This doesn't really have to do w/ G's, but here's the situation:

I bought a new-used BMW. I traded in my Acura for it. Dealer accepted the TL, and I signed over the (paid-off) title.

The TL was as follows:
title in my name
insurance/reg. in mother's name (to save on the insurance)
i was additional driver.

Now w/ the 550, I got the insurance card already for the BMW (still under mom's name - just replaced the TL)

Dealer made me buy gaap insurance (which I know was a ripoff) but I really wanted the car, and even with it included, price still couldn't be beat.

They had my insurance company send them over the binder for insurance, which was still in mom's name.

Now they keep calling me and telling me that in order for the financing to work, the insurance binder must have my name on it.

I am confused. What do I do?

 

GAP is optional they are raping you for the extra money to be made on these packages back in what we call the F&I office. Tell them to take that GAP **** off ASAP or you will go somewhere else to buy, only reason I would see if the contract would require it is if you are subprime (bad credit). Also if the name on the insurance is an issue ask if they have temporary insurance. Usually its around 120 bucks for the first month while your "shopping" insurance, and will cover your issue until you bring it under your families insurance.

PS GAP is cheap on paper, but in reality you will also be paying the interest of the term on this "small" fee.

 

To summarize, I guess my real question is; what difference does the name on the insurance binder have to do with financing?

 

Well as long as you are insured by the policy it should be ok, unless Im missing something and you are nowhere to be found on it?

 

I am an additional driver on the policy. The next time the dealer calls me telling me he needs my name on the binder, I will have to tell him it can't be done without redoing the policy, which I won't do.

 

Your name does not have to be on the binder, the car just has to be insured.

..and please get rid of that Gap insurance if it cost more than $150. Thats how much credit unions charge.