GAP Insurance
JK Freak
Joined: Apr 2008
Posts: 534
Likes: 0
From: Denver, CO
Where do you get Gap Insurance. Geico does not offer it, and Chrysler Financial only offers it on Leases (its actually included on the Gold Lease). Where have all the Chrysler Financial financers gotten their Gap Insurance.
JK Enthusiast
Joined: Feb 2008
Posts: 307
Likes: 0
From: Seattle, WA
DON'T buy gap insurance from the dealer. It is about half their price if you just add it to your regular auto insurance. More importantly, you can then drop it after the market value of your Jeep exceeds your payoff (about 2-3 years, depending on the length of your loan).
JK Enthusiast
Joined: May 2007
Posts: 166
Likes: 1
From: Dallas
Didn't see it mentioned but you don't need to carry gap insurance for the life of the loan. You usually only need for the first 2-3 years (depending on down payment of course). By then you shouldn't be upside down and you can cancel it.
JK Enthusiast
Joined: Aug 2007
Posts: 330
Likes: 1
From: Reidsville
Welcome back GAP insurance thread
JK Freak
Joined: Apr 2008
Posts: 534
Likes: 0
From: Denver, CO
So where are people getting it, who didn't buy it from the dealer, and their insurance company doesn't offer it.?
JK Super Freak
Joined: Mar 2008
Posts: 1,228
Likes: 0
From: Massachusetts
Gap is a MUST have for anyone buying a new vehicle that are rolling any negative equity into their new car loan. Meaning you have a trade you owe $XXXX amount on but the amount you are getting for it in trade is less than what you owe your bank already. Unless you are paying that difference in cash then your new vehicle note will now include that remaining amount and will have you instantly upside down on your new loan.
Also makes a lot of sense for those with bad credit that are paying a very high interest rate. So much of the amount you are paying is now going straight to the bank just to cover your high rate. Tough to make up anything from 9% on up no matter how much you have paid or where you are at in length of your loan.
Also makes a lot of sense for those with bad credit that are paying a very high interest rate. So much of the amount you are paying is now going straight to the bank just to cover your high rate. Tough to make up anything from 9% on up no matter how much you have paid or where you are at in length of your loan.
JK Enthusiast
Joined: May 2007
Posts: 345
Likes: 0
From: TEXAS
My first JK was stolen out of my driveway a few months back. I would still be making payments on it had it not been for GAP insurrance. Due to GAP im driving a new JK plain and simple. Cars get wrecked and stolen and chances are it will happen to you one day. Personally I would NEVER BE WITHOUT IT.