Finances & Money

More Cash Back from Our Chevy Malibu Sale

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.