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Smart Shopper Gap Insurance
440 messages, Last post on Sep 24, 2009 at 1:20 PM
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Replying to: jagar100 (Jun 24, 2009 6:42 am) 
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Replying to: jagar100 (Jun 24, 2009 6:42 am)  We sell cars to an agent for Farm Bureau, and he buys our GAP for that exact reason.
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I am buying a 2008 Toyota, and need to reduce the amount I am financing so am looking on the internet for gap coverage. Almost everything I find says somewhere in the fine print that they are connected to Lee and Mason in some way, and that they will not write GAP insurance for any car loan with interest rate over 12%. My rate is higher than that. My car ins. company does not offer GAP for used cars (Nationwide/Allied). Can someone tell me where I can get GAP insurance for a 1 year old used car, 72 month loan, interest rate over 12 percent. 60 months would be OK. If you have a web site address that would help. I have tried so many that say variations of gap auto insurance in the web site address and they all end up being connected to Lee and Mason somehow. Thank you very much.
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Replying to: kelliann (Aug 28, 2009 11:55 pm)
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Replying to: joel0622 (Aug 29, 2009 7:10 am) Yes, the dealer offers gap waiver insurance, but they want $600 for it and that's too expensive for me. I need to get the total amount financed down and with having to also make a down payment to reduce the financed amount, I have nothing left to also pay the $600 out of pocket so I can keep the total amount I need financed down. It looks like every gap policy in the country that an owner can purchase as an individual somehow comes through Lee & Mason even though you can buy it from a lot of web sites. All mention Lee & Mason as their agent. But Lee & Mason cap the interest rate you can be paying on your loan at 12.9% and unfortunately, I can't find a lender at that rate these days. (Hard for even me to believe, but, it's true). My research is indicating that: 1. Some regular auto insurers offer gap insurance but seem to be for new cars, not used, and you have to have all your auto insurance with them. 2. Dealers can get gap waiver insurance where they and the lender forgive whatever is left to be paid on the loan if there's total loss of the car. 3. Individuals like me and you can buy gap insurance on the internet from companies that will sell you the insurance all by itself, and it can be for used or new cars, but, it all seems to come through Lee & Mason with the restrictions of: no more than 12.9% interest on loan, no more than 84 mo. on loan, 110 to 120 percent of value of car and a few other things. 4. Drivers Select offers a "Total Loss Protection" deal for $299 which allows higher interest rate and used cars, for 60 months but I can NOT understand how it works no matter how many times I read it, and when I try to call, I can hear the number being forwarded and then a guy comes on and says they are "certified" something or other and to leave a number and they will call back. I know their site links to a warranty site called certified. This may be because it is a Saturday, don't know. I don't know if this will work for me or not. I can't afford to be left with thousands of dollars to pay if I lose the car. If you or anyone else can explain how this Driver's Select works, I'd love to hear. My question mostly is, what value are they putting on the totaled car? Where do they get it from? Here is the link: http://www.gap-insurance.com/indexTL.htm IF you click anything else on the page, it takes you to their regular gap insurance, and to return to the Total Loss page you have to click the above link again.
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Replying to: kelliann (Aug 29, 2009 1:32 pm) Yes, the dealer offers gap waiver insurance, but they want $600 for it and that's too expensive for me I can't afford to be left with thousands of dollars to pay if I lose the car So pay the extra $12 a month and buy the GAP. Over $300 I would most definitley want the contract in my loan and by some third party fly by night. As far as the insurance companies go. Do you really want the company that decides weather your car is totaled also being the one that handles your GAP insurance? Think about it. If the repair is less then the GAP guess what, there fixing your car. Where if the GAP is with a third party they will not care and probably total it.
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Replying to: joel0622 (Aug 29, 2009 3:22 pm) My insurance company does not do GAP for used cars, so, I was not considering using them for GAP. And the problem is, I may not get financing for the car if I include the $600 GAP insurance in the financing contract. I think it would be the best way to go if I could also get financing, but, right now I have to reduce the amount I am trying to finance or I'm not going to be able to get any. It's a tough world out there credit-wise these days. I am trying to find a company that offers GAP insurance for a 2008 car with a high interest rate loan. If you or anyone knows of such a company, please let me know. Thanks! |
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Replying to: kelliann (Aug 29, 2009 5:08 pm)
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Replying to: madmanmoo (Aug 31, 2009 6:38 am) 
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Replying to: kirstie_h (Aug 31, 2009 8:12 am) |
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