GAP... Should you get it?

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  • เผยแพร่เมื่อ 22 ธ.ค. 2024

ความคิดเห็น • 130

  • @jeeess9979
    @jeeess9979 ปีที่แล้ว +36

    i paid 1500 for GAP for a 65k Benz but cancelled it once paid down to mkt value. they charged me a cancellation fee of 50 I think when I cancelled it. I think its smart to get it and cancel it when you no longer need it!

    • @StevePCut
      @StevePCut 9 หลายเดือนก่อน

      In a total wreck, That money you paid down is lost whether you paid it or not

  • @StevePCut
    @StevePCut 10 หลายเดือนก่อน +17

    Makes sense to put nothing down and get gap. If you put money down that money is lost in a total wreck, even if you have gap.

    • @7motion985
      @7motion985 10 หลายเดือนก่อน +4

      Exactly

    • @StevePCut
      @StevePCut 9 หลายเดือนก่อน

      @@7motion985 I think her advice is pretty bad here.

    • @TimothyCausey
      @TimothyCausey 8 หลายเดือนก่อน +1

      No, that’s only better if the total wreck happens. If there is no total wreck, the interest you would pay over the life of the loan (compared with putting 20% down) is much higher than the cost of gap. It’s a gamble either way.

    • @StevePCut
      @StevePCut 8 หลายเดือนก่อน

      @@TimothyCausey putting money down only better if the interest rates are crazy.

    • @jerrylundegaard2592
      @jerrylundegaard2592 6 หลายเดือนก่อน +2

      GAP coverage is a bet. As with all bets the odds are with the house.
      When considering GAP several things need to be considered.
      How likely are you to experience an accident which results in a total loss? If you are a good driver, the chance is quite low.
      How much is the GAP? Is it worth spending $800 for GAP coverage which might pay $2,000 or so?
      Is it better to put that $800 or so down on the loan for the new car thus reducing any negative equity?
      How long will you be "upside down" on your loan? Generally after a couple of years the negative equity is quite low. If you put money down on an auto loan will you ever actually be in a negative equity position.
      GAP coverage from the dealer might cover 150 percent of the value versus 125 percent for GAP coverage from an insurance company. Is it worth spending several hundred dollars more for GAP coverage from a dealer to cover a relatively small difference between that 150 vs 125 percent coverage?
      In the end, GAP coverage purchased at a dealer is a grossly overpriced product which can be closely replicated for much less money elsewhere. There are reasons car dealer F&I managers push GAP on customers. That reason is not to protect the customer.

  • @ThomasMiller-tu8ch
    @ThomasMiller-tu8ch 10 หลายเดือนก่อน +7

    Definitely appreciated that you explained GAP. Yes we did purchase it. Finance officer was amazed that I brought up various points about it even that it was more than 100% coverage, no deductibles, transferable, downpayment help, and reimbursable if loan paid off early.

  • @brianjohnson3833
    @brianjohnson3833 ปีที่แล้ว +12

    Congratulations Kimberly on your new channel it's going to be fantastic

  • @Buc_Stops_Here
    @Buc_Stops_Here 11 หลายเดือนก่อน +5

    I understand now - GAP is when you pay down very little so you are not "underwater" if you total your car. Thank you. Fortunately I pay cash on every car I have ever bought so I guess I don't need to worry about it - but at least I understand it now. Thank you.

  • @Velben
    @Velben ปีที่แล้ว +15

    I get GAP always. In 2018 I had an accident and my Camaro was totaled. The gap insurance paid the car off. I paid nothing.

    • @jerrylundegaard2592
      @jerrylundegaard2592 6 หลายเดือนก่อน +2

      Actually you did pay something. You paid for the GAP coverage.

    • @jerrylundegaard2592
      @jerrylundegaard2592 3 หลายเดือนก่อน

      @Bj45380 GAP coverage includes a clause requiring full insurance coverage.

    • @mannygi1977
      @mannygi1977 3 หลายเดือนก่อน

      Just like medical insurance hopefull y you never need it all your life but just in case you do you have it​@jerrylundegaard2592

  • @alexanderviereck5479
    @alexanderviereck5479 ปีที่แล้ว +9

    Thank-you! I understand it now. Before, this was like a foreign language to me. Your presentation is excellent.

  • @thedude5040
    @thedude5040 ปีที่แล้ว +12

    I did not know what GAP was so I rejected it. Now I know I didn't need it because of a 25% down payment.

  • @Rockhound6165
    @Rockhound6165 11 หลายเดือนก่อน +5

    I highly recommend GAP insurance and he's why. 2016 we buy a Jeep Renegade. After making 1 payment my wife gets into an accident totaling the car. I got it through the dealer. The insurance company handled the totaling. This left the deductible of $500 which isn't bad but GAP picked up the rest and my total out of pocket due to interest accruing on the loan was $62.

    • @7motion985
      @7motion985 10 หลายเดือนก่อน +2

      On that case specific case Absolutely

    • @JM-qt5mg
      @JM-qt5mg หลายเดือนก่อน

      Ill give u some great money saving advice. Get rid of ur gap and get rid of ur wife. Trust me. Youll save tons!!!

  • @mikesheehan559
    @mikesheehan559 ปีที่แล้ว +13

    Another fantastic and informative video 👍 While not directly related to GAP, on a Total Loss, the insured can/should get an independent market valuation to use as a negotiating tool for the payout from their insurance carrier.

    • @AutoFinanceSense
      @AutoFinanceSense  ปีที่แล้ว +3

      💯!

    • @jeeess9979
      @jeeess9979 ปีที่แล้ว +3

      you can also do your own research and show them comp vehicles. Ive done this with a DV claim as well as a GAP claim. but beware if you try to use gap towards the end of the year because the value of the car will get devalued by the next model year.

  • @MrLoungist
    @MrLoungist ปีที่แล้ว +11

    If you pay 20 to 25% down, you basically already covered the gap. So one would actually need to get gap plus in the event of.

  • @jeeess9979
    @jeeess9979 ปีที่แล้ว +6

    kimberly.... you can negotiate the value of the vehicle.. but one thing is that.. if the wreck happens at the end of the year.. they will devalue the car by the next year. GAP is one of the only things really that F&I manager should push more and provides great value. I recently cancelled my gap after paying my loan down a certain amount (plus I had put down a pretty good down payment)

    • @StevePCut
      @StevePCut 10 หลายเดือนก่อน +1

      Why would you pay down a loan and then cancel gap? If you now get in a total wreck, you're out that money that you paid to catch up. Better to invest that money and keep the gap, no?

    • @tystephens454
      @tystephens454 5 หลายเดือนก่อน

      It’s all about the loan to value percentage.
      Unless you’re down payment is 20 to 25% cash, you should ALWAYS buy gap. Regardless of who you buy it from.
      You can always cancel the gap when your payoff is less than the value of your car.
      The gap refund amount will go to your lien holder. It will lower your payoff amount.

  • @iamintractable1805
    @iamintractable1805 8 หลายเดือนก่อน +2

    Based on one of your example, Gap Insurance negates the need to put 20% down unless your mission is to quickly pay off the loan (which is not typical).

  • @FleaMarketJohn
    @FleaMarketJohn ปีที่แล้ว +4

    This is so very informative. I got to remember this for the future but I'm sure I'll remember where to go on your channel for it

  • @essentiallyyvonne
    @essentiallyyvonne 9 หลายเดือนก่อน +1

    Thank you so much for this video and taking the time to go through this... This is soooooo valuable. And youre explaining it very well here with taking your time and being thorough. Thank you again!

  • @spaceworm
    @spaceworm ปีที่แล้ว +16

    The definitive MasterClass on GAP coverage 🧠💪

  • @BrianWaller-qe7gr
    @BrianWaller-qe7gr ปีที่แล้ว +10

    With car prices if my current car gets totaled I don’t think I’ll buy another. New car prices are unaffordable and used cars with 100k miles still going over $20k

    • @TASHUNDADON
      @TASHUNDADON ปีที่แล้ว +1

      You must be in Texas lol. These prices are ridiculous here for sure…

    • @BrianWaller-qe7gr
      @BrianWaller-qe7gr ปีที่แล้ว

      @@TASHUNDADON nope I’m about 1000 miles from Texas

  • @robertlee810
    @robertlee810 11 หลายเดือนก่อน +2

    Sign up with USAA for over 20 years. Have full coverage. My wife got into an accident so had to get a new car. Insurance covered the gap cause full coverage is on both wife and me. Better get good company and good policy.

  • @silverfox5732
    @silverfox5732 ปีที่แล้ว +3

    So much to learn about ,and as always thank you for helping 🙏🏼 the consumers in this crazy car market ❤

  • @chrisarredondo3756
    @chrisarredondo3756 10 หลายเดือนก่อน +2

    What a fantastic way to explain this. Thanks for valuable information 🙏🏻

  • @tomdfrog
    @tomdfrog ปีที่แล้ว +2

    Always stunned at the GAP price difference between the dealer's product and my Credit Union's GAP product. MANY hundreds of dollars difference in GAP cost. I always use GAP as a litmus test for the F&I. More often then not, our trade/down is 25% or more. If the F&I pushes GAP with that much down...I know they are a scoundrel.
    Also, many people do not take their choice in Make/Model into account when they decide on GAP. Many auto makes depreciate wicked fast. Even with a hefty down payment, you can still end up upside down on your loan real quick! Especially when buying a super pricey top of the line model. Spend $100k on a Grand Wagoneer...then it gets totaled and you still have 6 years still outstanding on the loan. eek!

    • @jamesrecknor6752
      @jamesrecknor6752 ปีที่แล้ว

      "Yes, our CRAP insurance policy may be overpriced by a few hundred dollars, but our Donuts and Hotdogs fee is only $999, and there is free coffee in the waiting area!"

    • @micahgreene4573
      @micahgreene4573 11 หลายเดือนก่อน +1

      So true. I bought a used 2019 Honda Civic from a dealer. GAP included was 1200 dollars. Two months later found a better rate at McCoy Credit Union. GAP coverage was $60.00

    • @tystephens454
      @tystephens454 5 หลายเดือนก่อน

      GAP is an insurance. Not all insurance is the same. Some gap coverages may not totally pay your loan off.
      Some cover up to 150% of NADA value. Some only pay 100%.
      GAP is great, if you need it.

  • @DeportesdePrimera
    @DeportesdePrimera 9 หลายเดือนก่อน +1

    so, so much worthy information... thank you

  • @perlzspective
    @perlzspective 7 หลายเดือนก่อน +1

    thank you so much! i just recently purchased gap insurance with my new car last week, and this week they're telling me to resign because the bank won't loan me for the gap because i put so much money down. so now i find myself here!

    • @tystephens454
      @tystephens454 5 หลายเดือนก่อน +2

      The bank asked the dealership to re-contract you. This is because the amount you financed, was less than the book value of the car you bought. Im guessing you either put $ down, or had equity in the trade in.
      All in all, you should be good with just keeping your full coverage car insurance.

  • @flpete
    @flpete ปีที่แล้ว +1

    Thank U Kimberly. Iam in the market and this will help me when iam in the F&I office

    • @AutoFinanceSense
      @AutoFinanceSense  ปีที่แล้ว

      That's why I'm here @flpete and thank YOU for being here!

  • @Bigstevesmb
    @Bigstevesmb ปีที่แล้ว +2

    Your video was very informative. Thank you

  • @hunterf3
    @hunterf3 ปีที่แล้ว +3

    Informative, great video!

  • @alanfoxman5291
    @alanfoxman5291 4 หลายเดือนก่อน +1

    So I'm planning to pay cash unless the dealer will knock the price down if I finance. In which case I'll put down say 20% and finance the balance with the intent to pay off the loan within the first 30 days. I assume under those circumstances I would not need GAP, right?

  • @valeriemalpass1472
    @valeriemalpass1472 9 หลายเดือนก่อน +1

    Omg I just went to buy a car at Toyota. I was down to the last step….the “GAP”. Since I wasn’t prepared…no no extras I say! The finance guy reacted like 😮😮😮. I ran out the door, the sales team was following me

  • @kevinhuerta-ponce138
    @kevinhuerta-ponce138 10 หลายเดือนก่อน +1

    Gap is important y’all. It’s the only product i would recommend to everyone that takes out a large car loan. Anything can happen in 5 years. Imagine having no car, no money and all debt.

  • @davidcanty2349
    @davidcanty2349 2 หลายเดือนก่อน +2

    I'm purchasing a 80k car and putting down a down payment of 50k , I guess no GAP insurance needed here!

  • @eddieb9102
    @eddieb9102 ปีที่แล้ว +1

    Great job Kimberly 👏... Miss you on Ray and Zach's. I'll be back, already subbed

  • @skpjoecoursegold366
    @skpjoecoursegold366 ปีที่แล้ว +1

    thanks Kimberly.

  • @ricardoramirez9510
    @ricardoramirez9510 8 หลายเดือนก่อน +1

    You mentioned 0% apr from dealerships. Do you have a video going in depth? I’ve seen videos that say 0% is a bad deal or not real. But never really found a solid answer. Thanks! Your channel is great.

    • @AutoFinanceSense
      @AutoFinanceSense  8 หลายเดือนก่อน

      Thank you so much! @ricardoramirez9510 I sure do! Go here and you'll see my video "The Truth About Captive Financing; Is 0% A Scam" www.youtube.com/@AutoFinanceSense/videos

  • @jimmulderig743
    @jimmulderig743 ปีที่แล้ว +2

    Thanks

  • @youtubewatcherrr
    @youtubewatcherrr ปีที่แล้ว +2

    Excellent info ❤

  • @tamarab3277
    @tamarab3277 4 หลายเดือนก่อน

    What kind of Gap is needed if I want to Turo my car? Commercial?

  • @hvp2601
    @hvp2601 11 หลายเดือนก่อน

    Hi @kimberly!
    Thank you for this awesome presentation.
    I had a quick question as I am super confused between buying a gap from my car dealership or a limited waiver of deposit from my insurance company. I fail to understand how these two would serve different purposes.
    P.s: i have put 15k down on a 55k car (doesn’t include the interest value).
    Would you please be able to share your advice on which one to purchase. Given my down payment is pretty high, i believe gap doesn’t make sense for me.

  • @jimmyzeledon5018
    @jimmyzeledon5018 2 หลายเดือนก่อน

    Hi Kim, I love your explanations but it would be better if you use a white board with markers and make the numbers up for us, to understand it in that way...Thank you so much for the time you invest to educate us!!!

    • @jimmyzeledon5018
      @jimmyzeledon5018 2 หลายเดือนก่อน

      I'll just be waiting for new content. Thanks Kim!!!

  • @joem6234
    @joem6234 5 หลายเดือนก่อน

    How to check my loan to value, any good websites.

  • @rsos8541
    @rsos8541 11 หลายเดือนก่อน

    Thank you for all this information.

  • @Justkevin377
    @Justkevin377 10 หลายเดือนก่อน +1

    Does the dealership gap coverage pay 150% of MSRP or book value of the vehicle?
    Does it pay $1000 deductible?

    • @AutoFinanceSense
      @AutoFinanceSense  10 หลายเดือนก่อน

      MSRP on new and book on used and yes, it should pay up to a $1000 deductible but you always ask to be sure 👍

    • @PhilT993
      @PhilT993 5 หลายเดือนก่อน

      @@AutoFinanceSense Great video, but I still don't understand the 150% payout of MSRP on a new car for instance. If you write off your new $60,000 car on the way home, a 150% payout would pay you $90,000. That obviously doesn't make sense. Or if you put down $20k you would still owe $40k, so GAP would pay 150% of the $20k ($30k) to bring you back to MSRP + the 50% extra? Perhaps you could give some examples using actual numbers. Thank you.

  • @Omar-ry6wx
    @Omar-ry6wx 10 หลายเดือนก่อน

    How do you know how much you are getting back when you cancel it. ??

  • @Isaiah-ft5nx
    @Isaiah-ft5nx 9 หลายเดือนก่อน

    This was a great video! Thank you!

    • @jonros91
      @jonros91 6 หลายเดือนก่อน

      Pttttttottttttt

  • @HisValor
    @HisValor 11 หลายเดือนก่อน +1

    Thanks for the informative video! I don’t know if I missed it, but my question is: let’s say I want to buy a car at a dealership but I’m going to finance that car through my bank. How do I get GAP on that? Does the dealer put together the paperwork for the Gap, and then it’s added to my bank loan?

    • @AutoFinanceSense
      @AutoFinanceSense  11 หลายเดือนก่อน +2

      Hi! @jbengue2026 Since it will be a cash deal for the dealership, they cannot put GAP on it for you. Ask your bank/credit union if they offer GAP coverage. If not, then see if your auto insurance offers it. Be sure to ask the two questions: "does this cover 150% and does this pay my deductibles for me?" If neither offer GAP, see if you can put 20% down so you won't need it.

    • @HisValor
      @HisValor 11 หลายเดือนก่อน +1

      @@AutoFinanceSense thank you for the clarification!😊👍🏼

  • @carlostseng9
    @carlostseng9 8 หลายเดือนก่อน

    Can you explain a GAP insurance that pays $150% of MSRP or book value". In your example of $20k loan, car gets totaled, insurance pays the $15k book value, what would a gap insurance that pays 150% of MSRP or book value pay? 150% of MSRP is $30k, 150% of book value is $22.5k. Is that what a 150% of MSRP or book value would pay $22.5k-30k? it doesn't sound right... so it will pay more than the MSRP of the vehicle?

  • @Justkevin377
    @Justkevin377 10 หลายเดือนก่อน +1

    You should have gap plus insurance company sponser the video that actually pays the 150% and 1000 deductible +plus.

    • @AutoFinanceSense
      @AutoFinanceSense  10 หลายเดือนก่อน

      I would love that! @Justkevin377

  • @mdf9446
    @mdf9446 9 หลายเดือนก่อน

    Hi, I was happily watching your video when I hit two spots right one after the other that stopped me cold so I thought I better comment because I can't watch the rest until I know... At 6:32 you say "Well as soon as you get halfway through..." The problem: what do you mean by halfway, do you mean I have made 30 monthly payments or do you mean some dollar amount because your answer could be either and so that stopped me from understanding because when we talked all our amounts then I get all confused and I have to stop until I know. And I can't assume that you meant "30 monthly payments or out of 60 months I have now paid 30 payments and it is the end of the 30th month." So that stops me cold and I don't go further with your video except just long enough to hear you say at 6:35 " flipped over... " Bam, another mystery term that is not defined and needs to be so I can go further. What does flipped over mean? Please in measurable terms, or behaviorally stated, by which I mean a term that I can see or hear, which is really how you should judge all of your words that you use, are you describing something in a term that one can see or hear?
    So I'll be happy to continue learning and exploring from your videos once I have heard you respond because I don't want to waste time if I don't understand what you're talking about so once I do, but you responding to me, then I'll be happy to keep on with you and do things like subscribe and like and maybe buy a paid subscription or whatever it is that you want viewers to do. Thanks very much!!! I guess this will be comment #81.

  • @bernard-francoistaylor4205
    @bernard-francoistaylor4205 2 หลายเดือนก่อน

    I was charged 1,500 for gap. I ordinarily lease and it's usually included with the lease, so I thought it would be a good investment for the time being. After watching this, I feel had. It is for 72 months so I don't know if that makes the 1,500 worth it. I'm going back to leasing so i'm getting rid of this car anyway

  • @equinefreedomhomesteady
    @equinefreedomhomesteady ปีที่แล้ว +3

    Just curious, will gab extend after the vehicle is paid off for when you have the gap plus ?
    This is a great video thank you. I'm sharing it to my friend that lost her vehicle in an accident.

    • @AutoFinanceSense
      @AutoFinanceSense  ปีที่แล้ว +3

      Thank you so much for being here & sharing! @equinefreedomhomesteady No, it will not because at that time, you will not have a GAP claim.

    • @equinefreedomhomesteady
      @equinefreedomhomesteady ปีที่แล้ว

      @@AutoFinanceSense thank you so much

  • @Retiredtraveler1961
    @Retiredtraveler1961 6 หลายเดือนก่อน

    Interesting video
    In 2020, I bought a new Lexus RX350 hybrid. Three weeks later my wife was rear ended by a drunk driver. USAA provided me with an SUV loaner and I had the car towed to the body shop used by Lexus of Annapolis. The savvy business owner tore apart the car exposing a complete systems review and why the car was totaled. I Was given a check by USAA insurance for $4,000 more than I paid for the car. I was reimbursed at full MSRP value. I had negotiated $4,000 off the price. I hung on to my good old Sequoia for another 2 years and bought another brand new Lexus 350 RX. I never do trade in (BIG mistake)
    Gap insurance didn’t ever occur to me, nor was I asked.
    Cheers 😊

  • @83chanman
    @83chanman 10 หลายเดือนก่อน +1

    Would you get GAP if you pay cash outright for the vehicle?

    • @AutoFinanceSense
      @AutoFinanceSense  10 หลายเดือนก่อน +2

      No, @83chanman . GAP is only for finance deals ✅

    • @jerrylundegaard2592
      @jerrylundegaard2592 6 หลายเดือนก่อน

      Your question is a joke, right?

  • @nedi6188
    @nedi6188 5 หลายเดือนก่อน

    20 -25% of the MSRP or the whoe OTD price? And why again that its ok to not to get a GAP with this percentage of downpayment.

  • @lorenzojennings3431
    @lorenzojennings3431 ปีที่แล้ว +2

    Sad to say this is why people get a lawyer and suit the person that hit them to pay their car off .

  • @noahstaranko1277
    @noahstaranko1277 ปีที่แล้ว

    This hair is EXCELLENT on you!!!!!

  • @pigletparade
    @pigletparade 8 หลายเดือนก่อน

    If I put down 20% and it gets totaled right away - I just lose that 20%?

  • @UtubeAdviser
    @UtubeAdviser 2 หลายเดือนก่อน

    I declined gap 4 days ago when i got my new car and the finance guy told me i cannot get it anymore once i leave the dealership,is that true? or can i still go back to the dealership to add gap insurance and redo all of my loan terms for the 60 months i got my car for at the special 1.99 apr i got from the dealership since the apr promotion expired on sep 30th, 2024. I'm lost and don't know what to do now!

    • @AutoFinanceSense
      @AutoFinanceSense  2 หลายเดือนก่อน

      That is true. Once the loan is funded, GAP is not something that can be added later. Check to see if your auto insurance carrier offers it. If so, be sure to ask them what percentage they cover. Usually 25% but at least it would be something. First, do you need it? Did you drive off the lot with 20% equity in the vehicle? (cash down, trade equity, rebates..)

    • @UtubeAdviser
      @UtubeAdviser 2 หลายเดือนก่อน

      @@AutoFinanceSense Hi Kimberly and thank you for your quick response. I got the car trading in my 2022 honda accord lx. I was upside by $2000. I did not give anything down. My total OTD price was $33476.25 and my 5 year interest at 1.99% is $1720.95 which bring my total to $35197.20. Now I know you said you cannot buy GAP from any bank if the loan is not with them, but today when i was at work I found a credit union that I put my into and i had to answer some questions about my car and loan and it gave me quote of $504. But I am going to call them to ask them the 3 important gap question you said which are the 150% value protection, gap plus and if they cover the deduction too. I called my Geico and they don't offer it and some other car insurance companies only offer car replacement warranty in which i found out is not the same as gap and i would be still be liable for the difference. Please let me know from your experience if you know if is possible to buy GAP from a credit union or anywhere else that i don't have the loan with, and if they offer those terms you said in your video because that would give me great piece of mind. I'm trying to do this asap and I just got the car less than a week ago and I am scare to get into any accident. Thank you Kimberly. You ROCK!! I love all of your videos along with car edge. I am learning so much.

  • @Successiswhatmakesyouhappy
    @Successiswhatmakesyouhappy 11 หลายเดือนก่อน

    I had a Buick Lacrosse worth $6000 and hit a deer. The damages came out to more than $6k and insurance fixed it because they didn't want to lose $3k over what we owed on the car still. Even let us use a used air bag because they couldn't find a new one.

  • @luissantiago147
    @luissantiago147 ปีที่แล้ว

    Great Video Kimberly!

  • @jeeess9979
    @jeeess9979 ปีที่แล้ว +1

    where's the little voice that talks first! I love that! hha

  • @StevePCut
    @StevePCut 10 หลายเดือนก่อน

    Explain why putting money down is better. Am i missing something? The insurance pays you an amount. If i have nothing left on my loan because i paid a down payment, I'm still out that down payment...

    • @StevePCut
      @StevePCut 10 หลายเดือนก่อน

      So either I'm out the down payment or still have a loan out left over for that payment.

  • @jimmirexhaggins
    @jimmirexhaggins 11 หลายเดือนก่อน

    Love your vids

  • @floydwilliams3321
    @floydwilliams3321 2 หลายเดือนก่อน

    Good info

  • @sranney1
    @sranney1 11 หลายเดือนก่อน

    Thx for your pg 😁

  • @jasonbroom7147
    @jasonbroom7147 11 หลายเดือนก่อน

    What you're basically saying, in this video, is if someone is spending far more on a vehicle than they should be, and will immediately be upside down on that vehicle, by an appreciable amount, they should compound their financial mistakes by paying for additional insurance, to protect them from the remarkably stupid thing they just did. Yeah, that's great advice.

  • @S0flosilver
    @S0flosilver 7 หลายเดือนก่อน +1

    How do you cancel tho?

    • @AutoFinanceSense
      @AutoFinanceSense  7 หลายเดือนก่อน

      Hi @S0flosilver you would cancel it the same way you do an extended warranty. I created a video for Caredge on how to do that here and I hope it helps! th-cam.com/video/_-Kb62PyI5M/w-d-xo.htmlsi=TaEp8S8GXH3YkVLA

  • @KenChurley
    @KenChurley ปีที่แล้ว +3

    Kimberly, question, can I go to a dealership and have all the finance paperwork down and have them make copies so I can take them home and study them? Will a dealership let you do this? You know how they are at the dealership and they are always pressuring you to sign this and that. I found you through carEdge and just was curious if I could take copies home so I can really look them over. I am just thinking outloud.

  • @baileyf1998
    @baileyf1998 ปีที่แล้ว

    If you don't put atleast 20% down and can't afford to not finance 60mo at most or less then you can't afford the car to begin with. If you are financially responsible and only look a vehicles that you can afford to put 20% down on and finance for 36-60mo then you should never need gap insurance.

  • @SuperTwinkieTV
    @SuperTwinkieTV ปีที่แล้ว +1

    Can you explain what do you mean by 150% ?

    • @jeeess9979
      @jeeess9979 ปีที่แล้ว

      she is talking about Loan to Value.. like if the car is worth book value 40k and your loan including TTL, finance products is 60k (60k is 50% than 40K therego theyd pay 150% LTV)

  • @GMPowderCoating
    @GMPowderCoating 11 หลายเดือนก่อน

    gap is only used for loans? i want to buy a vehicle thats has a markup but will gap insurance cover the mark up? do you need gap if you dont have a loan because you paid it off early?

  • @jhollie8196
    @jhollie8196 9 หลายเดือนก่อน

    Is Gap mandatory on lease deals?

  • @brianadams6204
    @brianadams6204 29 วันที่ผ่านมา +1

    Just bought a vehicle yesterday and they tried selling me GAP for $1295 I said hell no.

    • @AutoFinanceSense
      @AutoFinanceSense  29 วันที่ผ่านมา

      That's insane. No one should have to pay that much for GAP especially if they are in a position of really needing it! I hope you tried to negotiate that price like I teach my students to do. If you do need it, set aside money to pay the negative equity from today to halfway through the loan just in case or see if your insurance carrier has it.

    • @brianadams6204
      @brianadams6204 29 วันที่ผ่านมา +1

      @@AutoFinanceSense I Did not need it I have money set aside so when I make my first payment I will be at 50% equity My plan is took out a 60mo loan at my credit union but will have it paid off in 2.5 years.

    • @AutoFinanceSense
      @AutoFinanceSense  29 วันที่ผ่านมา

      @@brianadams6204 Excellent!! I love seeing you have a Plan! Big congrats to you 💥🙌

  • @josephkelleher8820
    @josephkelleher8820 11 หลายเดือนก่อน

    IF i were to ever get GAP insurance it would NEVER be through a car dealership.

  • @Sinfullyexotic05
    @Sinfullyexotic05 ปีที่แล้ว

    Is gap insurance automatically added on a lease vehicle? If, not should i add it?

  • @jasonf1340
    @jasonf1340 11 หลายเดือนก่อน

    You recommend 20% down does trade go toward that ?

    • @AutoFinanceSense
      @AutoFinanceSense  11 หลายเดือนก่อน

      Yes! And any rebates = equity before you drive off the lot ✅

  • @oopalonga
    @oopalonga 11 หลายเดือนก่อน +2

    thx for the video--just want to give everyone a tip i found out from my insurance company (in case this vid didn't cover it).
    my insurance has car replacement insurance option where they pay an additional 20% on the totalled value of the car. This cost me about $46 for 6 months, and is light years cheaper than the $600 my credit union wants for a ~$18000 loan.. .so i think as long as you've put a decent amount down, got a relatively fair price on your car, this car replacement insurance > GAP insurance

  • @rickowens4397
    @rickowens4397 4 หลายเดือนก่อน

    Ask yourself this... how many GAP insurance companies have lost money? or not built a huge skyscraper office or not built a sports areana or not donated to a political party or not paid their officers millions in salary or stock options or not bought a fleet of corporate jets or hired lobbiests with their GAP profits?

  • @DriLL3iT
    @DriLL3iT 7 หลายเดือนก่อน

    Will you adopt me and read me stories? I didn't want the intro story to end!

  • @msimm8612
    @msimm8612 9 หลายเดือนก่อน

    I never buy gap insurance

  • @grgygantz6760
    @grgygantz6760 10 หลายเดือนก่อน

    That’s when you know if you’re in the right, you call your lawyer and you sue

  • @josephkelleher8820
    @josephkelleher8820 11 หลายเดือนก่อน +2

    In my opinion people should NEVER EVER get 72 month loans on a depreciating liability. 36 months is the max loan that people should get. If you can't afford a 36 month loan you can't afford the car.

  • @Justise
    @Justise ปีที่แล้ว +2

    Why is it always a man driver? don't give me that statistics thing, I don't want facts....

  • @rudypadilla9626
    @rudypadilla9626 9 หลายเดือนก่อน

    Great info. Great explanation 👍👍