Extended warranties, added fees and GAP insurance on thr FR-S?
 

I got GAP and the extended warranties from the dealer and plan on canceling all of them to take 4000.00+ off of my loan. Not sure about the GAP though I paid 799.00 in the loan can I find it cheaper elsewhere?

Dude definitely get all that crap off of there. See if your insurance company can give you gap insurance if you absolutely must have it. Dealers sell this, extended warranties, paint protection etc etc, for huge markups. Its not worth buying any of it from the dealer. I know this because I use to work for a stealership.

yeah you need gap if your paying for all that extra crap. if your under value there is no need for gap , it only pays for what what your insurance doesnt if your upside down. however i dont know if you will be able to get all of your money back once you cancel. they will pro-rate you.

if you absolutly need your gap then yes generally the bank will sell you gap but only when you finance with them and it has to be done at signing you cant add it later. generally its between 199-350 from a bank

Why can't I quote or click reply! CelicaDude... we definitely didn't get the best deal. Was a spur of the moment thing that lasted all day and just wanted to leave asap. I wish I found this forum first. I definitely plan on making up for it a little by canceling this crap. I think I should be able to get it 100% refunded. Paint protection was already on the sticker. Geico doesn't offer GAP. ANything else I can get refunded?

My opinion is simple, put more down and you won't need GAP insurance. If you can't put more down, perhaps you shouldn't be buying?

This is the way home buying used to be decades ago(large down payment). While it prevented many from owning sooner than they could have, it certainly prevented the mess that we saw a few years ago.

Yeah unfortunetly we paid over sticker because of course there was no sticker. Very unprepaired and didn't even negotiate...never thought I would be that guy. Luckily they didn't rip me too bad! It was all about getting approved and seeing what we could get in a trade. That's all in the past anyway and I plan on making it better by dropping this stuff.

ToyoGaurd another add on to the sticker that we didn't need 699.00 as well as 399.00 tint! lol

BUT we LOVE our FR-S!

Wow, I secured financing through my credit union and got gap insurance for just over $200. Still debating if I should cancel it though since the loan amount was less then the value of the car by a few thousand.

It's cool they got me too when I bought my car. I had them take off the GAP when i went in to finalize the paperwork, told them my car insurance covers me. They don't have to know if you have it or not. But I'd definitely push for it. The extended warranty I'm not sure about but it doesn't hurt to bug the hell out of them to remove it. Always remember, the squeaky wheel gets the oil.

I hate how they try to wear you down by keeping you there the whole day to the point where you give up and buy all the crap. Trick is to get to the dealership late, sales and finance will want to go home so bad they'll give you whatever you want.


The paint protection is bullshit, just a wax job and not even a good one. I'm afraid to ask how much they charged for it. But hey at least you got the car, which is totally awesome, so its not all bad.

Oh and to reply just hit the quote button in the lower left of the box.

Just out of curiosity, after they added all those charges on, what was your out the door price?

My GAP insurance is only $68 a year :p Its great to have. If anything happens to my car I dont have to worry about it going to a repair shop. Im to anal to drive a previously wrecked car. :p

it is great to have if you over pay for your car like when carrying over negative equity. but as an fyi the prices in finance are also negotiable.
also I dont see any reason in putting an extended warranty on a new car. you do know that you can add those down the line if you decide to keep the car once your 3/36 is over and if you sell your car before that then you will loose thousands on those extended warranty.

and not to bash anyone that did but why would you pay over msrp. and then again I think its messed up that dealers overcharge on the msrp. I got 24958 or what ever msrp is out the door.

I got mine at msrp..... and I didnt get an extended warranty.

Take the gap if you financed a lot. I put down 3.5k down but had 4k in rollover from my last car. Even with full insurance in a wreck they may only cover what the car is worth. There not going to cover what you paid in taxes interests ect roll over from the last loan ect. Gap will cover what insurance does not. Get rid of the extended Warrenty but keep the gap.

This is why I put $15K down. Don't buy cars you can't afford. I also paid MSRP.

i went with the extended warranty through subaru. paid $1600 and it extends the warranty to 6yr/80k bumper to bumper. I intend to keep this car for a while and not mod much.

i think you can add warranty later on, but the higher miles you have the more the warranty will cost.

If anyone is interested in an extended warrany, I just got a Toyota Care extended warranty 7yr/100k miles, platinum $0 deductible for $814 from Toyota of Greenfield.

Not 100% correct when my SRT was totaled by hail they gave me California sales tax on top of the totaled value of the car. :thumbsup:

I'm trying to find a company that offers GAP but I'm having a real hard time findng it! I want to cancel my Gap through the dealership as I will only need it for a very short time if even at all. Losing the warranty and Gap will knock 4200+ off my loan. I've been looking around the forum and it sounds like we got a pretty good deal on our trade in too. $7600 for a paid off 2007 TC with 109,000 miles in fair condition at best. Anyway if anyone can help me find GAp I'd really appriciate it.

I can only tell you how my dealership works with cancellations. If you cancel within 30 days of the date of purchase, it's a FULL refund. If you wait longer, it will be pro-rated.

GAP insurance saved me $4,000 in July of 2005 when I totaled my 2005 Tacoma with 4600 miles so I guess you can say that I a a believer. BUT, you can get it cheaper than the $799 that you paid. I would contact the dealer saying that you are cancelling everything, but would consider keeping the GAP insurance if you can match the $350-400 (pick a number in that range. Cost for my dealer's GAP for 60 mo term is $290 so I left some room in case theirs is more). I leased my FR-S and my GAP cost is $140 and we usually sell for $299-$399 for leases. On a lease, you can't charge a lot because it makes a bigger difference over the shorter term than say if it was a 5 or 6 year loan.

$300 or so on a 3 year term will be about $10 per month where $500-600 on a 5-6 year buy would be about $10 per month or so.

If you want to buy an extended warranty, insist on a Toyota Care warranty. They are backed by Toyota and are much more reasonably priced like another person posted $824 for a 7yr/70k. Third part sources may want more than that as a cost for the warranty and then the dealer marks that up as well making the overall cost much higher.

My personal experience with warranties is that if I buy one, I never use it. If I don't buy one, I needed it. This has been my experience with Sony TV's that I bought. I never bought one on a car because I haven't been able to keep on longer than the factory warranty covered anyway so it never came into play.

EDIT: After re-reading you last post with $7600 of trade equity, and cancelling the other stuff, you don't need GAP. If your loan amount is a few grand less than MSRP, then you don't need it and cancel everything you can if you want.

Keep in mind though that cancelling everything will not lower your payment unless they have you sign a new contract. It will lower the amount of your loan and you will end up paying it off before the original contract date.

Ruskymx

So after sales tax is what you're asking?

Honestly, depending on where you live (ie: NYC vs middle of wyoming) you probably wont even need GAP. But in the end it's your decision to make.

Thank you so much for this answer, very informative and helpful! You think it would be better to call the just go up there? I am going to try what you said and have the cut the GAP down and hopefully they go for it. What would the $350-400 be matching? They can't try to make money any other ways if i cancel can they? I'm so glad I read over the contracts again the other night. Trust me I know about Sony TV's!

I would just say it's matching your car insurance company if you factor in the additional premium over 5 year or whatever loan term you went with. I'm sure they won't sell you the GAP for cost, but they should sell it to you for cheaper. A little bit of profit is better than no profit.

If they say that you have Geico and they know that Geico doesn't offer GAP then just tell them that you are switching car insurance companies and State Farm (or insurance company X offers GAP at $70 per year)

The longer your loan term, the more expensive GAP is so you won't be able to tell them that you got GAP for $150 for a 6 year loan.

I edited my other post to add the part amount your amount financed and that you may not even need GAP. I would also go in person to cancel the stuff. You will probably have to sign a form or cancellation agreement.

Ruskymx

The thing is I went in blind spur of the moment with no research and paid over msrp. Sticker (that they just got in this weekend, no sticker when bought the car on the 9th) price with upgrades was $28,705. 31,175 including 1,382 sales tax. so I got the car fo 29,800 before sales tax. Which is more than I should have paid, but they told me 32,000 when i got there so they dropped the price with out my dumb ass not even negotiating. Plus the good TIV I got, they said 6,500 at first then said they uped it to 7,600. So i guess to make the deal work I got lucky not to get ripped too bad. I financed 28,782 so dropping the extra stuff should bring the balence down to 24,500. You think I need the GAP? I know it will come off the principle and that's perfect I agreed to pay the monthly payments and planned on sending extra anyway. :word:

If your car is an AT, you should be OK as long as you do pay a little extra each month to help reduce the balance. I know in SE Toyota you can't avoid the Toyota guard and the higher doc fees. They won't remove the tint either or any other accessories that were on the car. If you change your mind on the warranty, you can always add it later. It would be best to do it before the 3 year/36,000 miles expires. When vehicles are still under the new car comprehensive warranty, they still qualify for a new car warranty. If you have 37000 miles and want to buy a warranty, it would be a used car warranty and it would be more expensive.

If I were you and the car is an AT, I would cancel everything and pay extra on the loan to pay it down faster. It will save you money in the long run anyway by paying less in interest. The other thing you can do is make you own GAP fund by putting money away in the bank in case something happens, but you would still be better off paying the balance down faster and saving interest.

EDIT: Reason I say AT is because MSRP for base AT is $26,030. If MT MSRP is $24,930 and you will be in a little worse shape as far as payoff/value goes but not terrible.

Ruskymx

It is AT and the shifting with the stick is pretty awesome by the way so no regrets there at all. I feel like we will never use the Toyo guard..does it contribute to car rental if needed? $400 tint is wild too but it is what it is. If they don't go to 300 or lower for the gap im getting rid of it also. Seriously thanks for your time and input!

I'm not even sure what exactly the Toyoguard is I just know that SE Toyota adds it to everything. I'm in PA and we don't have it here.

No problem! :happy0180:

Ruskymx

Interesting because I'm in SE Toyota and I did not have anything called Toyoguard on mine. Could have been because I was a 1st86 I suppose. :iono:

I had to Google to see what Toyoguard actually was.

http://www.mytoyoguard.com/selectDetail.html

It looks like it optional stuff that most dealerships offer/push to customers.

EDIT: Since you were a First 86, you may have been spared the additional cost.

Ruskymx

I got gap insurance for $780. Worth it, IMO.

So I did it!! Canceled the warranties and barring any surprises just knocked $3566 off of my loan!:thanks: Of course the guy tried everything to get me to keep them, I just said honestly i'm going to cancel them anyway! When he gave me the paper to sign I'm glad I looked and asked where the total was cause he only listed one to be canceled! I said no I want both canceled. Anyway he did convince me to keep my GAP at least for now so it won't effect my financing... he said after 6 months...but after i make my 2nd payment that's getting canceled too and i should get most of my $799 refunded toward my loan. In the end about $4320 will come off the principle of my loan and that's pretty sweet!!:thumbsup: