Customer says: “I can get GAP cheaper from my bank or insurance company.”

Customer says: “I can get GAP cheaper from my bank or insurance company.” I can get GAP insurance from my insurance company or from my own bank cheaper than you. Well, you gotta be educated so you can educate them. Cause they are not the same. First of all, if you get GAP from your own lender, i.e. a credit union, that gap is usually not refundable. It is cheaper, it's not gonna cover as much. And if you don't keep the vehicle and you trade out of it in year three, you paid for six years of GAP, and you only got three years of value out of it. And of course, if the car is not totaled, you got no value for it. So is it really cheaper? If you get GAP from your insurance company? They pay a certain percentage of the value of the vehicle. Guess who's in charge of the value of the vehicle. If you guess them, you're right. So the more they screw you on one side of the equation, the more they can screw you on the other. You're giving them the reins and the keys to screw you in two directions. If you get it from a dealer, we pay typically 150% of MSRP. Or NADA. Retail. So we're using a third party evaluator to determine the value of that car. And then we're gonna pay that plus another 50% of that value. And if you don't keep it and you trade out of it. You're gonna get a refund, whatever you haven't used. So there are three distinctly different types of gap, and you gotta know what they are. Sometimes a dealership will confuse and offer two different kinds. So if you're sitting in this chair, you better know what you're offering and be able to explain it.