- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Should I get GAP on an ‘07 4-Runner?
Posted on 4/10/19 at 7:40 am
Posted on 4/10/19 at 7:40 am
Getting it for $8,400, it’s valued at $11,750. Putting $2,500 down. Seems like it’s depreciated most drastically already, and I can’t imagine ever being upside down on it.
Lender is trying to sell it to me for $449, but build it into the loan with interest. Interest rate is already higher than normal because of the age and mileage. Thoughts? TIA
Lender is trying to sell it to me for $449, but build it into the loan with interest. Interest rate is already higher than normal because of the age and mileage. Thoughts? TIA
16
Posted on 4/10/19 at 7:45 am to Hot Carl
Don’t buy a 12 year old vehicle?
Posted on 4/10/19 at 7:50 am to Hot Carl
Hell no
Posted on 4/10/19 at 8:01 am to DCtiger1
quote:
Hell no
That’s what I’m leaning, but why?
Posted on 4/10/19 at 8:27 am to Hot Carl
quote:
but why?
you answered it already. it has already taken the biggest depreciation hit in its first 10 years of life
as long as your note isn't 7 years, very little risk you go upside down.
Posted on 4/10/19 at 9:51 am to Hot Carl
No need for GAP, you are literally paying down almost 1/3rd of the cost anyways.
Very little chance you go upside down unless you are financing it for a long time.
Very little chance you go upside down unless you are financing it for a long time.
Posted on 4/10/19 at 10:07 am to Hot Carl
If you want GAP insurance, you can buy it as an add on to your auto policy for like $2/mo. But I don’t think you even need it.
Posted on 4/10/19 at 10:20 am to Hot Carl
Not at all. Never.
Posted on 4/10/19 at 11:02 am to lsujro
Posted on 4/10/19 at 1:51 pm to Hot Carl
I’m more concerned about why someone would finance $6,100?
Posted on 4/10/19 at 2:37 pm to Hot Carl
Definitely not.
Posted on 4/10/19 at 4:24 pm to Hot Carl
If this is a serious question, I would recommend you get it. Reason being you are more than likely to give your money away anyway.
Oh ya, call your lender and tell them you will be doing business somewhere else if they are pushing GAP Insurance on a 13 year old vehicle.
ETA: be sure to get the credit life as well.
Oh ya, call your lender and tell them you will be doing business somewhere else if they are pushing GAP Insurance on a 13 year old vehicle.
ETA: be sure to get the credit life as well.
This post was edited on 4/10/19 at 4:26 pm
Posted on 4/11/19 at 7:50 pm to Hot Carl
No, your loan to value (LTV) would be close to 50%. No reason for it..
Posted on 4/11/19 at 10:45 pm to JOJO Hammer
quote:
I’m more concerned about why someone would finance $6,100?
Yeah, I had that thought too. Maybe OP is young. Sometimes financing a car is necessary, but I try to avoid it unless there is a 0% interest promotion.
Posted on 4/11/19 at 11:42 pm to Hot Carl
quote:
Getting it for $8,400, it’s valued at $11,750. Putting $2,500 down. Seems like it’s depreciated most drastically already, and I can’t imagine ever being upside down on it.
Lender is trying to sell it to me for $449, but build it into the loan with interest. Interest rate is already higher than normal because of the age and mileage. Thoughts? TIA
My advice is do nothing for at least a month and that vehicle will be at least $1,000 cheaper.
It is tax refund season and dealers love nothing more than separating fools from their new found wealth and there are plenty of them with cash burning a hole in their pocket.
Posted on 4/12/19 at 7:45 am to Hot Carl
quote:
Getting it for $8,400, it’s valued at $11,750
Give more specs on 4Runner, mileage, and condition.
Where did you get $11,750 as the value? KBB?
No to gap insurance.
Posted on 4/12/19 at 8:18 am to cave canem
quote:
My advice is do nothing for at least a month and that vehicle will be at least $1,000 cheaper. It is tax refund season and dealers love nothing more than separating fools from their new found wealth and there are plenty of them with cash burning a hole in their pocket.
Every time I sell a vehicle I do it in March and April. Can easily get 20% more than normal.
Posted on 4/12/19 at 8:53 am to Hot Carl
quote:
Getting it for $8,400, it’s valued at $11,750.
car salesmen are so nice.
Posted on 4/12/19 at 9:27 pm to Hot Carl
No No and NO
Page 1 of 2
Back to top
Follow TigerDroppings for LSU Football News