i007spectre

My dealers gap was $500. Refinanced through my bank theres was only 225ish. Asked for gap refund from dealer two weeks ago. Hwe said it would be sent out soon. Nothing has come.

dante

if you have a small downpayment, gap is essential. Just imagine putting $1k down on a stock tC, that came out to 19k once you did all the Tax, Title, License fees. So you owe $18k on a car that's only worth $16k, and once you drive it off the lot it's only worth $15k. So you're $3k upside down on your loan (you owe 18k but the car is only worth 15k).

However, we've been VERY VERY lucky that our tC is holding its value as well as it has. You can go onto KBB and use their "private party resale" value to show to an insurance company and you'll probably get close to that if you negotiate. Right now, the KBB value is holding extremely high, so even on my '05 in "good" condition would still be worth $14,355. (if it were stolen I'd use the "perfect" condition, as how would they know that there were some paint chips on the hood... and it'd be worth 15.5k) Just something to keep in mind when deciding on gap insurance.

SCION_X

Trust me when i say this, but i am SO GLAD i got it on my car.. Acidents happen all the time, especailly here in TX.. Stupid people do stupid things.. I might accientally run it off the road or it will get tottaled by my wife, or someone else.. but i am sure confident the GAP insurance will save my azz... I have been lucky that my payoff on my wreck a few years back wasnt that bad, but it could have been real easily.. Guys.Gals, its seriously well worth it, downpayment or not. In the long run there are no worries. Period.. and from now on i will own GAP insurance on any car/truck i own.. Also i have hearrd too many stories where the day of, or the day after some people aactually getting into wrecks and totalling the vehicle, and GAP saved them.. It is true about the car value dropping 4-6 grand as soon as you leave the lot.. If you pay the car off and you have GAP insurance, the dealership will pay you the ammount out from the KBB/and a formula from that time, and that will go toward a new car. This last part i have never seen happen, but i have heard that this is true when i was asking about it at work.. I decided it was best for me and my WALLET...

bB2NER

Gap is good! But shop around for it.
Extended warranty a rip-off IMHO. It is a Toyota after all. NUF SAID.

TongMan

I'm doing a 6K-8K down...should I get it?

intakeonly

if I bought GAP insurance for my car and it has now been paid off
is GAP insurance still effective on the car I own?

I got it from toyota by the way
and I financed through them...

If not, do you think i could get a partial refund?

paultg

I would think the "gap coverage" ends once the car is paid off, so you wouldn't have to continue to pay for the extra coverage. At least with me, since it is through my insurance company, I just drop the coverage when the loan is paid off.

Since you financed the coverage through Toyota, I'm not sure. I would call and ask though. It's silly to pay for the coverage if you don't need it.

bB2NER

I wouldn't if I were you. You'll always owe less than it's worth so gap insurance would be useless.

ZiggyXIV

No. Now that the car is paid off, there is no gap ("gap" being what you owe minus what the car is worth.)

Yeah right. That's like asking for a refund on your home owner's insurance because your house is still standing. That's just not how insurance works.

ScionGurlx2

get gap bc it will save ur butt.
it saved mine... i wrecked my '06 Scion xA at the beginning of july '06... but the insurance was slow so we are still going through the process of trying to get a new one... but its going to pay the $3,000 the insurance didn't pay.
i totally recommend it

tcKing

I paid $500 for mine

hattrick74

get GAP regardless of how much you put down. There are a lot of factors that determine your vehicle's value at any given time. if for some reason, scion get some really bad press or all of a sudden Scion sells a ton to rental car companies (why do you think that the ford taurus sucks on resale), or here is a long shot, what if scion goes out of business, or a new model comes out that is much different and better than the current model. Though most of that is very unlikely, the point is that you never know what will happen in the future. i am a finance manager in a car dealership and we sell gap to over 70% of customers that purchase cars. i agree that you should check with your insurance company first to check their price. Also, if you purchase gap and pay off the vehicle before the term end of the loan, you might be elegible for a prorated refund on the purchase price of the gap.

lucky

"get GAP regardless of how much you put down."

'I am a finance manager in a car dealership"


Heh.

bB2NER

of course he wants you to buy gap insurance.. he works in a dealership and sells it.. !!! DUH
Bottom line. If you put 4 k or more down you should not need gap insuranceperiod. the car should always be worth more than you owe from there and gap insurance is only for people that owe more than the vehicle is worth. like when you dont put anything down.

i007spectre

Like I said earlier the dealers gap was $500, I cancelled it and got it through my bank for $170

hattrick74

yes i am a finance manager, but i did say that i agree with checking with your insurance company for price. i just think its a good idea. if you dont, thats cool, just stating my opinion. :-)

hattrick74

yes i am a finance manager, but i did say that i agree with checking with your insurance company for price. i just think its a good idea. if you dont, thats cool, just stating my opinion. :-)