Who can you get cheap GAP insurance with besides the dealer? I know their prices are inflated and I rather go elsewhere, but my insurance company (Geico) doesnt offer it.
Also, the vehicle I want is listed at the Dealer for $26,000 and it's KBB value is just over that at $26,600. The total loan would be around $28,000 with tax, fee's, etc, so would I need the GAP insurance?
Any Info appreciated!
GAP like all insurance is a gamble - do you need it is a gamble.
However it really stinks to owe money on a car that you no longer own because it was totalled or stolen. That's what GAP is for.
Both of my credit unions offer it for $299 total and have extra benefits ranging from covering your insurance deducitble up to $1,000 to giving you $1,000 off a new loan with them.
Your car will depreciate faster than you are paying it down at least for a year or two so during that time I would say you need GAP insurance.
I do not know if you can independently buy GAP insurance without it coming with the loan.
What is your interest rate, maybe it's possible to save money by refinacing with a credit union and getting GAP.
With your numbers day 1 you are $1,400 upside down and it's only going to get worse for the next couple of years.
if your car was totalled would you be OK with still owing $1,400+?
Good GAP insurance solves a serious possible problem for $5 per month.
What is there to really ponder?
If your car insurance was $5 more per month and covered it all, that would be a no brainer, right?
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!10% Rotating - Discover 5%-20% - Amazon & Lowes 3-6% Groceries - NFCU & Amex Preferred