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General MINI TalkShared experiences, motoring minutes, and other general MINI-related discussion that applies to all MINIs, regardless of model, year or trim.
I just found out that CSAA (AAA) offers GAP insurance when I called on Monday to add my wife's new S.
Only $33 a year so means a savings of about $697.
So long story short the dealer is going to redraw the contract without GAP.
Im not a fan of AAA but if you found something its actually useful for, thats good. In your case AAA will pay for itself with your savings. I hate dealers and their bogus fees which they of course tack onto the price of the car. Thats where this gap comes in because taxes and fees put you in this situation. Then of course they have another product to sell you! Gap insurance.
I'm going out on a limb to say that all insurance companies sell gap insurance at a reasonable price. Might be some exceptions but it pays to check. We use PEMCO, $19.30 per year recently.
Gotta love it. They sell you a car thats not worth the price then sell you insurance to cover the difference
The situation arises because of the ridiculously long finance terms they sell. ( 84 months!! ) It's worth what you pay on day 1, but since you practically are paying interest only in the first year, (while the car takes its biggest depreciation hit), you are seriously under water in years 2-3..
If you cant afford the 48 month payment you cant afford the car.