That's how I understand it... good for a lease, "bad" for a (properly
executed) purchase.

twaldron wrote:

> They flat lied to him about gap insurance, but he didn't do his homework
> on this either...unless he just explained himself incorrectly.
>
> Gap insurance covers ONLY THE DIFFERENCE BETWEEN THE VALUE OF THE
> VEHICLE AT THE TIME OF LOSS, AND THE LOAN AMOUNT. It's only good for
> people who are upside down on their loans and the vehicle gets totalled.
> It DOES NOT buy you a brand spanking new vehicle. If his Rubi is worth
> $18k when it's totalled and he owes $18,900, gap insurance pays $900
> MINUS his deductable. If his ded. is $500, gap ins. pays $400.
>
> Jo wrote:
>
>> "I did bite on the gap insurance. For $192 I get a replacement vehicle
>> should this one get totaled"
>> Hmmm... doesn't gap insurance cover the difference between what you
>> owe and what it's worth? This does not necessarily get you a
>> replacement vehicle, it just pays off your loan so you are not in debt
>> any more.
>>
>> Jeffrey Wright wrote:
>>
>>> Here's how it went:
>>>
>>> The Jeep came in Thursday, May 6. I ordered it back in February; I
>>> ignored
>>> the dealer until today, Monday, May 10. I made it obvious I was in no
>>> hurry,
>>> I never salivated, and showed only mild interest in the vehicle the
>>> first
>>> time I saw it. Give me an Oscar.
>>>
>>> I took the advice proffered here and visited the suggested web sites. My
>>> MSRP was 28.6K. Kelly's, Edmunds, and CarsDirect all had my Rubi at
>>> 26.5K as
>>> the "good deal" norm. I made this known, and my dealer came back with
>>> 26.1K-- at 5.9% interest for 66 months. No way.
>>>
>>> We went back and forth just a couple of times, and in the end I got
>>> my Jeep
>>> for 26.6K at 1.9% interest (Chrysler Finance) for 48 months. I had to
>>> put 3K
>>> down.
>>>
>>> I think it is important to note that I do not have perfect credit,
>>> courtesy
>>> of my ex-wife. Nonetheless, I asked for the best finance rate
>>> possible and
>>> got it. Seems all I had to do was ask. (I do have a good job, low
>>> debt, and
>>> make a decent buck, which can't hurt.)
>>>
>>> Once the deal was made, I was siphoned off to the finance gal, and
>>> just as
>>> some cautioned they tried to sneak in $150 for 20 "free" oil changes.
>>> She
>>> said the contract had to show the oil change program price, but that
>>> it had
>>> already been deducted. I flashed the math though my mind, and it did
>>> not add
>>> up. I caught the discrepancy, thanks to the heads up on this group, and
>>> worked it out to my favor. We had to tear up three documents, and now
>>> free
>>> means free.
>>>
>>> I did bite on the gap insurance. For $192 I get a replacement vehicle
>>> should
>>> this one get totaled; my insurance, Geico, would just give me what it
>>> was
>>> worth at the time of the accident. No, I do not intend to total the
>>> vehicle
>>> in the next five years, but I do plan on wheeling and you never know. I
>>> think if you are buying a real Jeep or a Corvette and use them as
>>> intended,
>>> gap insurance makes sense.
>>>
>>> I turned down extra warranty options. I stuck with the no extra cost
>>> 3 yr
>>> bumper to bumper plus the 7/70 powertrain.
>>>
>>> The minor glitches: it was supposed to come with a locking gas cap, but
>>> didn't. I had that noted on the "what the dealer owes you" sheet. I
>>> also got
>>> home and found no owner's manual, just a video.
>>>
>>> All told, I rolled out with a good deal, a full tank of gas, and one
>>> damn
>>> fine machine!
>>>
>>>
>>>
>>>
>>>
>>
>

 

Gap insurance is a very good idea for anyone who will be in a negative
equity position on a car loan. Most buyers will be "upside down", thanks to
zero down, extended terms, and/or carrying negative equity from a trade into
the new purchase.

I advise my customers to put as much money down as possible and finance for
the shortest term possible. It's in their best interest. Unfortunately, it
usually falls on deaf ears. Most buyers are so focused on low monthly
payments (extended terms) and minimal out of pocket investment (little or no
money down) that they fail to realize how poorly they're managing their
money. My advice to anyone who'll listen - put at least 30% down and
finance for no longer than 36 months. If you don't, buy gap insurance.

Best regards,
Dave Rose
Cactus Cowboy
Big Wonderful Wyoming
'49 ****** Pickup (parts truck)
'62 ****** Pickup 4WD 226
'98 XJ Sport
O|||||||O

"Jo" <jo_ratner@NOSPAMyahoo.com> wrote in message
news:Shwoc.7297$KE6.5476@newsread3.news.atl.earthl ink.net...
> That's how I understand it... good for a lease, "bad" for a (properly
> executed) purchase.
>
> twaldron wrote:
>
> > They flat lied to him about gap insurance, but he didn't do his homework
> > on this either...unless he just explained himself incorrectly.
> >
> > Gap insurance covers ONLY THE DIFFERENCE BETWEEN THE VALUE OF THE
> > VEHICLE AT THE TIME OF LOSS, AND THE LOAN AMOUNT. It's only good for
> > people who are upside down on their loans and the vehicle gets totalled.
> > It DOES NOT buy you a brand spanking new vehicle. If his Rubi is worth
> > $18k when it's totalled and he owes $18,900, gap insurance pays $900
> > MINUS his deductable. If his ded. is $500, gap ins. pays $400.
> >
> > Jo wrote:
> >
> >> "I did bite on the gap insurance. For $192 I get a replacement vehicle
> >> should this one get totaled"
> >> Hmmm... doesn't gap insurance cover the difference between what you
> >> owe and what it's worth? This does not necessarily get you a
> >> replacement vehicle, it just pays off your loan so you are not in debt
> >> any more.
> >>
> >> Jeffrey Wright wrote:
> >>
> >>> Here's how it went:
> >>>
> >>> The Jeep came in Thursday, May 6. I ordered it back in February; I
> >>> ignored
> >>> the dealer until today, Monday, May 10. I made it obvious I was in no
> >>> hurry,
> >>> I never salivated, and showed only mild interest in the vehicle the
> >>> first
> >>> time I saw it. Give me an Oscar.
> >>>
> >>> I took the advice proffered here and visited the suggested web sites.
My
> >>> MSRP was 28.6K. Kelly's, Edmunds, and CarsDirect all had my Rubi at
> >>> 26.5K as
> >>> the "good deal" norm. I made this known, and my dealer came back with
> >>> 26.1K-- at 5.9% interest for 66 months. No way.
> >>>
> >>> We went back and forth just a couple of times, and in the end I got
> >>> my Jeep
> >>> for 26.6K at 1.9% interest (Chrysler Finance) for 48 months. I had to
> >>> put 3K
> >>> down.
> >>>
> >>> I think it is important to note that I do not have perfect credit,
> >>> courtesy
> >>> of my ex-wife. Nonetheless, I asked for the best finance rate
> >>> possible and
> >>> got it. Seems all I had to do was ask. (I do have a good job, low
> >>> debt, and
> >>> make a decent buck, which can't hurt.)
> >>>
> >>> Once the deal was made, I was siphoned off to the finance gal, and
> >>> just as
> >>> some cautioned they tried to sneak in $150 for 20 "free" oil changes.
> >>> She
> >>> said the contract had to show the oil change program price, but that
> >>> it had
> >>> already been deducted. I flashed the math though my mind, and it did
> >>> not add
> >>> up. I caught the discrepancy, thanks to the heads up on this group,
and
> >>> worked it out to my favor. We had to tear up three documents, and now
> >>> free
> >>> means free.
> >>>
> >>> I did bite on the gap insurance. For $192 I get a replacement vehicle
> >>> should
> >>> this one get totaled; my insurance, Geico, would just give me what it
> >>> was
> >>> worth at the time of the accident. No, I do not intend to total the
> >>> vehicle
> >>> in the next five years, but I do plan on wheeling and you never know.
I
> >>> think if you are buying a real Jeep or a Corvette and use them as
> >>> intended,
> >>> gap insurance makes sense.
> >>>
> >>> I turned down extra warranty options. I stuck with the no extra cost
> >>> 3 yr
> >>> bumper to bumper plus the 7/70 powertrain.
> >>>
> >>> The minor glitches: it was supposed to come with a locking gas cap,
but
> >>> didn't. I had that noted on the "what the dealer owes you" sheet. I
> >>> also got
> >>> home and found no owner's manual, just a video.
> >>>
> >>> All told, I rolled out with a good deal, a full tank of gas, and one
> >>> damn
> >>> fine machine!
> >>>
> >>>
> >>>
> >>>
> >>>
> >>
> >
>

 

Gap insurance is a very good idea for anyone who will be in a negative
equity position on a car loan. Most buyers will be "upside down", thanks to
zero down, extended terms, and/or carrying negative equity from a trade into
the new purchase.

I advise my customers to put as much money down as possible and finance for
the shortest term possible. It's in their best interest. Unfortunately, it
usually falls on deaf ears. Most buyers are so focused on low monthly
payments (extended terms) and minimal out of pocket investment (little or no
money down) that they fail to realize how poorly they're managing their
money. My advice to anyone who'll listen - put at least 30% down and
finance for no longer than 36 months. If you don't, buy gap insurance.

Best regards,
Dave Rose
Cactus Cowboy
Big Wonderful Wyoming
'49 ****** Pickup (parts truck)
'62 ****** Pickup 4WD 226
'98 XJ Sport
O|||||||O

"Jo" <jo_ratner@NOSPAMyahoo.com> wrote in message
news:Shwoc.7297$KE6.5476@newsread3.news.atl.earthl ink.net...
> That's how I understand it... good for a lease, "bad" for a (properly
> executed) purchase.
>
> twaldron wrote:
>
> > They flat lied to him about gap insurance, but he didn't do his homework
> > on this either...unless he just explained himself incorrectly.
> >
> > Gap insurance covers ONLY THE DIFFERENCE BETWEEN THE VALUE OF THE
> > VEHICLE AT THE TIME OF LOSS, AND THE LOAN AMOUNT. It's only good for
> > people who are upside down on their loans and the vehicle gets totalled.
> > It DOES NOT buy you a brand spanking new vehicle. If his Rubi is worth
> > $18k when it's totalled and he owes $18,900, gap insurance pays $900
> > MINUS his deductable. If his ded. is $500, gap ins. pays $400.
> >
> > Jo wrote:
> >
> >> "I did bite on the gap insurance. For $192 I get a replacement vehicle
> >> should this one get totaled"
> >> Hmmm... doesn't gap insurance cover the difference between what you
> >> owe and what it's worth? This does not necessarily get you a
> >> replacement vehicle, it just pays off your loan so you are not in debt
> >> any more.
> >>
> >> Jeffrey Wright wrote:
> >>
> >>> Here's how it went:
> >>>
> >>> The Jeep came in Thursday, May 6. I ordered it back in February; I
> >>> ignored
> >>> the dealer until today, Monday, May 10. I made it obvious I was in no
> >>> hurry,
> >>> I never salivated, and showed only mild interest in the vehicle the
> >>> first
> >>> time I saw it. Give me an Oscar.
> >>>
> >>> I took the advice proffered here and visited the suggested web sites.
My
> >>> MSRP was 28.6K. Kelly's, Edmunds, and CarsDirect all had my Rubi at
> >>> 26.5K as
> >>> the "good deal" norm. I made this known, and my dealer came back with
> >>> 26.1K-- at 5.9% interest for 66 months. No way.
> >>>
> >>> We went back and forth just a couple of times, and in the end I got
> >>> my Jeep
> >>> for 26.6K at 1.9% interest (Chrysler Finance) for 48 months. I had to
> >>> put 3K
> >>> down.
> >>>
> >>> I think it is important to note that I do not have perfect credit,
> >>> courtesy
> >>> of my ex-wife. Nonetheless, I asked for the best finance rate
> >>> possible and
> >>> got it. Seems all I had to do was ask. (I do have a good job, low
> >>> debt, and
> >>> make a decent buck, which can't hurt.)
> >>>
> >>> Once the deal was made, I was siphoned off to the finance gal, and
> >>> just as
> >>> some cautioned they tried to sneak in $150 for 20 "free" oil changes.
> >>> She
> >>> said the contract had to show the oil change program price, but that
> >>> it had
> >>> already been deducted. I flashed the math though my mind, and it did
> >>> not add
> >>> up. I caught the discrepancy, thanks to the heads up on this group,
and
> >>> worked it out to my favor. We had to tear up three documents, and now
> >>> free
> >>> means free.
> >>>
> >>> I did bite on the gap insurance. For $192 I get a replacement vehicle
> >>> should
> >>> this one get totaled; my insurance, Geico, would just give me what it
> >>> was
> >>> worth at the time of the accident. No, I do not intend to total the
> >>> vehicle
> >>> in the next five years, but I do plan on wheeling and you never know.
I
> >>> think if you are buying a real Jeep or a Corvette and use them as
> >>> intended,
> >>> gap insurance makes sense.
> >>>
> >>> I turned down extra warranty options. I stuck with the no extra cost
> >>> 3 yr
> >>> bumper to bumper plus the 7/70 powertrain.
> >>>
> >>> The minor glitches: it was supposed to come with a locking gas cap,
but
> >>> didn't. I had that noted on the "what the dealer owes you" sheet. I
> >>> also got
> >>> home and found no owner's manual, just a video.
> >>>
> >>> All told, I rolled out with a good deal, a full tank of gas, and one
> >>> damn
> >>> fine machine!
> >>>
> >>>
> >>>
> >>>
> >>>
> >>
> >
>

 

Gap insurance is a very good idea for anyone who will be in a negative
equity position on a car loan. Most buyers will be "upside down", thanks to
zero down, extended terms, and/or carrying negative equity from a trade into
the new purchase.

I advise my customers to put as much money down as possible and finance for
the shortest term possible. It's in their best interest. Unfortunately, it
usually falls on deaf ears. Most buyers are so focused on low monthly
payments (extended terms) and minimal out of pocket investment (little or no
money down) that they fail to realize how poorly they're managing their
money. My advice to anyone who'll listen - put at least 30% down and
finance for no longer than 36 months. If you don't, buy gap insurance.

Best regards,
Dave Rose
Cactus Cowboy
Big Wonderful Wyoming
'49 ****** Pickup (parts truck)
'62 ****** Pickup 4WD 226
'98 XJ Sport
O|||||||O

"Jo" <jo_ratner@NOSPAMyahoo.com> wrote in message
news:Shwoc.7297$KE6.5476@newsread3.news.atl.earthl ink.net...
> That's how I understand it... good for a lease, "bad" for a (properly
> executed) purchase.
>
> twaldron wrote:
>
> > They flat lied to him about gap insurance, but he didn't do his homework
> > on this either...unless he just explained himself incorrectly.
> >
> > Gap insurance covers ONLY THE DIFFERENCE BETWEEN THE VALUE OF THE
> > VEHICLE AT THE TIME OF LOSS, AND THE LOAN AMOUNT. It's only good for
> > people who are upside down on their loans and the vehicle gets totalled.
> > It DOES NOT buy you a brand spanking new vehicle. If his Rubi is worth
> > $18k when it's totalled and he owes $18,900, gap insurance pays $900
> > MINUS his deductable. If his ded. is $500, gap ins. pays $400.
> >
> > Jo wrote:
> >
> >> "I did bite on the gap insurance. For $192 I get a replacement vehicle
> >> should this one get totaled"
> >> Hmmm... doesn't gap insurance cover the difference between what you
> >> owe and what it's worth? This does not necessarily get you a
> >> replacement vehicle, it just pays off your loan so you are not in debt
> >> any more.
> >>
> >> Jeffrey Wright wrote:
> >>
> >>> Here's how it went:
> >>>
> >>> The Jeep came in Thursday, May 6. I ordered it back in February; I
> >>> ignored
> >>> the dealer until today, Monday, May 10. I made it obvious I was in no
> >>> hurry,
> >>> I never salivated, and showed only mild interest in the vehicle the
> >>> first
> >>> time I saw it. Give me an Oscar.
> >>>
> >>> I took the advice proffered here and visited the suggested web sites.
My
> >>> MSRP was 28.6K. Kelly's, Edmunds, and CarsDirect all had my Rubi at
> >>> 26.5K as
> >>> the "good deal" norm. I made this known, and my dealer came back with
> >>> 26.1K-- at 5.9% interest for 66 months. No way.
> >>>
> >>> We went back and forth just a couple of times, and in the end I got
> >>> my Jeep
> >>> for 26.6K at 1.9% interest (Chrysler Finance) for 48 months. I had to
> >>> put 3K
> >>> down.
> >>>
> >>> I think it is important to note that I do not have perfect credit,
> >>> courtesy
> >>> of my ex-wife. Nonetheless, I asked for the best finance rate
> >>> possible and
> >>> got it. Seems all I had to do was ask. (I do have a good job, low
> >>> debt, and
> >>> make a decent buck, which can't hurt.)
> >>>
> >>> Once the deal was made, I was siphoned off to the finance gal, and
> >>> just as
> >>> some cautioned they tried to sneak in $150 for 20 "free" oil changes.
> >>> She
> >>> said the contract had to show the oil change program price, but that
> >>> it had
> >>> already been deducted. I flashed the math though my mind, and it did
> >>> not add
> >>> up. I caught the discrepancy, thanks to the heads up on this group,
and
> >>> worked it out to my favor. We had to tear up three documents, and now
> >>> free
> >>> means free.
> >>>
> >>> I did bite on the gap insurance. For $192 I get a replacement vehicle
> >>> should
> >>> this one get totaled; my insurance, Geico, would just give me what it
> >>> was
> >>> worth at the time of the accident. No, I do not intend to total the
> >>> vehicle
> >>> in the next five years, but I do plan on wheeling and you never know.
I
> >>> think if you are buying a real Jeep or a Corvette and use them as
> >>> intended,
> >>> gap insurance makes sense.
> >>>
> >>> I turned down extra warranty options. I stuck with the no extra cost
> >>> 3 yr
> >>> bumper to bumper plus the 7/70 powertrain.
> >>>
> >>> The minor glitches: it was supposed to come with a locking gas cap,
but
> >>> didn't. I had that noted on the "what the dealer owes you" sheet. I
> >>> also got
> >>> home and found no owner's manual, just a video.
> >>>
> >>> All told, I rolled out with a good deal, a full tank of gas, and one
> >>> damn
> >>> fine machine!
> >>>
> >>>
> >>>
> >>>
> >>>
> >>
> >
>

 

Gap insurance is a very good idea for anyone who will be in a negative
equity position on a car loan. Most buyers will be "upside down", thanks to
zero down, extended terms, and/or carrying negative equity from a trade into
the new purchase.

I advise my customers to put as much money down as possible and finance for
the shortest term possible. It's in their best interest. Unfortunately, it
usually falls on deaf ears. Most buyers are so focused on low monthly
payments (extended terms) and minimal out of pocket investment (little or no
money down) that they fail to realize how poorly they're managing their
money. My advice to anyone who'll listen - put at least 30% down and
finance for no longer than 36 months. If you don't, buy gap insurance.

Best regards,
Dave Rose
Cactus Cowboy
Big Wonderful Wyoming
'49 ****** Pickup (parts truck)
'62 ****** Pickup 4WD 226
'98 XJ Sport
O|||||||O

"Jo" <jo_ratner@NOSPAMyahoo.com> wrote in message
news:Shwoc.7297$KE6.5476@newsread3.news.atl.earthl ink.net...
> That's how I understand it... good for a lease, "bad" for a (properly
> executed) purchase.
>
> twaldron wrote:
>
> > They flat lied to him about gap insurance, but he didn't do his homework
> > on this either...unless he just explained himself incorrectly.
> >
> > Gap insurance covers ONLY THE DIFFERENCE BETWEEN THE VALUE OF THE
> > VEHICLE AT THE TIME OF LOSS, AND THE LOAN AMOUNT. It's only good for
> > people who are upside down on their loans and the vehicle gets totalled.
> > It DOES NOT buy you a brand spanking new vehicle. If his Rubi is worth
> > $18k when it's totalled and he owes $18,900, gap insurance pays $900
> > MINUS his deductable. If his ded. is $500, gap ins. pays $400.
> >
> > Jo wrote:
> >
> >> "I did bite on the gap insurance. For $192 I get a replacement vehicle
> >> should this one get totaled"
> >> Hmmm... doesn't gap insurance cover the difference between what you
> >> owe and what it's worth? This does not necessarily get you a
> >> replacement vehicle, it just pays off your loan so you are not in debt
> >> any more.
> >>
> >> Jeffrey Wright wrote:
> >>
> >>> Here's how it went:
> >>>
> >>> The Jeep came in Thursday, May 6. I ordered it back in February; I
> >>> ignored
> >>> the dealer until today, Monday, May 10. I made it obvious I was in no
> >>> hurry,
> >>> I never salivated, and showed only mild interest in the vehicle the
> >>> first
> >>> time I saw it. Give me an Oscar.
> >>>
> >>> I took the advice proffered here and visited the suggested web sites.
My
> >>> MSRP was 28.6K. Kelly's, Edmunds, and CarsDirect all had my Rubi at
> >>> 26.5K as
> >>> the "good deal" norm. I made this known, and my dealer came back with
> >>> 26.1K-- at 5.9% interest for 66 months. No way.
> >>>
> >>> We went back and forth just a couple of times, and in the end I got
> >>> my Jeep
> >>> for 26.6K at 1.9% interest (Chrysler Finance) for 48 months. I had to
> >>> put 3K
> >>> down.
> >>>
> >>> I think it is important to note that I do not have perfect credit,
> >>> courtesy
> >>> of my ex-wife. Nonetheless, I asked for the best finance rate
> >>> possible and
> >>> got it. Seems all I had to do was ask. (I do have a good job, low
> >>> debt, and
> >>> make a decent buck, which can't hurt.)
> >>>
> >>> Once the deal was made, I was siphoned off to the finance gal, and
> >>> just as
> >>> some cautioned they tried to sneak in $150 for 20 "free" oil changes.
> >>> She
> >>> said the contract had to show the oil change program price, but that
> >>> it had
> >>> already been deducted. I flashed the math though my mind, and it did
> >>> not add
> >>> up. I caught the discrepancy, thanks to the heads up on this group,
and
> >>> worked it out to my favor. We had to tear up three documents, and now
> >>> free
> >>> means free.
> >>>
> >>> I did bite on the gap insurance. For $192 I get a replacement vehicle
> >>> should
> >>> this one get totaled; my insurance, Geico, would just give me what it
> >>> was
> >>> worth at the time of the accident. No, I do not intend to total the
> >>> vehicle
> >>> in the next five years, but I do plan on wheeling and you never know.
I
> >>> think if you are buying a real Jeep or a Corvette and use them as
> >>> intended,
> >>> gap insurance makes sense.
> >>>
> >>> I turned down extra warranty options. I stuck with the no extra cost
> >>> 3 yr
> >>> bumper to bumper plus the 7/70 powertrain.
> >>>
> >>> The minor glitches: it was supposed to come with a locking gas cap,
but
> >>> didn't. I had that noted on the "what the dealer owes you" sheet. I
> >>> also got
> >>> home and found no owner's manual, just a video.
> >>>
> >>> All told, I rolled out with a good deal, a full tank of gas, and one
> >>> damn
> >>> fine machine!
> >>>
> >>>
> >>>
> >>>
> >>>
> >>
> >
>