Alliant credit union and gap insurance

[modelx007]

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?

 

[NewCow]

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).

 

[Denarius]

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

 

[loganintx]

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.

 

[Chris TX]

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

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

 

[ModelX]

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

 

[Diavel]

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?

 

[modelx007]

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.

 

[Diavel]

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.

Isn't at similar to gap insurance?

 

[modelx007]

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

 

[digicool]

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.

 

[Diavel]

Does the deductible waiver go all the way to $1000?

 

[digicool]

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.

 

[X-Man]

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

 

[tedsla]

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.

 

[X-Man]

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.

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

 

[tedsla]

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

 

[ccutrer]

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.

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.

 

[jkennebeck]

From Alliant GAP Doc:

Auto Deductible Reimbursement Benefit ● Pays up to five hundred dollars ($500) Per Loss (UNLIMITED losses per year) when a Loss is filed and paid by the Auto Insurance Company for a Covered Auto the member owns or leases evidenced by the title or registration, AND insures under an Auto Insurance Policy designating the Member as the Named Insured. ● Loss means an event for which the Auto Insurance Company has approved & paid a collision or comprehensive claim which exceeds the Auto Insurance Policy Deductible for the Covered Auto. ● If You suffer a Loss during the benefit period which is covered by Your Auto Policy, You may be entitled to reimbursement of the Auto Insurance Policy deductible amount up to five hundred dollars ($500) per Loss. To be eligible for reimbursement You must own or lease and insure the Covered Auto under an Auto Insurance Policy designating You as the Named Insured.

 

[blake6551]

Just FYI, I went through Alliant last month and got GAP on my Tesla loan over 100k. It was still $399.