GAP... Should you get it? #carbuying #finance #autofinancesense

Car buying tips when it comes to GAP coverage. Financing a new or used car can be confusing and dealerships want your hard earned money. Should you buy GAP coverage for your auto loan?

Today, I have a little sit down, info talk about how Guaranteed Asset Protection works and the ins and outs of getting it.
Arm yourself with the knowledge and turn the tables to take control of Your deal 💪💪

Support my Amazon Affiliates:

Not sponsored or paid affiliates:
Watch this video if you want to know how to cancel your dealership GAP or extended warranty:

Get the same Vehicle Service Contract (aka "extended warranty") sold in the dealership for a much better price and $200 off until the end of October 2023 here:

*This video is my own opinion based on my professional experience. I am not a Financial Advisor or Attorney. Please seek one if you feel you need legal or financial advice.

**Licensed and/or creative commons use of sounds and media.

[jeeess]

i paid 1500 for GAP for a 65k Benz but cancelled it once paid down to mkt value. they charged me a cancellation fee of 50 I think when I cancelled it. I think its smart to get it and cancel it when you no longer need it!

[thedude]

I did not know what GAP was so I rejected it. Now I know I didn't need it because of a 25% down payment.

[spaceworm]

The definitive MasterClass on GAP coverage 🧠💪

[brianjohnson]

Congratulations Kimberly on your new channel it's going to be fantastic

[Velben]

I get GAP always. In 2018 I had an accident and my Camaro was totaled. The gap insurance paid the car off. I paid nothing.

[Bigstevesmb]

Your video was very informative. Thank you

[MrLoungist]

If you pay 20 to 25% down, you basically already covered the gap. So one would actually need to get gap plus in the event of.

[silverfox]

So much to learn about, and as always thank you for helping 🙏🏼 the consumers in this crazy car market ❤

[chrisarredondo]

What a fantastic way to explain this. Thanks for valuable information 🙏🏻

[TwilightZoneX]

This is so very informative. I got to remember this for the future but I'm sure I'll remember where to go on your channel for it

[Buc_Stops_Here]

I understand now - GAP is when you pay down very little so you are not "underwater" if you total your car. Thank you. Fortunately I pay cash on every car I have ever bought so I guess I don't need to worry about it - but at least I understand it now. Thank you.

[DeportesdePrimera]

so, so much worthy information... thank you

[essentiallyyvonne]

Thank you so much for this video and taking the time to go through this... This is valuable. And youre explaining it very well here with taking your time and being thorough. Thank you again!

[ThomasMiller-tuch]

Definitely appreciated that you explained GAP. Yes we did purchase it. Finance officer was amazed that I brought up various points about it even that it was more than 100% coverage, no deductibles, transferable, downpayment help, and reimbursable if loan paid off early.

[BrianWaller-qegr]

With car prices if my current car gets totaled I don’t think I’ll buy another. New car prices are unaffordable and used cars with 100k miles still going over $20k

[alexanderviereck]

Thank-you! I understand it now. Before, this was like a foreign language to me. Your presentation is excellent.

[Rockhound]

I highly recommend GAP insurance and he's why. 2016 we buy a Jeep Renegade. After making 1 payment my wife gets into an accident totaling the car. I got it through the dealer. The insurance company handled the totaling. This left the deductible of $500 which isn't bad but GAP picked up the rest and my total out of pocket due to interest accruing on the loan was $62.

[StevePCut]

Makes sense to put nothing down and get gap. If you put money down that money is lost in a total wreck, even if you have gap.

[oopalonga]

thx for the video--just want to give everyone a tip i found out from my insurance company (in case this vid didn't cover it).

my insurance has car replacement insurance option where they pay an additional 20% on the totalled value of the car. This cost me about $46 for 6 months, and is light years cheaper than the $600 my credit union wants for a ~$18000 loan.. .so i think as long as you've put a decent amount down, got a relatively fair price on your car, this car replacement insurance > GAP insurance

[iamintractable]

Based on one of your example, Gap Insurance negates the need to put 20% down unless your mission is to quickly pay off the loan (which is not typical).