Anybody buy GAP insurance.....
10-13-2003, 11:00 AM
#1
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Anybody buy GAP insurance.....
independant of the dealer? If so where. I hate paying that $500 fee for it when you know its cheaper elsewhere.
10-15-2003, 01:26 AM
#7
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Turned down the gap insurance. Also told them that I'd be voiding the warrenty within the first month. They continued to try and sell me more warrenty stuff and make me feel bad about my plans for the car.
10-15-2003, 01:45 AM
#8
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gap is important
I work for a sub prime auto lender and everyday I get people calling in after they chrashed their car asking me to look up their contract praying they have GAP and they never do
I work for a sub prime auto lender and everyday I get people calling in after they chrashed their car asking me to look up their contract praying they have GAP and they never do
10-15-2003, 12:26 PM
#9
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Go with the GAP protection. Whatever you pay, it's well worth it. I got my '03 Mitsu Eclipse when it first hit the showroom floor in April 02'. Paid MSRP for it. Got wrecked Feb 12, 2003. Had about 17k miles on it. Car was totaled, and progressive only paid me, (or rather, they paid MMCA), 17k for the car. If I didn't have GAP, I would've still had to pay the other 5k I still owed on the car. NOT Good. Buy it, Buy it, Buy it.
10-15-2003, 05:20 PM
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I don't know if I need it since I put $5,000 down, but I bought gap insurance for a one-time $91 fee at my credit union, along with a two-year bumper-to-bumper warranty extension, to 75,000 (IIRC) miles, with roadside assistance and a $50 deductible (from Indemnity Ins. Co., FWIW), for $500. With 3.8.% financing on the whole enchilada. I love my credit union.
10-15-2003, 06:42 PM
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If your car is wrecked, and considered a total loss, GAP protection wil cover the difference between what your insurance company says your car is worth, and what you actually owe on the car.
Ex : Your loan on your RX8 (msrp 31100) after all the financing, ext warranty, etc is 36k
Your 8 then gets totalled after you've had for 2 years, (21k miles). Blue book on your car is 22k (dont you love depreciation).
Insurance decides to pay you 21500 for your car. You still owe 26k on your car after 2 years. (um, I guess thsat would be a 5 year loan?..lol)
So, you now owe Mazda Credit 4,500. Sucks, huh. But, if you have GAP protection, it is automatically covered. So, that's why you should get it.
Hope that explains it :-)
Ex : Your loan on your RX8 (msrp 31100) after all the financing, ext warranty, etc is 36k
Your 8 then gets totalled after you've had for 2 years, (21k miles). Blue book on your car is 22k (dont you love depreciation).
Insurance decides to pay you 21500 for your car. You still owe 26k on your car after 2 years. (um, I guess thsat would be a 5 year loan?..lol)
So, you now owe Mazda Credit 4,500. Sucks, huh. But, if you have GAP protection, it is automatically covered. So, that's why you should get it.
Hope that explains it :-)
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