I am not upside down at all. This is the first car I will be financing. I am getting GAP but through my insurance. The financial manager said I HAD to get the GAP and extended warranty or the loan would fall through. When I asked him why the GAP price went from $850 to $995 he avoided the question and said I could cancel in 90 days. I work in sales so I know this is BS, and the contract states it is optional, so Toyota corporate is getting a letter about how he blatantly lied to my face and said I had to sign under those conditions or I would not get the car.
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Originally Posted by Tcoat
Not sure how upside down you could be on a loan on a used car but if you are then the Gap insurance is a good investment. There are many guys on here that totaled their car and ended up taking a financial shit kicking because they owed way more than it's value but felt that Gap was a waste of money. They ended up paying five or six times what the Gap insurance would have been to replace their cars. I specifically asked for Gap since I traded in a 2 year old car that I hated beyond belief (long story) so was way out of car value vs loan amount. With the Gap insurance in place if I total my car I will not be out of pocket for a single cent. Look at things closly to make sure you are making the right call before cancelling it.
They are just doing their job which is to try to sell you more items. Many people actually want those items that is why they have them. Ya they should be up front about it so I will give you the anger over the hidden ones but if above board and honest they are not "weasels" any more that you are when you do your job (whatever that may be). To paint them all with the same brush is unrealistic.
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