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Started By
Message
GAP
Posted on 2/24/24 at 2:20 pm
Posted on 2/24/24 at 2:20 pm
Do you need GAP when buying a new vehicle if you put $5000 down on a $55,000 vehicle?
4
Posted on 2/24/24 at 2:21 pm to tigger4ever
Yes
Posted on 2/24/24 at 2:23 pm to Scooter McWinner
If I’m taking doing a 5 year payment plan I would still need it?
Posted on 2/24/24 at 2:24 pm to tigger4ever
GAP coverage is advised until the equity + appraisal > note balance
This post was edited on 2/24/24 at 2:32 pm
Posted on 2/24/24 at 2:26 pm to tigger4ever
The most ot post ever
Posted on 2/24/24 at 2:27 pm to Scooter McWinner
If I put $5,000 down payment that will get me to value or below value.
Posted on 2/24/24 at 2:28 pm to kywildcatfanone
Posted on 2/24/24 at 2:30 pm to tigger4ever
GAP teeth in ya mouth so my dick's gots to fit.
Posted on 2/24/24 at 2:31 pm to tigger4ever
quote:Is it new? Cars depreciate in value...
If I put $5,000 down payment that will get me to value or below value.
Posted on 2/24/24 at 2:36 pm to tigger4ever
quote:
If I put $5,000 down payment that will get me to value or below value.
lol. That doesn’t matter. What about in a year when the vehicle is valued at $35,000 and you still owe $45,000.
Posted on 2/24/24 at 2:38 pm to Scooter McWinner
quote:
GAP coverage is advised until the equity + appraisal > note balance
I wouldn't buy it if I had other liquid assets that could easily cover the difference if I had to use them.
Unless OP drives an extreme number of miles, he can probably estimate about what he'd have in negative equity over 5 years. Nothing like paying $800 as insurance for not having to come up with $3000 if an unlikely event occurred. It's a shite deal in most cases.
This post was edited on 2/24/24 at 2:45 pm
Posted on 2/24/24 at 2:51 pm to fallguy_1978
Get gap, better safe than sorry. And you didnt even cover you tt&l with $5k on $55k car.
Posted on 2/24/24 at 3:11 pm to tigger4ever
This is a thread for poors
Real OTers buy in cash
Real OTers buy in cash
Posted on 2/24/24 at 3:15 pm to Upperdecker
quote:Big Fax
Real OTers buy in cash
Posted on 2/24/24 at 4:21 pm to Robertson coach
It is new. Toyota salesman said they will send a full refund for GAP automatically when you pay down to the value of vehicle. I really don’t believe that but I asked 2 times to make sure.
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