Bought a minivan with GAP Insurance

[tripods68]

You also have to remember, dealers always charge higher premiums cost for GAP and Extended Warranty. That's how they make extra commissions. But the qualify Japanese cars of today, you'll never have to use the service warranty at all (i know don't), unless of course, you keep buying crappy American cars (no offense). Like I said, unless you have history of accidents then i recommend GAP, otherwise don't buy em. It's a complete waste of $$.

[Like2Plan]

I came across this info (it is for GAP coverage at a credit union):

I have GAP and am going to refinance my loan - Does the GAP transfer to the new loan?

GAP could transfer to the refinanced loan. However, if any money is added to the loan or the term extended when the loan is refinanced, GAP will not cover these changes. The GAP you purchased is an Addendum to the loan contract on which it was sold. Any changes to the original loan terms can affect the GAP coverage.

I am refinancing my loan at another financial institution – can the GAP transfer to my new loan?
No, the GAP is nontransferable.

Again, the terms of the policy the OP purchased may be different, but the policy this credit union offers does have an escape clause within the first 60 days.

Can I cancel my GAP?

Your GAP coverage may be cancelled anytime in the first 60 days for a full refund. After 60 days the coverage is non-refundable.

[maat55]

I consider the need for Gap ins. a sign of a bad car purchase. Paying more down or paying in full is the only option I will do.

[disneysteve]

Originally Posted by maat55

I consider the need for Gap ins. a sign of a bad car purchase. Paying more down or paying in full is the only option I will do.

That's a very good point, maat. Bottom line is that if you need Gap coverage, it means you have borrowed more money to buy the car than the car is worth.

[Nate417]

Originally Posted by tripods68

You also have to remember, dealers always charge higher premiums cost for GAP and Extended Warranty. That's how they make extra commissions. But the qualify Japanese cars of today, you'll never have to use the service warranty at all (i know don't), unless of course, you keep buying crappy American cars (no offense). Like I said, unless you have history of accidents then i recommend GAP, otherwise don't buy em. It's a complete waste of $$.

I think it is funny that people still have this rediculous perception of American cars. If you look at any of the quality ratings by a reputable source such as JD Power you will notice that today's American made cars are everybit as reliable as the Asian variety. American automakers really shot themselves in the foot throughout the 80's and 90's but they have come a long way since then. Also, you can usually pick up a comparable American car for less than the Japanese variety.

[LivingAlmostLarge]

Not according to me. My Personal Experience is AMERICAN cars suck. I have a 1999 Toyota Corolla and 2000 Ford Focus. Both bought new and DH and I were the drivers. In my own experience the Ford Focus SUCKS AND BLOW HARD.

I have the maintenance records to prove it for both cars. Which car would I trust to have kids in? The 1999 Toyota Corolla.

So why pay more? Because it's WAY more reliable and has proven so over 8 years.

[maat55]

Originally Posted by Nate417

I think it is funny that people still have this rediculous perception of American cars. If you look at any of the quality ratings by a reputable source such as JD Power you will notice that today's American made cars are everybit as reliable as the Asian variety. American automakers really shot themselves in the foot throughout the 80's and 90's but they have come a long way since then. Also, you can usually pick up a comparable American car for less than the Japanese variety.

I agree 100%, the best cars I've ever had where american made. You take care of them and they will be just fine.

[Nate417]

Originally Posted by LivingAlmostLarge

Not according to me. My Personal Experience is AMERICAN cars suck. I have a 1999 Toyota Corolla and 2000 Ford Focus. Both bought new and DH and I were the drivers. In my own experience the Ford Focus SUCKS AND BLOW HARD.

I have the maintenance records to prove it for both cars. Which car would I trust to have kids in? The 1999 Toyota Corolla.

So why pay more? Because it's WAY more reliable and has proven so over 8 years.

That is understandable. Has had a rough time over the past few decades and has just recently begun addressing quality concerns, IMO they have gotten much better but still have work to do to convince consumers that they are not the Ford of just a few years ago.

[maat55]

Originally Posted by LivingAlmostLarge

Not according to me. My Personal Experience is AMERICAN cars suck. I have a 1999 Toyota Corolla and 2000 Ford Focus. Both bought new and DH and I were the drivers. In my own experience the Ford Focus SUCKS AND BLOW HARD.

I have the maintenance records to prove it for both cars. Which car would I trust to have kids in? The 1999 Toyota Corolla.

So why pay more? Because it's WAY more reliable and has proven so over 8 years.

LAL, your hurting my eye's. LOL

[LivingAlmostLarge]

I cannot complain enough about FORDs. Found on road dead. Fix or repair daily. Can I go on?

And how is 2000 Ford Focus as old car? If you are talking about good quality, well Everyone I know who owned one has by now traded it in because of problems. DH and I could never afford to trade it in until now, we already fixed it then suddenly another few months and more problems.

So there isn't a single person who owns a 2000 Ford Focus whom I've ever meet or heard of that likes it.

Sure people like 2005 Ford Focus or 2006, but honestly come on. They'll break in like 5 years.

[tripods68]

Nate417,

American cars just can't compete with Japanese car in terms of reliability/dependability ranking. The fact is Japanese cars are built better with high quality cares; therefore, you pay premium price. How many "Recall" Ford or GM have had in last several years compared to Japanese cars (like Honda/Toyota/Nissan) What automakers has had the top selling or most brand in JD Power Ranking list each of the last 10 years. Why Ford or GM stocks have deteriorated in cusp of "Bankruptcy" and Toyota and Honda aren't?

[Gruntina]

Originally Posted by LivingAlmostLarge

I cannot complain enough about FORDs. Found on road dead. Fix or repair daily. Can I go on?

And how is 2000 Ford Focus as old car? If you are talking about good quality, well Everyone I know who owned one has by now traded it in because of problems. DH and I could never afford to trade it in until now, we already fixed it then suddenly another few months and more problems.

So there isn't a single person who owns a 2000 Ford Focus whom I've ever meet or heard of that likes it.

Sure people like 2005 Ford Focus or 2006, but honestly come on. They'll break in like 5 years.

If it just the Ford Focus that you experience and yes they have been known to break down.

Sorry you had such bad experience. I did with the Ford Tempo and that was probably one of the worse cars ever made. It’s more of the model, year and made rather than all Fords.

However, Ford Escape got many good responses and so many people that I know who have them have not had to take it in for repairs except for normal wear and tear stuff. Not trying to change your mind or anything as I know Honda and Toyotas do have some good vehicles as well but I do have to vouch in for some of the Fords vehicles.

I am a strong believer that all brands of cars have a "hit/miss" quality.

[KatieNK]

Originally Posted by tripods68

THis just proved my point. GAP is a waste of MONEY.

Not always. My GAP insurance was only $100 and the coverage was great. You can shop around for it too.

~

BTW, I would never buy a Ford! Sorry!!!!

[b4freedom]

What are the rates on your credit card debt? We could come up with a repayment schedule for you.

If you're paying 18%+ interest on most of your debt, I'd dump the car. Otherwise, keep it for 10 years and then buy a used car.

[FoolFromAZ]

Originally Posted by b4freedom

What are the rates on your credit card debt? We could come up with a repayment schedule for you.

If you're paying 18%+ interest on most of your debt, I'd dump the car. Otherwise, keep it for 10 years and then buy a used car.

currently everything is below 6%.