Whats up my fellow G drivers, i'm considering getting a G37 Sedan and the finance manager mentioned something about gap + etch.

He said that i should get it being that i will be putting down a large down payment ($12K) and it is there to protect the down payment just in case the vehicle was to be stolen in 2/3 years. If it should be stolen then i would get back up to $25K because insurance would only give me back the book value amount of the car.

Doesn't lojack give you back the amount for the car if they are unable to recover it and did any of you guys get this "gap + etch" thing?

Gap + etch cost about $700 + tax and i believe lojack cost a little bit more.

So can someone break it down and give some advise as to what to choose and if i should choose any at all.

I'm from Bronx, NY if that helps with anything.

 

Gap is a protection policy if you are financing the vehicle. Gap is provided by the finance company and will cover the difference in between the value of you car and the amount still owed to the bank. Therefore, if you finance $45k and next month your car is totaled. Gap will cover the difference in the depreciated value of your car and the amount you financed. Insurance check cover $35k (depreciated value) and gap covers the remaining $10k. This is a must get, but you can get it cheaper than $500. I paid $250 through my credit union that I financed my car through. Also, if you are not financing the car than you dont get Gap. Your finance manager mentioned if your car was stolen in 2/3 year because if you put 12k down than that is how long it would take before your car would depreciate enough to lose 12k in which you would need gap. How long is you finance term? If you dont plan on financing it for over 48 months and you put 12k down than you prob down need gap.

Etching is a big fat rip-off. It is etching your vin number into your windshield to deter theft. Huge rip-off. Will not do anything for you, save your money and get an aftermarket alarm.

Lojack is good. However, IMO, if my car gets stolen, I dont want it back. Lojack will bring your car back in whatever condition. I am sure theives have caught onto this anways and figured out a way around it. Invest in a viper alarm if you are that worried. I would prob spend the $130 for the vehicle sensor alarm though.

 

where u from in the bx PM me

 

Thanks for the info Heat. I will be financing the car for 60 months and it already have the impact sensor on it.

He did mention regular gap and then "gap with etch" so i'm just trying to understand the if there is a big difference between the two or based on what you described above, are they basically the same with the exception of marking the vin # on the windows.

I guess i'll stay away from lojack because i most definitely don't want a car that someone beat on and probably ripped apart. I would definitely would rather a new one.

 

FWIW, both Gap and Etch can be negotiated. I got GAP on a previous car for $250.

 

Thanks for the info, i will be sure to see if i can negotiate it at lower cost.

 

If you still want etch, you can get a local shop to do it for $30-$50.

 

you're buying a $40k car and worried about a few hundred dollars? seriously...

 

A few hundred dollars is a few nice dinners out. I'd worry about it.

 

Not worried about a few hundred dollars, just didn't fully understand what it was. I said that i was going to try and negotiate the cost because if the regular gap cost about $250 and etching cost about $50 separate then i don't see why i should pay $300+ above the norm (Gap + etch cost $595 + tax).

I now understand that its a policy in itself which is different from just regular Gap. As explained above regular covers the difference between the value of you car and the amount still owed to the bank, and Gap + etch protects your out-of-pocket or ded. plus up to $25000 over your insurance payment.

Bottom line is i am going to go with that option, i rather be safe than sorry. Thanks everyone for all your help.

 

If you want gap insurance just incase you are upside down in your car it is way cheaper to get it through your own insurance company ...

 

included in your payments, its less than $10/month.

 

this is a different GAP coverage as opposed to the GAP as ascribed by the financial institution. but anyways, someone got a new car today. congrats and it was worth the long wait

 

sorry to bring back this thread, but after reviewing gap insurance seems like it was an option through the dealer? even if its a leased car?

And if we didnt get it through the dealer, we are able to get it through our insurance company? do most insurance companys do gap?

 

+1 to toptech!! Good point! Why so many people say that? If I buy a 45k car should I just pay hundreds of dollars to the dealer and everybody out there that wants to rip me off?? NON SENSE. Yeah, just because you bought a 45k car you should continue to spend your money smart.

-A