Re: Gap Insurance
10-10-2012 12:54 PM
When Buying Used I have ALWAYS Taken GAP except long ago when taking small loan against an older Lexus and that was just because it was only $5k... Now when I refied my Honda from Santander to Navy I should have thought 2 because I paid at Carmax $200-$300 whatever it was and for sure good idea when taking on a loan for 17%! Anyway fast forward and I wasn't underwater at all so i should have said if Im going down over a year and dropping interest to 3% i don't need GAP and Navy was like $400!! REALLY high I thought and then upon selling it under 6 months later it made it even harder to swallow the thought BUT (sorry need to take my Adderall and come back on topic!)
I don't like the thought of MONTHLY payments towards GAP if I'm understanding what you are saying about your current? How much?
I would not pay $350+ for GAP most likely but I also wouldn't say NO DEALER, they are screwing you, etc. (yes some) but if you are not taking on short term loan and you are not paying not only all taxes, fees, etc. down plus probably a few grand i would take GAP... i mean 2006 we all probably would have been like GAP on my ESCALADE, Please I could drive this off the lot and sell it for $10k more!!! then in 2009? we would have paid someone $10k to burn it on the freeway if you could get your credit card to charge $10k before they closed it! HAHA (Sorry, all false )
but you just never know when you buy a car... I didn't think i would make money on this Honda that I just spoke of but I mean if you calculate out I WOULD have made money if I had paid cash or had good credit to begin with... the car sold for more then the loan and the loan was working WAY against me and the bringing down balance.
same with my partners car (reliable, low, miles, basic, clean, well cared for cars are the thing in CA if you are not looking at the Bentley that is!