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  #13  
Old 01-05-2012, 09:17 PM
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Re: GAP Insurance

When I purchased my WK2, i declined the Gap on my loan from the bank ( i always get the Gap coverage thru my auto insurance provider ). Before i called my insurance lady that day, the loan provider had already called my insurance stating i HAD to have the GAP coverage through the Insurance since i delined it from the dealership deal.
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  #14  
Old 01-05-2012, 09:20 PM
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Re: GAP Insurance

I would DEFINITELY recommend GAP insurance. As fast as vehicles depreciate, it's a great peace of mind.
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  #15  
Old 01-05-2012, 09:30 PM
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Re: GAP Insurance

i just found this on about.com:

For buyers, gap insurance only makes sense if you expect to be "upside down" on the car (you owe more than it is worth). If you made a low down payment, if you bought a car that depreciates rapidly, if you have a high interest rate or if you rolled over other costs, such as money owed on a trade-in, into your new-car payments, gap insurance makes sense. Most buyers, particularly those who made a healthy down payment, will always be right-side-up on the car, and therefore don't need gap insurance.
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Old 01-05-2012, 10:30 PM
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Quote:
Originally Posted by rustyosaurus View Post
i just found this on about.com:

For buyers, gap insurance only makes sense if you expect to be "upside down" on the car (you owe more than it is worth). If you made a low down payment, if you bought a car that depreciates rapidly, if you have a high interest rate or if you rolled over other costs, such as money owed on a trade-in, into your new-car payments, gap insurance makes sense. Most buyers, particularly those who made a healthy down payment, will always be right-side-up on the car, and therefore don't need gap insurance.
Mostly accurate info. I would argue that "Most buyers...will always be right-side-up on the car" .....


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  #17  
Old 01-06-2012, 12:13 AM
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Re: GAP Insurance

many credit unions give you free gap insurance
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  #18  
Old 01-06-2012, 09:20 AM
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Re: GAP Insurance

Quote:
Originally Posted by jacobsed View Post
If you're financing then you can't afford the vehicle. Go pay cash for a used vehicle you can afford.
Don't be an a$$. I've financed both cars I bought, including the new GC. Even if I COULD pay cash for it, I don't think I'd want to plunk down 34 grand right off the bat, especially with interest rates as low as they are. I financed 28 on mine. Even if I bought a used car I'd have financed it - I'm not driving a beater, and nothing I was looking at was under 25 grand.

FWIW, I got GAP through my credit union. Added like 2 bucks onto the cost of the loan every month.
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  #19  
Old 01-06-2012, 09:23 AM
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Re: GAP Insurance

Why would I finance when I can pay cash and did? I'm not going to give away interest money for 3-6 years. dumb. CDs only pay out less than 1%. While financing when I bought my WK2 was 3.49% interest rate.
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  #20  
Old 01-06-2012, 11:01 AM
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Re: GAP Insurance

Quote:
Originally Posted by JeeponDUBS View Post
When I purchased my WK2, i declined the Gap on my loan from the bank ( i always get the Gap coverage thru my auto insurance provider ). Before i called my insurance lady that day, the loan provider had already called my insurance stating i HAD to have the GAP coverage through the Insurance since i delined it from the dealership deal.
I learned this the hard way 2 cars ago when I bought from the dealer instead of calling my insurer first. It ended up costing me 600ish for the life of the loan. This time around, I called the insurer and was quoted $6.70 per 6 months for the life of the loan (60 months). So even if I end up positive on the loan after a, god forbid, wreck and totaled (sp) the truck, at $1 per month it's not a bad idea at all.
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