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Hot Carl
LSU Fan
You get what you pay for
Member since Dec 2005
47615 posts

Should I get GAP on an ‘07 4-Runner?
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


hungryone
LSU Fan
river parishes
Member since Sep 2010
10460 posts

re: Should I get GAP on an ‘07 4-Runner?
Don’t buy a 12 year old vehicle?


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1516
DCtiger1
LSU Fan
Panama City Beach
Member since Jul 2009
4555 posts

re: Should I get GAP on an ‘07 4-Runner?
Hell no


Hot Carl
LSU Fan
You get what you pay for
Member since Dec 2005
47615 posts

re: Should I get GAP on an ‘07 4-Runner?
quote:

Hell no


That’s what I’m leaning, but why?


lsujro
LSU Fan
BR
Member since Jul 2007
3186 posts

re: Should I get GAP on an ‘07 4-Runner?
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.


UltimaParadox
Alabama Fan
Huntsville
Member since Nov 2008
14700 posts

re: Should I get GAP on an ‘07 4-Runner?
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.


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80
Golfer
LSU Fan
Member since Nov 2005
73654 posts
 Online 

re: Should I get GAP on an ‘07 4-Runner?
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.


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03
kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
68026 posts

re: Should I get GAP on an ‘07 4-Runner?
Not at all. Never.


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60
Hot Carl
LSU Fan
You get what you pay for
Member since Dec 2005
47615 posts

re: Should I get GAP on an ‘07 4-Runner?


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10
JOJO Hammer
Nicholls St. Fan
Cocodrie
Member since Nov 2010
9884 posts

re: Should I get GAP on an ‘07 4-Runner?
I’m more concerned about why someone would finance $6,100?


Slickback
New Orleans Pelicans Fan
Deer Stand
Member since Mar 2008
27190 posts

re: Should I get GAP on an ‘07 4-Runner?
Definitely not.


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UnoMe
LSU Fan
Here
Member since Dec 2007
3108 posts

re: Should I get GAP on an ‘07 4-Runner?
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.
This post was edited on 4/10 at 4:26 pm


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42
Hamma1122
Member since Sep 2016
8507 posts

re: Should I get GAP on an ‘07 4-Runner?
Nope


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00
bubbz
Baylor Fan
Baton Rouge
Member since Mar 2006
21671 posts

re: Should I get GAP on an ‘07 4-Runner?
No, your loan to value (LTV) would be close to 50%. No reason for it..


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20
lsubaseball78
LSU Fan
Dutchtown
Member since Feb 2019
27 posts

re: Should I get GAP on an ‘07 4-Runner?
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.


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cave canem
Mississippi St. Fan
pullarius dominus
Member since Oct 2012
10726 posts

re: Should I get GAP on an ‘07 4-Runner?
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.


hottub
Florida State Fan
Member since Dec 2012
1220 posts

re: Should I get GAP on an ‘07 4-Runner?
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.


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40
braindeadboxer
LSU Fan
Utopia
Member since Nov 2011
7739 posts

re: Should I get GAP on an ‘07 4-Runner?
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.


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10
Chad504boy
New Orleans Saints Fan
Member since Feb 2005
138093 posts

re: Should I get GAP on an ‘07 4-Runner?
quote:

Getting it for $8,400, it’s valued at $11,750.


car salesmen are so nice.


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70
756
LSU Fan
Member since Sep 2004
14027 posts

re: Should I get GAP on an ‘07 4-Runner?
No No and NO


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