gap insurance will pay the difference between the balance on the loan and the amount the insurance company will pay, plus your deductible up to $1000 (referring to the lfs gap policy anyways) if the vehicle is stolen or wrecked and totalled by the insurance company

 

Amen to that

 

Doesn't AAA do window etching for $15? It is sad that Lexus and MB dealers play these games.

 

thats just plain BS.

 

Since you asked for comments, I'm afraid these 'extras' are how a dealer can pad their bottom line because they're HUGELY marked up and mostly unnecessary. They're often a way a dealer makes a car deal worthwhile even when the car itself was heavily discounted. Since your car almost certainly wasn't your salesperson is one very happy person now, I'm afraid.

Window etching - as has been said, this doesn't really help prevent your car from being stolen - if a 'chop shop' got your car and saw the etched windows then maybe they might not sell those parts or maybe they'd just etch off the etched on numbers.

Interior/Exterior protection - your car is already quite protected from the factory. The money would be better spent on a detailer if, say, someone emptied a bottle of red win inside your car or something bad like that.

The gap insurance is just that, insurance, and not a terrible thing, it's like any insurance, it's a hedge against a risk. I personally look at insurance companies like casinos though - they never lose overall. But there is a chance it could be worthwhile to you.

Bottom line - nothing you can do about it now, enjoy your wonderful vehicle. You might want to get EXACT details on what they did in that protection package though. My guess would be a spray on the carpet/leather and some kind of waxing of the car and that's it. If the outside protection included some kind of front 'clear bra' (a clear spray on material that helps prevent paint chipping) then that was worthwhile.

 

The insurance guarantees my investment.

Looking cool is all part of the game. Wonder who buys this kind of car and isn't proud of their accomplishments. I know I am. I have had a few people give me the thumbs up and even had some guys in a Honda pull up beside me and shout out congratulations.

What more can you ask for??????

 

How does GAP work when you pay cash for the car? What exactly does it offer to do for you? I thought GAP addressed imbalances between the amount owed on a loan or lease and the amount your insurance company pays you in the event of a total loss. If you don't have a loan, what gap is it protecting?

 

This isn't gap insurance like the normal gap. This is an insurance policy that will pay me the difference of what the insurance company would give me if the car was totaled or stolen and what I paid.

 

Yes, I was offered a similar type of insurance when I bought my cars, which means I can always get a brand new car of the same model if it's totalled or stolen. I didn't take it, but I won't say that's a bad idea at all.

 

Can you provide a little more detail on the GAP policy? Is there any expiration or limitations to what is covered? If you drive the car 10 years and then it is totaled, do you they give you the original purchase price, the replacement price, or something else?

I guess they are gambling on the fact that very few cars are completely lost or totaled, so it's probably rare that they ever have to pay out on it.

 

now that sounds interesting, not familiar with that type of coverage, thats a new one to me.

 

I looked at the policy last night. It guarentees me up to 25k reimbursement over what the insurance company will give me if the car is stolen or totalled for up to 3 years.

If JM Lexus could elaborate, or some other dealer on CL maybe they can explain it better.

I know when I was signed for the car, I was taking everything they offered. Not sure if that was rational time for me given the state of excitement I was in getting the car. All I could think about was driving away.

 

Gap insurance is there to protect against depreciation in the first few years. If you buy a $70k car even with $10k down, you would be trouble if your car was totalled or stolen in the first year or two. It covers the difference between what you owe and what the insurance company will pay.

I personally think it is well worth it, as no one would want to write a 10 or 20 thousand dollar check just to get rid of their totalled car!!!!!!!!!!!

That falls into the same reason why I roll all taxes into a lease, I also don't put money down, if the car is stolen tommorrow you are stuck for all the money you put out of pocket!!

The other two items you paid for are not worth any $$ in my opinion. Consider it a holiday gift to your salesperson and dealer. A well applied Zaino process will do far better for the finish...

Ed