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Gap Insurance

446 messages,  Last post on Dec 05, 2009 at 7:59 AM

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What is this discussion about? Car Leasing, Buying Insurance

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#7 of 446 Car_man by Car_man HOST Jan 20, 1999 (11:50 pm)
Well, ladyk, you technically don't need gap insurance. Whether you should purchase it or not depends upon how risk averse you are, much like an extended warranty purchase decision. Gap insurance was included on the last two vehicles that I leased, but I don't think that I would have gotten it if I had to pay more than a few (very few) dollars extra per month. Your Host
#8 of 446 n247zq by n247zq Mar 12, 1999 (7:56 pm)
Does anyone know if and where GAP insurance can be obtained after a lease - lease company says they can't do it.
#9 of 446 GAP Insurance for less by Dec 14, 2000 (3:46 am)
#10 of 446 Johnh by johnharper Jul 27, 1999 (10:40 am)
I was shopping around when getting my new car and the dealer wanted $550 for GAP Insurance. Knowing that somewhere on the web I could get it for cheaper. After searching for a couple weeks I came across a site that did it for $225!. I would recommend this site if you want to save considerable money on your GAP insurance. Their web site is www.gapcontracts.com. Thanks, John
#11 of 446 EVEN AT $225 A RIP -OFF by diazodoktor2 Jul 27, 1999 (12:39 pm)
RE: JOHNHARPER All the leases that I have been involved in (Ford, GMC, Chase) have included the "gap" at NO additional charge. You are being HUSTLED big time. Don't go for it!! The dealer is ripping you off for additional profit. Tell him thanks, but no thanks ! How about your own insurance co? They shpuld be able to do a whole lot better than that if the leasing company you are dealing with really does not include it in the contract.
#12 of 446 JDPEARL by jdpearl Aug 10, 1999 (12:19 pm)
Be careful of GAP protection, some states it is regulated like an insurance product and pricing is controlled by the individual states. Yes it is true that some manufacturers include gap in their leases. But the consumer is still paying for it in acquisition fees that are clearly stated on all these contracts. There is nothing for free in this world. Make your own decision consumer. GAP is designed for peace-of-mind. If you are rolling over negative equity from a trade-in, insurance settlement, or lease charges into a retail (finance contract) then you might want to consider GAP protection. Also when buying a used or a new car the difference between what you owe and what the payoff. There will always be a depreciation factor with most vehicles. Insurance is a risk and there must be a charge for it. That's the law
#13 of 446 Frozen Topic by kcram HOST Feb 08, 2000 (1:01 am)
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#14 of 446 GAP Insurance by Dec 14, 2000 (3:46 am)
#15 of 446 GAP Insurance by ae7327t Oct 26, 2000 (8:24 am)
Hello all,     My fiancee and I just purchased a Dodge Neon 2001 SE at 200 over invoice. In negotiations, I squished all of the major scams (extended warranties, credit insurance, etc.) but the dealer said we needed to have gap insurance at 450 or our APR would be going up from 9.3 to 9.7% and he said that Chrysler included GAP insurance. However, on the contract, I saw it as an extra charge??? We took it because it would raise our monthly payments with a higher financing rate...did we get screwed?
#16 of 446 by fronobulax Oct 26, 2000 (1:01 pm)
It's not real clear what you were offered but it makes sense that the dealer would offer two rates, a lower rate if you buy GAP insurance. Given the choice between 1. A 9.3% loan and having to buy GAP insurance for $450 and 2. A 9.7% loan with not GAP insurance requr (9.7%), then you should take the higher rate loan. That is because the higher rate results in only about $150 more in payments. It is better to pay $150 over 5 years than $450 today.

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