GAP Coverage

[MXDogCrate]

...uuhhhh...I have an existing relationship with Alliant (loans on the 2013 S85 and 2015 S70D listed below) and live in CA. I am taking delivery at Fremont this coming Monday of my P3D+. Alliant did 100+% financing for me on the Model 3 without blinking an eye. I worked directly with them (Tesla not involved). Fast and painless. So maybe they cannot accept new members/customers, but existing customers are good to go. YMMV.

Yes, Alliant told me they would honor that for existing members, but not new ones. Would not have worked out anyways as it's a company car and Alliant only does loans for individuals.

 

[Sg911]

not so for the S, so one would think the same would apply to the 3.

Once you start going above $60k purchase price, the initial depreciation hit is pretty ridiculous - 30% on $145k $43k ...30% on $60k $18k.
I see 2016 Model SP90D low miles with for $75k .... so what was original purchase price $130k’s. It lost $55k, and how much will it be worth in 2019?!

 

[Firedog7881]

I got gap on my loan, only put down the required $2.5K and financing $60K. Got it through my credit union for $450 or something which is well worth the piece of mind.
My friend works for an auto auctions place where they take in totaled cars and auction them off. He said that he sees a lot of Teslas in what looks like decent shape but have been totaled because Tesla is the only one that Tesla will allow to fix them so they end up totaling them out for relatively less damage than other vehicles. This means that if you get in an accident and the insurance company totals your car then you are responsible for the difference of the insurance payout vs current loan payout. For $450 over a 72mo loan at 2.5% ($485 total over the life of the loan including interest) this is a no brainer to me.

 

[Sg911]

I got gap on my loan, only put down the required $2.5K and financing $60K. Got it through my credit union for $450 or something which is well worth the piece of mind.
My friend works for an auto auctions place where they take in totaled cars and auction them off. He said that he sees a lot of Teslas in what looks like decent shape but have been totaled because Tesla is the only one that Tesla will allow to fix them so they end up totaling them out for relatively less damage than other vehicles. This means that if you get in an accident and the insurance company totals your car then you are responsible for the difference of the insurance payout vs current loan payout. For $450 over a 72mo loan at 2.5% ($485 total over the life of the loan including interest) this is a no brainer to me.

Thx for the info!

 

[ACP Pradyuman]

I opted in for GAP insurance ($475) through the credit union I'm financing through. They also include deductible reimbursement for any claims in 3 years as a part of the GAP coverage bundle.

Hi fishh,

Is the deductible reimbursement for any claims mentioned in the GAP coverage contract? My credit union is telling me their GAP insurance offers the same, but when I asked them to send me the details, they just sent me a brochure about some "GAP with Powerbuy" thing which has no mention of it. I've tried to Google that, but nowhere could I find any information about the deductible reimbursement.

I just got my new Model 3 and am still not sure if I want to buy GAP with my credit union or just get it through my insurance company. The insurance company GAP costs just $55 a year, compared to $495 with the credit union. I think the credit union one makes sense if their deductible reimbursement claim is true, but not otherwise.

 

[fishh]

Hi fishh,

Is the deductible reimbursement for any claims mentioned in the GAP coverage contract? My credit union is telling me their GAP insurance offers the same, but when I asked them to send me the details, they just sent me a brochure about some "GAP with Powerbuy" thing which has no mention of it. I've tried to Google that, but nowhere could I find any information about the deductible reimbursement.

I just got my new Model 3 and am still not sure if I want to buy GAP with my credit union or just get it through my insurance company. The insurance company GAP costs just $55 a year, compared to $495 with the credit union. I think the credit union one makes sense if their deductible reimbursement claim is true, but not otherwise.

Interesting situation you have there. Yes, my loan documentation is explicit about this benefit, which I've copied below:

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, registration or loan document, AND insured 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.

 

[cbaaz]

I agree with RonM. If you were leasing the vehicle it might make sense; but given you are purchasing the vehicle - probably not needed unless you are willing to pay for something that could offer limited benefit.

It is included is Tesla’s leases - and most other manufacturers, too.

 

[jaffy23`]

Loan/Lease Payoff through Progressive was an extra $5 for the 6 month term. They were also much cheaper than Geico for me.