Can I skip out on GAP insurance?

Philipgonzales3 · August 10, 2020

2020 RST 6.2L 10 Speed, Z71, All Star edition, Leather, sunroof, safety I, Convenience I and II, Advanced Trailering, Chev-tec bedliner.

MSRP: $58,105

Invoice: $54,401

Sale Price: $48,950

Down Payment: $4500

Amount financed: $44460

Term: 75 Months

Payment: $675

APR: 3.89%

Not sure what depreciation is usually like. I know it's usually a ton. But figured since I got it below invoice and put some money down, I wouldn't be very upside down if at all. Figured it may be worth the risk?

Edited August 10, 2020 by Philipgonzales3
edited term from 72 to 75.

Badbird2000 · August 10, 2020

I honestly don't have an answer, but that sounds like the exact truck I want! What color?
And, enjoy!
How much does gap add to your payment?

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Dani2005 · August 10, 2020

Coming from experience, the ~$500 for the GAP insurance is 150% worth the purchase.

I have mine through my bank, not the dealership.

I have done a purchase without GAP insurance and with GAP insurance. Guess which vehicle got totalled and I had to cover the difference... The one without.

It's more of a piece of mind thing when you pay for the GAP. I did it outside of the financing so I don't roll it into the loan amount and pay interest on it.

My vote is yes, get GAP. Others might have their own opinion though [emoji1745]. Congrats on the new truck if you do get it!

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Grumpy Bear · August 10, 2020

Gap insurance is like alimony. The screwing you get for the screwing you got.

Question is how much to you have to pay before you scream, "Enough already!" The gap is the very reason I rarely buy new. I pay the gap by buying 1 year old program vehicles and just eliminate the gap.

People forget that insurance is there to prevent financial disaster not financial inconvenience. IF you buy it don't roll it into the note and pay interest on it.

gregus73 · August 10, 2020

Check if your auto insurance offers GAP, much cheaper than the dealer.

Mine for example is $25 per year.

Edited August 10, 2020 by gregus73

gf2020 · August 10, 2020

No sales tax or dealer fees in those prices above?

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Philipgonzales3 · August 10, 2020

43 minutes ago, Badbird2000 said:

I honestly don't have an answer, but that sounds like the exact truck I want! What color?
And, enjoy!
How much does gap add to your payment?

Sent from my SM-N960U using Tapatalk

I was after northsky blue (same color as the 2019 I'm selling to givemethevin) but couldn't make a deal on one that was optioned out how I liked (6.2L All star, Z71, leather, safety, convience I & II...the one I got even has sunroof and advanced trailering). Found 3 blue ones. One at my local dealer near San Antonio, was sold when I started looking. One in Arizone and one in North Carolina. Both were around 50K or slightly lower but would not budge any on price.

Anyway ended up with a cajun tincoat red one. I'm flying out on the 17th to pick it up in Oklahoma. Here's a pic of it. Hopefully the search for yours goes smooth. What color you looking at getting?

Philipgonzales3 · August 10, 2020

34 minutes ago, gregus73 said:

Check if your auto insurance offers GAP, much cheaper than the dealer.

Mine for example is $25 per year.

Good idea, I'm going to check into this tomorrow.

Philipgonzales3 · August 10, 2020

40 minutes ago, gf2020 said:

No sales tax or dealer fees in those prices above?

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That's correct. Oklohoma, apparently they only have a $10 fee for loan application and no other fees in the state. Taxes are also not usually put in the loan in OK. They don't collect them. Was strange to me, but I'm from Texas so 6.25% on sale price I believe. Just over 3K I have to pay to the DMV or whatever.

Edited August 10, 2020 by Philipgonzales3

Badbird2000 · August 10, 2020

I was after northsky blue (same color as the 2019 I'm selling to givemethevin) but couldn't make a deal on one that was optioned out how I liked (6.2L All star, Z71, leather, safety, convience I & II...the one I got even has sunroof and advanced trailering). Found 3 blue ones. One at my local dealer near San Antonio, was sold when I started looking. One in Arizone and one in North Carolina. Both were around 50K or slightly lower but would not budge any on price.

Anyway ended up with a cajun tincoat red one. I'm flying out on the 17th to pick it up in Oklahoma. Here's a pic of it. Hopefully the search for yours goes smooth. What color you looking at getting?

Um, THAT COLOR! Looks perfect!! Enjoy the hell out of it. I have a paid for 2012 im going to drive as long as I can, lol. Hope to be able to put down $15000 when I do make the move. I tow a 25' tt, and really want the 6.2..for several reasons. Well, 420 reasons..

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Philipgonzales3 · August 10, 2020

3 minutes ago, Badbird2000 said:

Um, THAT COLOR! Looks perfect!! Enjoy the hell out of it. I have a paid for 2012 im going to drive as long as I can, lol. Hope to be able to put down $15000 when I do make the move. I tow a 25' tt, and really want the 6.2..for several reasons. Well, 420 reasons..

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Thanks! I've never driven a 6.2L ever. Honestly my 2019 had a rough downshift once in a while and wasn't a huge deal but when I saw the offers from carvana and givemethevin were giving me what I started my loan at 14 months ago and 12K miles ago I figured might as well get something I feel would last longer. Supposedly the 10 speed is sweet. Everyone talks about the 6.2L being one of the greatest things on earth and I'm a "car guy" so who doesn't want more powa!!! I actually don't even own a tow hitch... haha. Hopefully that will change one day, so just in case I'll be prepared :-).

JimCost2014 · August 10, 2020

1 hour ago, Philipgonzales3 said:

2020 RST 6.2L 10 Speed, Z71, All Star edition, Leather, sunroof, safety I, Convenience I and II, Advanced Trailering, Chev-tec bedliner.

MSRP: $58,105

Invoice: $54,401

Sale Price: $48,950

Down Payment: $4500

Amount financed: $44460

Term: 75 Months

Payment: $675

APR: 3.89%

Not sure what depreciation is usually like. I know it's usually a ton. But figured since I got it below invoice and put some money down, I wouldn't be very upside down if at all. Figured it may be worth the risk?

If the truck is worth more than you financed (value paid if totaled), then no, don't do it, otherwise yes.

Edited August 10, 2020 by JimCost2014

Mikedfw · August 10, 2020

I used to be an insurance adjuster and routinely saw people without gap be horribly underwater after an accident. I always get it or the equivalent. You can often get it from your own insurance so I'd check that, but if you can't, i would say absolutely get it. Its expensive, but way less than what you'd lose without it.

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Philipgonzales3 · August 10, 2020

9 minutes ago, JimCost2014 said:

If he truck is worth more than you financed (value paid if totaled), then no, don't do it, otherwise yes.

Well how do I know this value? How will I know this value in 6 months? 1 year? Etc. KBB doesn't even list the RST or 6.2L as an option from what I saw.

JimCost2014 · August 10, 2020

2 minutes ago, Philipgonzales3 said:

Well how do I know this value? How will I know this value in 6 months? 1 year? Etc. KBB doesn't even list the RST or 6.2L as an option from what I saw.

What are the values of a 19, close enough for a guideline.

You are probably right in the range where it makes sense, if you do buy a plan, make sure you can cancel it if you do not need (above water on the loan) it any more.

When I got into my 18, financed $33,000.00, so it was a moot point for me, but I think you are real close to it being a push.