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Discussion Starter #1
While purchasing CRV 2016 Touring recently I also got GAP (Guaranteed Asset Protection) at $595. The finance guy told me that if GAP is not used during the loan period, the total amount ($595) will be refunded!. Is that true? It was hard to believe for me but he convinced me somehow to purchase at that price. Thought it might be worth it even if they don't refund it. But now I find that I probably purchased that is not worth buying.

Am I paying too much for the GAP? I still have 15 more days to cancel it. I am thinking of cancel it if I am paying too much.

Would appreciate your input. Thanks.
 

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Doesn't matter so much what the finance guy told you (unless you can prove it; state laws may vary, IANAL etc); what matters is what is written on the pieces of paper you signed. It is hard to credit though: they'd never make any money if you don't use it, only make any money if your totaled car had been worth somewhere between your outstanding loan amount and that+$595, which is a rather narrow window, and potentially lose a pile of dough if the difference is higher than that.

I got my insurance company to tack on GAP insurance for the year there was any reason for it for $50. So if you have somewhere to make 8-9% annual on your investment (or avoid paying that much e.g. reduce a credit card balance) then it could well be cheaper for go that route (and remember to cancel it when your loan balance falls below the Blue Book value).
 

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Yes it is very much worth it. That is the only "extra" coverage I will ever pay for.
 

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It is worth it if you are 'upside down' on the balance sheet. The added bonus is a full refund if not used.....providing you have that deal in writing and signed.



Enjoy the ride.
 

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Discussion Starter #6
Thanks, everyone.

GAP seems to be worth having but at $595 I am leaning towards cancelling it, and probably having cheaper GAP coverage through insurance.
 
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