I've purchased one new car , ever, in my life. Never again. A ford mustang in 2005. The entire car dealer experience, world is so sleazy and dirty. I think I would rather go to the corner and deal with my neighbor drug dealer. Everything from negotiation to the subsequent maintenance visits, to the product itself (my car was a piece of garbage started falling apart from day one) to the fact that it buying a new car is a big financial stupid move. At every turn they try to up sell and stick it to you. If I add up all of the money I've spent on purchasing a car in 25 years (minus this ford I mentioned) it would add up to $7,350. An Eagle Talon that I drove for 10 years and a Lexus LS400 that I've been driving for 10 years. Never, ever, buy new again. But I appreciate this gentleman giving us all the inside secrets of the car business.
Great content. Many people don’t realize they can also get a refund for gap if you sell, trade or total your car. Millions of dollars go unclaimed every year. We’ve helped get consumers more than $800k in refunds so far. Great video.
Bought a new car with the out the door price of $29868 and put $11000 down. The sleazy saleswoman automatically added $3000 to the loan contract for Gap insurance without even asking me if I wanted it. I reviewed the loan contract and told her to take that off. She tried to say it was for my protection, but I figured with the large down payment (36.8%), there is no "gap", so I told her to take it off or I walk (she finally did). This video confirms what I thought.
Bought a 2019 Lexus NX300. Plan to keep my car for 15-20 years. I got my GAP my insurance through Mercury Insurance at $4.00/mo. for 3 years. Worth the money! Peace of mind. I plan to payoff my car in 3 years.
You can get GAP coverage through your insurance company but why would you create a conflict of interest ? The insurance company just like any other company is gonna look out for their best interest not ours, just something to think about
Thanks man. i just found out my car is worth $2200 more than my loan so I should be able to pay it off 6 months early. Within 12 months no more car payments!
Good I was so worried I didn’t let the dealer hustle me my loan amount is less than the value of the car I said no gap and the finance manger wanted to eat me alive when I was rejecting all his sales pitches. I was ready to say forget it and walk out no ones gonna come tell me how to spend my money I’m bringing business. P.s. you really are a car angel lol 😂👏☺️
great information. I found mygaprefund.com and they were able to get me a backdated gap refund on a car I sold a year prior. A full year past because I didnt know I could get a refund but they back dated it for me so I didnt lose that full year of prorated refund. Thanks for the great content Angel!
YourCarAngel my friend purchased a brand new car in 2017 and a few days ago he was involved in an automobile accident in which his car was declared a total loss by his insurance company. Today he told me that he was paid by his Gap insurance $20,000 and I asked him if his insurance paid the debt of what was owed on his vehicle and he told me that banks take a loss when a car that they financed ended up being declared a total loss after a car accident, is that true? I find that odd because long time ago a relative of mine was involved in a car accident and his car was declared a total loss after the damages were appraised by his insurance adjuster. He was financed by a bank to buy the car and the accident happened one year after he purchased the car which is clear that my relative had not finished paying that loan. My relative didn't have Gap insurance besides his full coverage insurance and her full coverage insurance paid the remaining balance of what was owed on the loan and that was it. I personally don't believe that banks will lend money to somebody to buy a vehicle knowing that if the car ended being declared a total loss due to an accident that the banks will simply take a loss and that the insurance company is not obligated to pay the remaining balance on the car loan nor the registered owner (the person who took out the loan) of the vehicle.
go to car dealer you bought car from and ask for a Gap refund form, its like going to ask for an extended warranty form to get money back on extended warranties
my vehicle was deemed a total loss, my insurance company paid off the lender, my question: I also have Gap insurance, so how and by whom, do I get paid for my loss?
HELLO my brother thanks a lot for that specific explanation . I do have a question , what happens when you have an accident that was total loss and somehow the gap insurance didn't pay nothing that they should pay I don't understand many of this details about insurance I was involved in a car accident took me 10 day in the hospital broken leg a surgery and on and on . The gap insurance call me telling me (don't worry about whatever your insurance do not cover we take care that but they never pay none of that money and it's been over 3 years when that happened so my question is ( is there anything at this time that I can do about it ?
I just purchased a 2013 Lexus ES350 Yesterday, boy do I wish I had someone who knew what these car dealers make you feel you have to do. I added gap, he said no payments for 90 days, I said I wanted to make payment anyways, he said I’ll make it 60 days and I said I want to still make a payment. He knew I wasn’t satisfied with numbers after seeing total amount. So if I get Gap through any insurance, when is a good time to or can I still cancel gap with car dealer. Oh and btw he said I can cancel when I make my first payment but then the car amount will jump up to $30,000. 😳😡
Or if you pay your car off early! There would be money to get as well at that time! And they will give you the run around, when you go to get that money!
Hey man I really appreciate you sharing your knowledge with us. I received $500 back from my gap insurance thank to you. God bless you. I hope I could do something for you as appreciation for return.
Car Angel... I did a contract for a car. I haven't taken delivery or signed all my financing, but they did ask me to sign a bill of sale before the went to pick up the car. It has Gap insurance on it and I don't want it. Can they remove that item when I go back to complete my paperwork? It was 900 and I found out through my insurance company that I would be okay without it. Can I get it removed before I pay my down payment and such? If not, can I cancel while still in the dealership and get 'most' of it back?
Say, what if the terms expire with time or mileage...the mileage is going to come first causing expiration of GAP how do I submit the mileage? Will I see a change in my car payments once it expires?
I'm 18 and i worked hard to pay off my car this year which might sound dumb but i dont like owing anyone money, anyways i'm entitled to a refund but am confused with the grown up talk, will i get it on a check? If i dont call those scumbags they will keep my money right
Buy a used vehicle 3-5 years old and save 10- 20k plus. Guaranteed! And you are still getting a like new vehicle. Waste of money buying new unless you plan on keeping the vehicle forever.
just cant figure this out. my insurance company is going to pay 12922 and i owed 13055. i know gap is supposed to pay off the rest but in my case the insurance is paying it all. where does the gap insurance come in. will they give me something to get another vehicle?
Great info. I was able to get a refund for my gap insurance with mygaprefund.com. They handled my cancellation for me and I received a check in the mail. It’s a prorated refund by the way.
I thought they always pay to have the car restored to it condition before an accident. But if fixing it exceeds what it is worth then they will pay what its worth regardless if you have a loan or not.
Really the guy is trying to explain this and this is what you get out of the video... a guy judging another guy about his looks... i don't think he is into guys dude
I've purchased one new car , ever, in my life. Never again. A ford mustang in 2005. The entire car dealer experience, world is so sleazy and dirty. I think I would rather go to the corner and deal with my neighbor drug dealer. Everything from negotiation to the subsequent maintenance visits, to the product itself (my car was a piece of garbage started falling apart from day one) to the fact that it buying a new car is a big financial stupid move. At every turn they try to up sell and stick it to you. If I add up all of the money I've spent on purchasing a car in 25 years (minus this ford I mentioned) it would add up to $7,350. An Eagle Talon that I drove for 10 years and a Lexus LS400 that I've been driving for 10 years. Never, ever, buy new again. But I appreciate this gentleman giving us all the inside secrets of the car business.
Great content. Many people don’t realize they can also get a refund for gap if you sell, trade or total your car. Millions of dollars go unclaimed every year. We’ve helped get consumers more than $800k in refunds so far.
Great video.
Bought a new car with the out the door price of $29868 and put $11000 down. The sleazy saleswoman automatically added $3000 to the loan contract for Gap insurance without even asking me if I wanted it. I reviewed the loan contract and told her to take that off. She tried to say it was for my protection, but I figured with the large down payment (36.8%), there is no "gap", so I told her to take it off or I walk (she finally did). This video confirms what I thought.
Bought a 2019 Lexus NX300. Plan to keep my car for 15-20 years. I got my GAP my insurance through Mercury Insurance at $4.00/mo. for 3 years. Worth the money! Peace of mind. I plan to payoff my car in 3 years.
You can also get gap coverage through your insurance company, usually at a much lower cost than the dealership.
You can get GAP coverage through your insurance company but why would you create a conflict of interest ? The insurance company just like any other company is gonna look out for their best interest not ours, just something to think about
PNW 360 state farms GAP is free!!
PNW 360 can you get gap insurance after you bought the car?
Best explanation I’ve seen. Thank you so much 🙏🏽
Thanks man. i just found out my car is worth $2200 more than my loan so I should be able to pay it off 6 months early. Within 12 months no more car payments!
Good I was so worried I didn’t let the dealer hustle me my loan amount is less than the value of the car I said no gap and the finance manger wanted to eat me alive when I was rejecting all his sales pitches. I was ready to say forget it and walk out no ones gonna come tell me how to spend my money I’m bringing business.
P.s. you really are a car angel lol 😂👏☺️
great information. I found mygaprefund.com and they were able to get me a backdated gap refund on a car I sold a year prior. A full year past because I didnt know I could get a refund but they back dated it for me so I didnt lose that full year of prorated refund. Thanks for the great content Angel!
Cancelled my GAP insurance after watching this, thank you.
Did you get the gap refund?
@@vincearagon4113 Yes, they applied it to my loan. I think it took about 6 weeks to be processed.
Thanks for the advice! Man luv the Mullet Bro 👍
I should've learned this over 40 years ago. Seriously, I'm 71.
YourCarAngel my friend purchased a brand new car in 2017 and a few days ago he was involved in an automobile accident in which his car was declared a total loss by his insurance company. Today he told me that he was paid by his Gap insurance $20,000 and I asked him if his insurance paid the debt of what was owed on his vehicle and he told me that banks take a loss when a car that they financed ended up being declared a total loss after a car accident, is that true? I find that odd because long time ago a relative of mine was involved in a car accident and his car was declared a total loss after the damages were appraised by his insurance adjuster. He was financed by a bank to buy the car and the accident happened one year after he purchased the car which is clear that my relative had not finished paying that loan. My relative didn't have Gap insurance besides his full coverage insurance and her full coverage insurance paid the remaining balance of what was owed on the loan and that was it. I personally don't believe that banks will lend money to somebody to buy a vehicle knowing that if the car ended being declared a total loss due to an accident that the banks will simply take a loss and that the insurance company is not obligated to pay the remaining balance on the car loan nor the registered owner (the person who took out the loan) of the vehicle.
How do I go about getting money back when the value is more than I owe? Just contact the dealership and they will give it?
go to car dealer you bought car from and ask for a Gap refund form, its like going to ask for an extended warranty form to get money back on extended warranties
my vehicle was deemed a total loss, my insurance company paid off the lender, my question: I also have Gap insurance, so how and by whom, do I get paid for my loss?
Did you find out? My car is a total loss and my inisrance paid the lender as well.
So in my understanding, 0 down: go gap and with down payment: not preferred!
Thank you, today I learned something new! (and important!)
Much more depreciation that first half year than shown on his graph.
Not relevant to the topic...
would love to listen to this but the audio is left ear only and for that i will never know what you have to say
HELLO my brother thanks a lot for that specific explanation . I do have a question , what happens when you have an accident that was total loss and somehow the gap insurance didn't pay nothing that they should pay I don't understand many of this details about insurance I was involved in a car accident took me 10 day in the hospital broken leg a surgery and on and on . The gap insurance call me telling me (don't worry about whatever your insurance do not cover we take care that but they never pay none of that money and it's been over 3 years when that happened so my question is ( is there anything at this time that I can do about it ?
perfect...everything I needed to know. thanks
I just purchased a 2013 Lexus ES350 Yesterday, boy do I wish I had someone who knew what these car dealers make you feel you have to do. I added gap, he said no payments for 90 days, I said I wanted to make payment anyways, he said I’ll make it 60 days and I said I want to still make a payment. He knew I wasn’t satisfied with numbers after seeing total amount. So if I get Gap through any insurance, when is a good time to or can I still cancel gap with car dealer. Oh and btw he said I can cancel when I make my first payment but then the car amount will jump up to $30,000. 😳😡
Just don't pay the total amount for GAP upfront. Pay in monthly installments along with your car loan or purchase it from car insurance company.
All left mono video is hard to watch...force mono in Lt and Rt headphones in editing program you use please.
Or if you pay your car off early! There would be money to get as well at that time! And they will give you the run around, when you go to get that money!
Hey man I really appreciate you sharing your knowledge with us. I received $500 back from my gap insurance thank to you. God bless you. I hope I could do something for you as appreciation for return.
Behrad sarabostani give him some head
no you
Car Angel... I did a contract for a car. I haven't taken delivery or signed all my financing, but they did ask me to sign a bill of sale before the went to pick up the car. It has Gap insurance on it and I don't want it. Can they remove that item when I go back to complete my paperwork? It was 900 and I found out through my insurance company that I would be okay without it. Can I get it removed before I pay my down payment and such? If not, can I cancel while still in the dealership and get 'most' of it back?
Hi Chris. Yes you can request to have it taken off the deal. There is no requirement to have it.
Say, what if the terms expire with time or mileage...the mileage is going to come first causing expiration of GAP how do I submit the mileage? Will I see a change in my car payments once it expires?
I'm 18 and i worked hard to pay off my car this year which might sound dumb but i dont like owing anyone money, anyways i'm entitled to a refund but am confused with the grown up talk, will i get it on a check? If i dont call those scumbags they will keep my money right
Why zoom in near end, can’t see the positive equity line, that aside ta.
What happens if I refinance a loan and my original loan had it but my new loan doesn’t? Ty
Buy a used vehicle 3-5 years old and save 10- 20k plus. Guaranteed! And you are still getting a like new vehicle. Waste of money buying new unless you plan on keeping the vehicle forever.
Ola una pregunta??si mi carro fue declarado perdida total y mi aseguradora lo paga completamente podría obtener un reembolso de la aseguradora gap
Recibiste un reembolso? Del gap?
just cant figure this out. my insurance company is going to pay 12922 and i owed 13055. i know gap is supposed to pay off the rest but in my case the insurance is paying it all. where does the gap insurance come in. will they give me something to get another vehicle?
Anthony Chavez then u also have gap insurance with ur insurer
How much is the car worth?
If you trading your car do you get some of your gap insurance money back some
My last car note is at the end of the month is it too late to get my refund back?
At 3:35 of your video based on your graph it looks like the amount you owe is equal to the value. That's the very short time that they both meet
nice video.. Very detailed.
Because you over paid for the car. All banks and credit unions know cars are bad investments. protect them not you!
Great info. I was able to get a refund for my gap insurance with mygaprefund.com. They handled my cancellation for me and I received a check in the mail. It’s a prorated refund by the way.
Car dealers never explain this..
Mine did
can you buy gap insurance after you bought the car? i bought mine without gap insurance.. can i still buy it from my insurance??
You can get it through most insurance companies, statefarm gives it to you for free I believe
my Volkswagen i pay 27$ a month, the finance said they will give me back on the third year about 1W, is it true?
did you ever find out the answer to this?
Here I am trying to fix my headphones. I payed no attention...
I'd never ever buy GAP insurance.
If you need it you are buying too much car.
What of ypu totaled ypur car and car value is grater that your remaining loan. Can you get that cash back from gap insurance or its too late
I thought they always pay to have the car restored to it condition before an accident. But if fixing it exceeds what it is worth then they will pay what its worth regardless if you have a loan or not.
dude the volume is all fucked
I can't hear shit.
Mhm
Couldn't watch the video. Can't get past that awful hair! Looks like polyester is growing out the back of his head.
Really the guy is trying to explain this and this is what you get out of the video... a guy judging another guy about his looks... i don't think he is into guys dude