Finally purchased.
 

Well I finally pulled the trigger and got a Brilliant Black base with spoiler,polished accents, and tint. I financed through Mazda at 9 percent and want to refinance in a month or two. Question is...I bought the gap insurance and premium extended warranty 5/100 because I drive a LOT. Does the Gap insurance cover only the loan from Mazda or as long as I owe more than the car is worth?

Tremor

Congrats on the car.

It sounds like your gap insurance is through the loan, so when the loan expires, so does the insurance. My gap insurance is through my insurance company, so it's good no matter what.

Gap = Loan Balance - Arbitrary Assessment of Value of Car

Gap insurance is only relevant if you have a loan (and then only if your car becomes a total loss as did my beloved Winning Blue `95 Pontiac Sunfire which sacrificed itself to save me *sniff*). Gap insurance never applies when there is no loan balance.

I hope you didn't pay much for gap insurance. I've heard that many reputable lenders simply throw it in as an incentive. USAA (who offers auto-insurance first, then all other forms of insurance and banking second) will give you free gap insurance on your auto-loan if you insure the vehicle through them.

However, being a respectable insurance company they gave me a more than fair assessment back in 1997 on my 18-month old Sunfire (alas, she went way before her time). I had a 72-month loan, no down-payment and had financed in an extended warrenty (first car out of college - married with 1 kid - no savings) - they cut me a check for $500 after paying off my GMAC loan.

You actually only need gap insurance if you have a longer 5 or 6 year loan and no down-payment or if your insurance company can't be trusted for a fair assessment

How about you other recent/imminent buyers? Are you seeing attempted robbery in the form of high-cost gap insurance fees?

Congrats on the new purchase!

Make sure to post pics as soon as you can.

I will see if the gap is transferrable but its probably not. That was one of the things I didnt research very well. Live and Learn. Pics will be posted once I get some mods done...dont want everyone yelling about clear corners and stock car pics. Or unless some females are willing to pose with it or some other nice scenery.

Thanks All.

gap insurance.. hmm not ALWAYS a good idea.. but

I am with USAA so I got mine for free : ) 72 month. 4.74 %, no downpayment, no payment for 90 days... :) I am going now to pick my baby up...

I got a PROTEGE as a loaner... o.k YES it has some pick up off the link but its SO UGLY and uncomfortable, and ... YUK

Well I see I can refund it in full within 30days so I just need to see if I can get it through my insurance instead.

Then refinancing will be next. Also wondering if the premium (expensive) warranty was really worth it. I guess I will need to search some.

Tremor

Well, Friday was the 'best-day-ever'.*

Friday I drove from Corning, NY to Balitimore, MD to pick up my brand new 2004 RX-8 - Winning Blue, Touring Package, plus NAV, 6-CD in-dash and other misc upgrades. 129 miles on it when I got there. I ran fingers over every inch of her and didn't find a single defect.

I drove down there in a busted out 1995 gray Subaru Legacy wagon with 147,000 miles and failed rear struts. I sure had a better time driving back. ;-)

I took Tremor's suggestion - a pic of the car is just a pic of a car - could be cropped out of anyone else's publicity shot. I've got a pic with the three hot chicks who enjoy riding around with me most.

* Must be qualified - the day I married my wife was the best-day-ever, also the days each of my three daughers were born were truly the best-days-ever. Perspective in place - Friday was still a really, really good day.

Good Job there Cool Blue...I am sure that ride back was kewl!

As for my car I have made a space for it. http://rx8.tremornet.net More pics once I have more time and get the website built.

Tremor

Congrats!

I always carry GAP insurance on my cars, I get it through our insurance company to give you an idea we have insurance through amica mutual and Gap insurance is 6 dollars a year. Much better than what you pay through dealers or fiance companies.

Congratulations Tremor.

I hope you're enoying it as much as I am mine!

Just to update... I did cancel the gap I purchased at the dealer and my insurance company is Liberty Mutual and I purchased gap from them.