Will GAP insurance somehow help me if I voluntarily have my car reposessed?

I purchased a new 2007 Ford Focus in February of 2007. I%26#039;m 19, and this is my fourth car. I do not have good luck with vehicles at all, and this car is no different. What makes this car different, however, is that I financed it through a bank instead of paying cash like I did for my other cars. My credit is not great, but good for my age because I%26#039;ve built it up.

My problem, however, is the car is the worst I%26#039;ve had. It%26#039;s constantly in the shop, and things constantly break. I%26#039;ve contacted Ford about having them buy it back and after waiting for a long time, they told me they won%26#039;t because they%26#039;re just minor things all covered under warranty.

I will not pay $470 a month for a brand new car that doesn%26#039;t run like one. My last step is taking it back to the bank. I know the consequences, but I%26#039;m willing to take the hit to get rid of this headache. I owe too much on the car to sell, but I have GAP. My question is, is there any way this might cover the balance of reposession?

Will GAP insurance somehow help me if I voluntarily have my car reposessed?

You said your credit is good for your age because you built it up. Don%26#039;t take a huge step backwards at this age, good credit is an asset and will only help you down the road.

Check your states Lemon Law, see if you qualify. If not, i suggest either: sucking it up, try to sell it privately and getting a new one, or trade into the dealer for a new one (you%26#039;ll lose money, but it%26#039;s nothing compared to a repo).

Will GAP insurance somehow help me if I voluntarily have my car reposessed?

Of course not! No insurance of ANY kind will cover you in case of a repossession!

You may well have recourse using your state%26#039;s Lemon Law as it is a new vehicle. Without knowing your state AND a detailed list of the problems your car has had including the length of time it was out of service each time it%26#039;s not possible to evaluate if you have a case there or not.

Google the name of your state and %26quot;Lemon Law%26quot; to see what your state%26#039;s law is and the procedures that you must follow to file a LL claim.

Will GAP insurance somehow help me if I voluntarily have my car reposessed?

No Gap is only if your car is totaled or stolen. What%26#039;s the problem. You have a new car so everything is covered under warranty with no deductible. Get it fixed and enjoy it.

By the way, you can%26#039;t give something back to the bank that they never owned. They are not in the car business, they are in the money business.

Will GAP insurance somehow help me if I voluntarily have my car reposessed?

Gap insurance has nothing to do with the balance owed if you do a voluntary repo. Considering the car is new, I would check into Lemon Laws for your state, the DMV should be able to help you through the process. Ford doesn%26#039;t want a buy back, but that may be what happens. Do not go for a voluntary repo, it effects your credit the same as a standard repo. Since you are just getting your credit started, you don%26#039;t want to take a hit like that.