In a new car loan, what is PAD insurance?
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I purchased a new car on the loan contract there is an extended warrantee charge for 0.00, and a 2nd line that showes PAD insurance 0.00. What is PAD insurance? The Dealor is closed on sunday. Thank you
Mellybabe.
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keysfunding said:
I think PAD insurance is the insurance that covers you between what your regular auto insurance covers and what the outstanding loan balance on your car is. IE: If you finance $10,000 for your car, go out and total it 6 month later but the car is only valued at $6,000 at the time of the accident, PAD insurance will cover the remaining $3,500+ that you still owe on the loan.
But I was thinking that was called "GAP" insurance.
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0February 9th, 2010 at 2:24 pm -
msverychocolate said:
PAD INSURACE IS THE MONEY THAT THEY CHARGED YOU FOR THE PARTY AND DRINKS!!!
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0 0February 9th, 2010 at 2:24 pm
