Just mailed letters to cancel my extended warranty and add-ons.

[kakacarrotcake]

If you owe more than 125% of the ACV of your car you definitely want to keep you gap insurance. Insurance Providers pay up to 125% of the vehicles value at time of loss, less your deductible. If you're going to keep anything, keep gap.

[strat61caster]

Originally Posted by Gmo

I am not upside down at all. This is the first car I will be financing. I am getting GAP but through my insurance.

What's the point of GAP if you're not upside down? Do you plan on being upside down over the course of the loan?

[Gmo]

Originally Posted by strat61caster

What's the point of GAP if you're not upside down? Do you plan on being upside down over the course of the loan?

My concern is in the odd chance of being totaled, if the insurance is only giving me say $11k and I owe $14, I would be $3k out of pocket.

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[Gmo]

At least thats my understanding of what GAP insurance is.

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[MrDinkleman]

Originally Posted by loading_please_wait

....The finance person...

Ugh. The absolutely worst part of buying a car at the dealership.

I buy my cars online now with the stipulation that the paperwork has to be completed before I get there and if I have to go see the Finance Guy, I am walking.

The last time I bought a car through a regular salesman at a dealership, I went in to buy the advertised "loss leader" car. I liked the price so it took 5minutes with the salesman to buy the car; probably the easiest sale he will ever have. It then took 2hours with the fooking Finance Guy because he kept trying to scam me in the same way the OP was scammed. Their favorite tactic/scam is to talk only about monthly payments and they will not tell you how much you are paying for those "free extras for the same monthly payment". Every time I said, "no", he would come back with, "well, how about this..." We ended the "negotiation" thoroughly pissed off at each other.

[strat61caster]

Originally Posted by Gmo

My concern is in the odd chance of being totaled, if the insurance is only giving me say $11k and I owe $14, I would be $3k out of pocket.

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Then that's being underwater imo.

Appreciate the thought process, I just wanted to make sure I wasn't missing something.

[TrqlessWonder]

Originally Posted by Gmo

My concern is in the odd chance of being totaled, if the insurance is only giving me say $11k and I owe $14, I would be $3k out of pocket.

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Yeah. That would be an "upside down" situation, and is the express purpose of having Gap insurance. Here's the thing, though. Gap insurance is like a predatory penalty on being financially overstretched. Being upside down is bad m'kay? A situation you would prefer to avoid, and usually can.

Gap means paying extra money, right now, every month, and for several years because you didn't have enough upfront to prevent ever being behind on the value. You didn't have/put up enough money on day 1, so you pay more on days 2-2190 (6 year note)...for something you shouldn't need, and whose need goes away the more you pay in. And you pay that amount for the policy whether the gap "covered" was $2.47 or $50,000. For a potential problem that only has a small chance of occurring, and an even smaller one of it being a big enough gap to need help. Value disparities are going to be negligible/non-existent at the end of the loan term.

Gap has its purposes, just like ...ahem, adjustable rate, no-money-down, interest-only, negative amortization mortgages do. They're not all sinister. They have a purpose, for a few its a necessity, but they are a LOOOOONNNG ways from being anything approaching a good value for money on a risk-management basis.

[DirtySouth86]

Originally Posted by PhantomX

Gap isn't offered by insurance companies like finance companies do. Whether you finance in-house or through a bank, they offer gap to you for a reason, and it's not to line their pockets. In the event of a total loss accident, insurance companies will cover 100% (some will cover even less) of the current worth of the car. If you happen to owe more than what the car's worth, gap will cover the rest.




Non-synthetic oil = 5k
Synthetic oil = 10k

It used to be every 3k back in the day, but now it's longer.

Check-ups are every 5k with the major ones being at 30k intervals.

Info from a service advisor.

I personally think the extended service is worth it. It has nothing to do with whether or not your car is modded and it's not a warranty.

Extended warranties in the other hand... Pointless when you're modding and more than likely will void them.

The car calls for 0-w20 oil right? Who makes 0-w20 in a conventional oil?

[Somerandom18]

Conventional can not be 0w-20.

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[Tcoat]

Originally Posted by DirtySouth86

The car calls for 0-w20 oil right? Who makes 0-w20 in a conventional oil?

The requirement is for a synthetic oil.