thank you sir.. thats what i needed to know.. i figured mitsu, the cheap s.o.b.s that they are would offer gap, but only cover say 85%.. gap is a must and i would not buy a car without it.. neither should anyone for that fact... agh old age talking...

 

thanks all..

 

Gap insurance pays for the difference between how much you owe on your car to pay it off compared to the value of the car based on NADA. You use this only when your car is totalled. For example you totalled your car & you still owe $20k through your loan & the book value of your car is only $18k then the Gap insurance will pay for the extra $2k but be aware if you claim does not get settled right away the Gap insurance does not pay for interest while your insurance company is sorting things out.

 

got my 05'evo8 just a few days ago. i had to pass up on the gap cause it was like $500. after reading through these threads im starting to think that i should have got it. when i purchased the evo8 they said the offer for gap was a one time offer and that i cant get it later on. is that true?

 

I'm sure you can still get it. Insurance companys are always eager to take your money. Give them a call and ask about it. Gap is a must.

 

maybe cali is diff. than pa, but my ins. does not offer gap.. no matter who the loan is through.. pay the money, cause if get into an accident you could be paying a long time for a car that is totaled...

 

i have it on my 05 too

 

cool thanks man. i'll definitly check into that...

 

I had gap on my STi when I totalled it, and it turned out that it didn't help in the end--my car insurance covered the balance on the loan. It had something to do with the model being too new to have established used-car values, so they used a formula like 90% of sticker price. Of course, if it was 2-3 years old, the gap would have been very handy.

Anyway, when I bought my Evo I arranged financing and gap through my credit union before I negotiated with the dealer. They were so eager to sell me the car that they beat the credit union's rate and discounted their gap to match the credit union. This was all after we'd settled on a price for the car. The point is, everything is negotiable.

 

I talked them down on the gap insurance. They ended up paying the interest for it. I paid like 350 for it.

 

I work for a dealer and whoever told you they didn't know, don't buy a car from them! they are gonna try to screw you. As far as GAP being covered by your insurance, you can get it threw them or get it when you buy the car. Most people should get gap unless your putting down like $10k. It will also pay your deductable for your car in the event it is totaled. If you have any other questions PM me about. I sell cars everyday and I got gap on mine.

Lewis

 

dealer paid my gap... works for me.. thanks all..

 

Gap is only for people who pay over msrp and put very little down. for instance, if you put 10 grand down on msrp, then it will be highly unlikely you will need it. if you put very little down, and payed 2k over sticker, and you total it during the 1st year, gap would be reccomended. it really depends on your situation. i put almost 10k down so gap is not needed for me.

 

creazy not to

 

I bought an 05 used evo, was offerend gap for 220 through my bank and turned it down. I figure the depreciation has already hit the hardest (approx $7k already) and i put money down. If that loan ever goes upside down it's because the evo market miraculously had the bottem fall out completely....like as if evo's were found to cause cancer in dolphin babies, or something.