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Finances & Money

More Cash Back from Our Chevy Malibu Sale

September 30, 2007
By Clever Dude
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Two checks came in within the last week in relation to our Chevrolet Malibu that we sold in August:

  1. A check for $818 from the GM Protection Plan extended warranty. We purchased this extended warranty for about $1,400 new, before we knew that we could just get it when we needed it near the end of the regular warranty. As a side note, I also have an extended warranty on my Honda Ridgeline, but I get a full refund if I cancel as long as I never use it.
  2. A check for $297.50 from the GAP insurance. When we bought the Malibu, we rolled in a wad of negative equity, so we paid $500 for GAP insurance. GAP insurance covers the balance between what the insurer pays and what you owe on the loan in the case of a total loss claim on the vehicle.

While I knew I could claim a refund when I canceled the extended warranty (the new owner couldn’t afford to buy it), I didn’t know I could get a refund on the GAP insurance. Luckily, when I went into the dealer to cancel the warranty, I happened to ask about a refund for the GAP, and sure enough I could get one. The second surprise came when I opened the mail today and saw a check for a good bit more than I was expecting.

This $1,115.50 plus the $10,500 from the sale of the Malibu will go towards Stacie’s next vehicle. More to come on this Tuesday.

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Comments

  1. SingleGuyMoney says

    October 1, 2007 at 6:38 am

    That’s good to know. I didn’t realize you could get a refund for GAP insurance either.

    Reply
  2. mapgirl says

    October 1, 2007 at 1:34 pm

    You are going for something used right?

    Reply

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