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Alliant credit union and gap insurance

Discussion in 'Model X: Ordering, Production, Delivery' started by modelx007, May 16, 2016.

  1. modelx007

    modelx007 Member

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    Location:
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    They offer gap insurance for 399 and sounded like a great deal...then was told you can't get it if loan is over 100k.. which is perplexing since they are now tesla's preferred lender and unless you put down a considerable amount of cash for a loaded X, you are out of luck in getting GAP.

    Anyone else have this problem?
     
  2. NewCow

    NewCow Member

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    I got the $400 gap option on my CPO S for my Alliant loan, which was well under $100k. It also comes with deductible reimbursement (up to $500), so it pays for itself if you file just a single insurance claim. I believe the reimbursement can even be used on a claim for any car on your insurance, not just the Tesla (don't quote me on this, been a few months since I read the paperwork, but I think I recall this).
     
  3. Denarius

    Denarius Active Member

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    They must have changed their policy, I financed over 100k and they required I have the gap insurance.
     
  4. loganintx

    loganintx Member

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    I was told the same thing but that was before they dropped rates to 1.49%. I'll email my guy and ask if the gap insurance changed.
     
  5. Chris TX

    Chris TX Active Member

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    That's odd. Mine was 93k and they didn't require me to buy gap. But man, I did! ;)
     
  6. ModelX

    ModelX Member

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    I was also told they wouldn't do gap at >100K.
     
  7. Diavel

    Diavel Member

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    Oh man... Gap is very important for a vehicle priced like this. Depreciation curve on high end vehicles are high and gap could come in real handy especially for the $500 deductible.

    How much over 100k are you guys over? If you can spring the cash, I'd do it. Perhaps getting a small loan/line of credit elsewhere at a somewhat higher interest rates to cover the difference?
     
    • Helpful x 1
  8. modelx007

    modelx007 Member

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    It is just odd that Alliant has a great program yet excludes GAP for over 100k finance. Think someone missed the boat here.
    I will have to select USAA Total Loss Protection option which is less then 175 a year.
     
  9. Diavel

    Diavel Member

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    Isn't at similar to gap insurance?
     
  10. modelx007

    modelx007 Member

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    No but could be considered similar. Alliant for 399 is for lifetime of loan with other benefits
     
  11. digicool

    digicool Member

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    Seattle
    I am now going to accept the loan terms with GAP totaling $100399. It appears that the deductible waiver benefit is part of the Alliant Auto advantage program that does not seem to be related to the GAP insurance. Atleast I did not find the connection. I also feel like it may be worth to get the GAP which is good for the life of the loan.
     
  12. Diavel

    Diavel Member

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    Does the deductible waiver go all the way to $1000?
     
  13. digicool

    digicool Member

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    I think the deductible waiver is only the $500. But with the GAP insurance, your deductible can be as high as $1000. However I don't think GAP kicks in if there was not a Total in which case the deductible will be what it was you chose. For this reason, I opted for $500 deductible with my insurance.
     
  14. X-Man

    X-Man Member

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    Hi All,

    I was told by my alliant rep that I can get GAP only if my loan is 100k or lower. I was also told that if I got GAP coverage, then they would cover the deductible if in an accident (making it sound like not just a total). She gave the example of getting a crack in the windshield (how appropriate) and a scratch on a fender.

    The deductible (if we go through insurance) would be covered if I purchase the GAP. Now that I'm looking at the ad, it seems that it's not the GAP that would cover the deductible for the windshield, but it's the Auto Advantage Program that comes free with GAP coverage.

    This deal seems worth getting. However, if I claim a windshield breaking or scratch on my fender/bumper...what would that do to my premium? It may not be worth going through insurance, thus not needing GAP (unless car is totaled).

    #First world problems
     
    • Informative x 1
  15. tedsla

    tedsla Mobile Member

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    Check out LightStream (by Suntrust). Several owners have reported getting unsecured loans with great rates/terms. If you are High Net worth with good credit, they will do you loan unsecured. They are very fast too.
     
  16. X-Man

    X-Man Member

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    Looks like their rates are higher than 1.49%...
     
  17. tedsla

    tedsla Mobile Member

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    LightStream has a tenth of a point rate beat promise. Show them you can get 1.49%, they will beat it with 1.39%.
     
  18. ccutrer

    ccutrer Member

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    What's the definition of high net worth? $500k? $1MM? Multi-million?

    And they have a limit on LTV, right? Something like 80%? I ask cause I'm probably going to do the 105% LTV with Alliant to help cover sales tax. I have no idea where I fit on the "high net worth" scale, but a lot of my net worth is locked up in stuff that I can access if necessary, but comes with a steep tax penalty, so it's much better for me to put as little down as possible.
     

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