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Smart Shopper Gap Insurance
445 messages, Last post on Dec 04, 2009 at 11:09 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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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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Replying to: madmanmoo (Aug 31, 2009 6:38 am) kelliann: have you ever thought about getting a cheaper car? You seem to be stressing over this purchase. Plus it appears you are at the upper limit of your credit if $600 is going to somehow disqualify you. And to be honest a six year, high interest loan on a used car in this economy is probably not the smartest move. Why not look for a 2006 Camry instead or a cheaper car? I know it the older design but it should be a few thousand cheaper and near bullet proof in reliability since it was the last year of that design. You can find plenty of Camrys with 40k-50k miles for around $13k. Why not look at a new Sonata? Hyundai has been very aggressive this year in sales and you may be able to get a new Sonata for the same or lower than a one year Camry. The Sonata is rated the same as the Camry. |
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Replying to: kelliann (Aug 29, 2009 1:32 pm)  ) ...Dave
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| That should be the total premium, most likely...so, spread over 48 monthly payments is under $10/month...to me it is worth it, to some it isn't...if the car is totalled in the first 2 years, you may be quite glad you have it...as the vehicle loan balance goes down, the policy is worth less and less, but if you are upside down, say, $7-10K in years 1 and 2, the policy will be quite valuable | |
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Replying to: wdhyte (Sep 13, 2009 6:44 am) |
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Replying to: wdhyte (Sep 13, 2009 6:44 am) |
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