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Gap insurance?

MY_Boy_Blue

Member
Jan 31, 2021
39
38
USA
Did anyone get Gap Insurance on their loan through Tesla? I emailed finance and they said all they handle is leases and directed me to my soon to be lender to add it.

I called Wells Fargo and apparently they don’t offer it... they said it’s a 3rd party thing offered at dealers.

Gap Insurance is a must for me. A previous car was totaled at 1 year old (to the day) and thanks to Gap Insurance, I didn’t gave to pay $16k out of pocket when they totaled the car
 
Mar 2, 2021
35
14
Michigan
Put money down on the car. If you don't have money to put down, get a cheaper car and overpay on it then next time youll have money to put down. You shouldn't buy a new car and finance for 60-72 months to where if you total it, you get less than the loan of the car. Now you are paying for to add gap insurance to protect not being able to afford the car.....
 
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MY_Boy_Blue

Member
Jan 31, 2021
39
38
USA
Put money down on the car. If you don't have money to put down, get a cheaper car and overpay on it then next time youll have money to put down. You shouldn't buy a new car and finance for 60-72 months to where if you total it, you get less than the loan of the car. Now you are paying for to add gap insurance to protect not being able to afford the car.....
Wasn’t looking for a finance lesson, thanks... deff could pay cash, but my investments will make more than the 2% interest I’ll pay. Given the 35k miles I drive a year, I’ll be upside down for a while, even on a 3 or 4 year loan and the $400-500 that gap Insurance costs is an afterthought. To me it makes more sense to get it.

But you do you and keep giving unsolicited advice on the internet. I’m sure it’s very appreciated :)
 
Last edited:

acarney

Active Member
Jul 9, 2019
2,408
1,480
Richland, WA
Did anyone get Gap Insurance on their loan through Tesla? I emailed finance and they said all they handle is leases and directed me to my soon to be lender to add it.

I called Wells Fargo and apparently they don’t offer it... they said it’s a 3rd party thing offered at dealers.

Gap Insurance is a must for me. A previous car was totaled at 1 year old (to the day) and thanks to Gap Insurance, I didn’t gave to pay $16k out of pocket when they totaled the car

If a lender doesn’t offer it, usually an insurance provider does. It may be described as “loan/lease payoff” and is usually paid as part of your premium. You can drop it when you feel you’ve paid enough off that it’s no longer needed.

While it’s always good to put money down, right now money is so cheap with ~2% (and even lower) rates that it’s probably better not putting it down if you feel stable in your work and can afford a high payment. Keep that money making money for you and just pay monthly.
 

DeenDeluxe

Member
Jul 2, 2018
17
12
Denver
Did anyone get Gap Insurance on their loan through Tesla? I emailed finance and they said all they handle is leases and directed me to my soon to be lender to add it.

I called Wells Fargo and apparently they don’t offer it... they said it’s a 3rd party thing offered at dealers.

Gap Insurance is a must for me. A previous car was totaled at 1 year old (to the day) and thanks to Gap Insurance, I didn’t gave to pay $16k out of pocket when they totaled the car
I declined the Gap insurance, since I'm financing less than a third of the car's price. Living on the wild side,
 
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UT4EVER

Member
Jun 22, 2020
147
106
Georgia
Wasn’t looking for a finance lesson, thanks... deff could pay cash, but my investments will make more than the 2% interest I’ll pay. Given the 35k miles I drive a year, I’ll be upside down for a while, even on a 3 or 4 year loan and the $400-500 that gap Insurance costs is an afterthought. To me it makes more sense to get it.

But you do you and keep giving unsolicited advice on the internet. I’m sure it’s very appreciated :)
Don’t you just love guys like that.... They got all the answers. Only on the interwebs! They know zero about your situation and yet they make a blanket assumption based on their limited knowledge. That guy probably has $100k under his mattress and he is giving financial advice..... smh
 

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