@Anonymous wrote:
They tried selling extras during the checkout process but I only agreed to GAP insurance and an extended maintenance plan which only bumped it up $50/month.
Is it too soon to try to refinance or should I wait a few months? Any advice on who to go with?
^^^You can go back to your contract to see how much the GAP insurance is and the extended maintenance expense and cancel one or both of those programs if you don't want them. The credit is usually applied to the outstanding balance which would reduce the amount you owe so when you go to refi you are financing much less and have less chance of being upside down in your purchase. It sounds like you actually signed off on the deal, right?
If you want GAP you can get it from your insurance co, usually at a much lower cost than what the dealer charges. Check threads on this board where the cost of gap is discussed. Here is a good thread to start your research http://ficoforums.myfico.com/t5/Auto-Loans/GAP-Insurance/m-p/4417918#M61543
As to the extended maintenance plan - is it worth it? Read through the actual plan agreement to see what you are actually getting. I am not a fan, but others here are so it is simply a personal choice. Look at it now while the F&I guy isn't pressuring you to sign off - that is where you will see the plan costs more than what you get IMO. If you like it, keep it. Otherwise, cancel right away so you don't throw away that $$.
$50/month adds up quickly. $50x48=$2400 and if you have a longer term loan it is more than that....
