly.

 

I paid for gap out of pocket, I didn’t want to finance anymore than was needed