Need some price advice...

[ern-diz]

Originally Posted by xed

I just set up a blank check loan with Capital One Auto Finance so no gap is being forced on me unless I wanted it. No alarm or anything like that either. I have a FICO of over 800 so I got the lowest rate Capital One Auto has at the moment for a 60 month which is 6.35%. I figure if Toyota financing can beat 6.35% then I'll go with them; otherwise I'll just use Capital One.

you are in an excellent position then...i would however recommend that you read the following thread:

http://www.yarisworld.com/forums/showthread.php?t=9050

before considering passing on the gap...just so you have both perspectives on that option...

[xed]

Originally Posted by ern-diz

you are in an excellent position then...i would however recommend that you read the following thread:

http://www.yarisworld.com/forums/showthread.php?t=9050

before considering passing on the gap...just so you have both perspectives on that option...

Thanks for the link to that thread. I read through it and it really does bring home the point of having gap insurance.

Depending on what the dealership offers me for my trade-in I'll be putting down between 0% - 12.5% of the purchase value which means at the time of purchase, having gap is the right choice. Either way I'll have paid off more than 20% of the car's value before the end of this year so the time frame for having gap coverage would be through the end of the year.

I think I'll go ahead and pay for gap and then just cancel it at the end of the year and get refunded the prorated difference. That way I'm covered just in case something happened (hence the term "accident").