Overhaulin'

In a new car loan, what is PAD insurance?

I purchased a new car on the loan contract there is an extended warrantee charge for $300.00, and a 2nd line that showes PAD insurance $500.00. What is PAD insurance? The Dealor is closed on sunday. Thank you Mellybabe.

Public Comments

1. PAD INSURACE IS THE MONEY THAT THEY CHARGED YOU FOR THE PARTY AND DRINKS!!!
2. 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.