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

[feldy]

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.

[BlaineWasHere]

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

[Lytheum]

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.

[celicafan]

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.

[pyro530]

Originally Posted by feldy

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.

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.

[FR-SWhitout813]

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.

[ruskymx]

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

[FR-SWhitout813]

Originally Posted by Alias

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

So after sales tax is what you're asking?

[Celicadude]

Originally Posted by FR-SWhitout813

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.

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.

[FR-SWhitout813]

Originally Posted by ruskymx

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.

Ruskymx

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!

[ruskymx]

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

[FR-SWhitout813]

Originally Posted by ruskymx

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

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.

[ruskymx]

Originally Posted by FR-SWhitout813

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.

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

[FR-SWhitout813]

Originally Posted by ruskymx

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!