Extended Warranty & Gap Insurance
- Thread starter mazda9
- Start date
for extended warranty try http://www.easycare.com/ . Same company Mazda & Ford use. don't go to the dealer, they get commissions and will charge more fot the same product.
For GAP, try your own insurance company, most sell gap and it's cheaper than a stand alone policy.
For GAP, try your own insurance company, most sell gap and it's cheaper than a stand alone policy.
- :
- 03.5 YLW MSP
U can get gap through ur bank but insurance company is cheaper
mazda9, I can't say for sure which company to use, but just a good tip, you only need gap insurance if you are going to stretch yourself thin on your loan i.e. your gonna be upside down on your loan. Basically for the duration of your loan, if at any time during the loan period you were to total your car, and the value of your car were to be less than what you still owed, gap coverage would cover the rest.
Gap coverage will NOT make up for your deductible. If your car is worth say 30, and the insurance values it at 30, less your 1500 dollar deductible, insurance pays you 30 + applicable taxes, less 1500, and gap will not pay for your deductible.
I just ran the NADA Valuation on my 08 CX-9 and clean retail is 26,525.
Had I bought my CX-9 new, I would have paid likely somewhere between 32 - 34k in 2008 plus taxes, and may or may not have rolled them into the loan.
That would mean I would only need gap coverage if now in 2012, 4 years later, I would have only paid down less than seven thousand or so, or less than 2k per year.
So again, you only need it if you are really stretching yourself thin making smallest possible payments per month.
As you can see, the cx-9 holds value well.
Gap coverage will NOT make up for your deductible. If your car is worth say 30, and the insurance values it at 30, less your 1500 dollar deductible, insurance pays you 30 + applicable taxes, less 1500, and gap will not pay for your deductible.
I just ran the NADA Valuation on my 08 CX-9 and clean retail is 26,525.
Had I bought my CX-9 new, I would have paid likely somewhere between 32 - 34k in 2008 plus taxes, and may or may not have rolled them into the loan.
That would mean I would only need gap coverage if now in 2012, 4 years later, I would have only paid down less than seven thousand or so, or less than 2k per year.
So again, you only need it if you are really stretching yourself thin making smallest possible payments per month.
As you can see, the cx-9 holds value well.
Get your GAP insurance through you own car insurance company, it is dirt, dirt cheap compared to to what the DEaleer's want to sell you it for. I got mine for less than $65?/year. Getting through the dealer is way, way, way, too high. Hellbigtw is correct, you will have to pay the deductible, but that is better than what you will pay if you total the car and you owe more than it is worth/valued at the time of the wreck.
Be aware of what GAP does and does NOT cover!
GAP coverage is usually much cheaper thru your auto insurance company rather than the dealership or your lender. But it a very important limitation that most people don't realize is that GAP will not cover any negative equity from a previous vehicle that you roll into a new car loan. It will only cover the de
GAP coverage is usually much cheaper thru your auto insurance company rather than the dealership or your lender. But it a very important limitation that most people don't realize is that GAP will not cover any negative equity from a previous vehicle that you roll into a new car loan. It will only cover the de
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