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Thread: Think I upset the car dealer today lol

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    Regular Member David_SRi_2.2DTi's Avatar
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    Red face Think I upset the car dealer today lol

    I went to the dealer today to sign all the paperwork on my Vectra.

    I expected him to just ask me to sign the contract and show him a few important documents etc. Instead I got a 45 minute lecture on the benefits of GAP insurance and various other insurance type offerings which, if taken, would have bumped my monthly payment up by nearly 100 quid. I ended up signing up for GAP insurance, at an extra 20 quid. I hate all these figures and sales pitches etc, I understood the concept.. he was courteous throughout but these people have a habit of making it sound as if third world children would die if I didn't get his insurance package

    My head spinning I left and went home, but the GAP insurance and extra money was eating away at me, so when I got home I phoned up to cancel (as it rightly said I could within 14 days in the small print), he didn't sound too happy lol and I had to go straight back down and sign a new set of documents!

    Bit of a stress lol, this finance lark can be rather confusing!

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    Admin plasma's Avatar
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    Vehicle : Vectra

    Trim : SRi

    Engine : 150

    Year : 05

    Mileage : 74000

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    Actually GAP insurance can be quite good.. Think someone else has it on here. It guarantees you a make-up figure if your car is written off from the amount the insurance pays you out to what it would actually cost you to get the same car (think i'm wrong on this point...) , actually more thinking about it makes the difference up to what you paid for it??

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    Regular Member David_SRi_2.2DTi's Avatar
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    Quote Originally Posted by plasma View Post
    Actually GAP insurance can be quite good.. Think someone else has it on here. It guarantees you a make-up figure if your car is written off from the amount the insurance pays you out to what it would actually cost you to get the same car (think i'm wrong on this point...) , actually more thinking about it makes the difference up to what you paid for it??
    ...yes it seems a sound prospect but when I was adding up all the extra money it would have cost me over 500 quid over the period of the loan, stretched my budget just a little too much.

    In essence though, will your insurer only give you the current market value (which presumably drops year on year) if the vehicle is written off or stolen?

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    Regular Member ghostrider's Avatar
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    Quote Originally Posted by David_UK View Post
    ...yes it seems a sound prospect but when I was adding up all the extra money it would have cost me over 500 quid over the period of the loan, stretched my budget just a little too much.

    In essence though, will your insurer only give you the current market value (which presumably drops year on year) if the vehicle is written off or stolen?
    Yes, thats correct. GAP will pay the differance on your payout up to the finance you have left etc..

    i.e. You buy the car on finance / loan etc, for say £10,000

    Car gets written off and the insurance pays you £6,000, but you still owe £9,000 on the finance / loan, then GAP will pay the £3,000 differnace to the finace / loan company.

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    Regular Member BigMan's Avatar
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    GAP insurance is worth its weight in gold, however...

    It is only worth its weight in gold if..

    1) You have never missed a payment up until the point you need to claim
    2) You have never been late paying up until the point you need to claim
    3) You dont change your payment terms half way thru you finance like i did, i went from Monthly to Weekly, and it caused a right problem, as they reckoned i was £230 short on what i should have paid at that point in time, and it worked out that it was X amount of weeks money, which would be the time i changed from Monthly to Weekly!

    Other than that, its a good idea, and i know of many people who have successfully claimed and not owed a penny, even the though the outstanding finance was greater than the vaule of the car
    Last edited by BigMan; 17th July 2007 at 21:23.

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    Regular Member David_SRi_2.2DTi's Avatar
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    Im beginning to think I should have kept it on now lol.. oh well you live and learn!

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    Regular Member Ian's Avatar
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    Also, with Gap, because you pay monthly if you need to use it they will ask for the remainder of the policy, so for example you take finance over 36 months and the GAP is an extra £10 per month. But what they are really saying is:-

    GAP Policy = £360.

    So you write off the car after a year, they will ask for £240 or they wont pay up. The way around this is to add the policy to the finance, as they get fully paid up at the start. The bad part of this is that you then pay intrest on the money used to buy the GAP.

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