Losing my job leaves me with a 2014 GT500 draining my remaining finances. Since my career of choice tends to be rather unstable at times, so I bought the GT500 with this possibility in mind. I purchased what they called "Walk Away Insurance." I'm rather upset to be losing my Shelby but now that I have a need for the policy I've looked into the details.
First you need to prove two things. One is that you were let go. So a you must provide your exit paperwork. The second is to prove you were let go legitimately and therefore are eligible for unemployment. I suppose this shows that you lost your job for work reasons rather than for streaking naked or something that wouldn't allow you to qualify for unemployment. Basically that you didn't so something on purpose to lose your job or get out of your car loan.
What my particular policy does is make your car payments for 12 months without affecting your credit score. So far I'm unclear if this needs paid back. One would assume no since it's insurance. If after 12 months you still do not have a job then they take the vehicle, also without affecting your credit score.
On the one hand I'm a little relieved because I may possibly be able to save it once I find new employment however I'm thinking I should perhaps just sell the car. This gets rid of my payment and takes it off my car insurance lowering that as well. Also if my next job is outside of Canada which it easily could be I can't take the car with me anyway.
If you are living in Ontario and are interested in a low miles GT500 please leave a message below this post.
