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Nipz

GAP insurance?

53 posts in this topic

Hey all,

Just wondered who got GAP insurance with their new (or old) cars and why they thought it was a good idea.

I understand the idea of GAP but not sure whether or not to get it.

Also who actually owns the car doing it through the ford options, Me or Ford?

Thanks

Ben

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Thanks for that!

Im def going to be PX the car every 2 years.

I think i will end up getting it, but its all adding up :) just been down to the garage to see if i can change my order to a Zetec S but its an extra £65 a month which i cant really afford just for a car atm :) however nice it looks!

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Hi

GAP can seem very expensive when you buy it BUT if you ever have to use it its worth its weight in Gold. Helpped so many people I know out after a write off.

Ford Options is like any finance the car is registered to you but the finance compnay really own the car till paid off. So if you on Options and youhad it back you have to pay for any damage to the car when you hand it back or return it to standard if you modded it. If you PX the car you wont need to worry about all that.

Cheers

Adam

Adam.McPhillips@Ringways.co.uk

Thanks for that!

Im def going to be PX the car every 2 years.

I presume you mean hand the car back and start again. Surely, you can only p/ex the car if it is worth more than the GMVH. If it's not, then the car has to be returned or the outstanding finance paid for.

That is how I understood the Options finance to work, unless I'm wrong?

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I got GAP on my fiesta just incase something did go wrong. Better being safe on such an expensive car. If you really want GAP, don't pay the dealers £295. Print off some quotes from the internet for around £90 for 3 years and see if they will match or beat it. I did this with my dealer and after 10 mins they finaly agreed to give it me for £99! This was on top of my £2000+ discount :)

Remember the dealers need you more than anything else. They will get money for selling the insurance whatever the price. Its a buyers makert atm so use it to your advantage ;)

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I presume you mean hand the car back and start again. Surely, you can only p/ex the car if it is worth more than the GMVH. If it's not, then the car has to be returned or the outstanding finance paid for.

That is how I understood the Options finance to work, unless I'm wrong?

If you are going to go for the GAP dont let ford talk you into it. They quoted on the new fiesta for me £349 you can get private for same cover if you shop around for as little as £120. Ah the person above jus beat me to it :)

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could someone post a link to where they got the GAP insurance cheap from so I can either go with them or try and get ford to match them.

Thanks for the replys tho :)

O and yea I mean give the car back and use it for the deposit for my next car. This is what I was told anyway. Hope it's not wrong.

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O and yea I mean give the car back and use it for the deposit for my next car. This is what I was told anyway. Hope it's not wrong.

You can only use any money over the guaranteed value as deposit on the next car, so if the car is actually worth less than the GV then you would just be clearing the outstanding finance

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what a reply :)

Thanks for saying about the other GAP choices.

I think I will go with the ford gap insurance and pay it over the 24 months.

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Not seen the latest figures for new car sales then? DOWN almost 40% each month. If your turning customers away, your a twit. Its YOUR job you will lose for not selling cars. We the customer dont give a toss if you lose your job as its not our problem. Simple really

As for the "internet GAP insurance" they DO cover the same thing. My dealer said it themselfs. Its exatcly the same product from a different company. You can even phone my dealer yourself and they will tell you the same thing. IT'S THE SAME PRODUCT. Don't come on here saying its not because thats a load of bull.

Without customers, you will go under. That is fact so you DO need customers otherwise it's byebye.....and best thing of all is none of us will really care. smile.gif

Edit:

This company here http://www.surfandprotect.com/ uses AXA insurance company to underwrite the policy....going to argue with a big insurance company like them? 50% cheaper than dealer GAP too...

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Ive been looking online and can get the insurance for 93 for 2 years... need to look into this cause if its the same id be stupid to spend over 200 more for the same thing!

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Sorry but Dealers really dont need customers more than you need dealers. Dealers are turning away customers becasue they think they can get a stupid deal because "ITS A BUYERS MARKET" this is the worst phrase ever made. Dealers only have so much they can give away and the more you rape dealers the more you will see go down and struggle then where will the car industry go???

As regarding GAP yes you can buy on the internet for cheap but it DOES NOT cover the same as what the dealer cover look into it read it all. We had customers who bought GAP on internet and tried to claim and it all goes wrong then. Think about it, COST price is around £80 for cash GAP and £120 for Finance GAP so if the internet is selling it cheaper you gotta ask your self how and why????? You can not blame a company trying to sell GAP for a profite we certnly dont make enought profit in cars anymore, Would you run a buisness losing money all the time. This is why we saying no to deals now. Too many people wanting deals that lose money will affect a buisness. Ford are not giving dealer a big bonus this year the bonus has been cut in half possibly more so dealer have to be careful to stay afloat.

If customers want to rape dealers all time be prepaired for bad after service etc etc the money has to come out of somewhere else. Also look at Pendragon a company so big very nearly went bust they still not stable even now. People in car industry are losing jobs every day because manufactures need to cut things down becasuse people want silly deals that lose companys money. Dont think that Ford want to made redundancys because figure out show Ford sales are up on all manufactures the fiesta and focus have been the no1 and no2 best seller for past 3 months. Ever since the credit crush sales of fords have risen with people coming out of there Audi Merc BMW etc etc. But the people who do come out get deals that lost money and it now starting to affect us.

Here where we work I am telling customers NO to deals, I am sending them away to deal with other manufactures because I have my Job to think about.

It may seem very small just you but where we get customer after customer like this its not right for a buisness

Once again, I'm afraid I disagree. Have you not heard the expression "the customer is king"?

We do not want to "rape" the dealer but conversely we're not going to pay over inflated prices because you are not prepared to meet the market conditions and offer competitive deals.

To say that after sales service will suffer as a result of a fair price is absolute rubbish and frankly it's an insult to our intelligence.

The reason the car industry is suffering is because of the recession and all of us are suffering in one way or another.

If your company condones the fact that you are turning away business all it shows is that you are trying to "rape" us instead of doing what other dealers are doing ie offering the consumer a fair deal--we're not saying we want something for nothing but we don't want to be exploited either.

As for GAP insurance well imo that's just a waste of money--I've never bothered with it--but I suppose it does depend on which insurance company you favour as some of them are far far better at paying out than others.

One thing's certain--if you at your dealership are not prepared to match prices---other dealers will.......and still make money.

OK, I agree that they will probably have to sell more vehicles to make the money but those who wish to stay afloat and look after their existing customers certainly will because they realise the importance of customers---something which you sadly do not.

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Check out the dealers "special offers" on the website....

http://www.ringways.co.uk/newmodel.php?r=2

Sorry but your almost £2000 more expensive on Zetec models than many dealers, im surpised you even sell cars

I'm glad your backing me up hedgepig as i hate car dealers misleading people and ripping us off :)

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Can someone that got their GAP insurance online please link me so i can look into it please :)

Thanks :D

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Check out the dealers "special offers" on the website....

http://www.ringways.co.uk/newmodel.php?r=2

Sorry but your almost £2000 more expensive on Zetec models than many dealers, im surpised you even sell cars

I'm glad your backing me up hedgepig as i hate car dealers misleading people and ripping us off :)

Mark, I'm with you 150% on this.

It makes my blood boil when I think of how long we've been victims of unscrupulous dealers but as I said above............times they are a changing............... :)

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I agree with Mark and Hedgepig on this.

adzmcp, as a dealer, what you said is an absolute disgrace and I wouldn't deal with you if you were actually cheaper than all your rivals. You also tell porkies, every GAP quote I looked at online covered everything I wanted a GAP to do, nothing more or nothing less and if you honestly think I'd pay 2 or 3 times the money just so it can go in your back sack then you are seriously deluded.

As a consumer, I want whatever I want to purchase at the cheapest price I can get it, and that's what I did when I put my order down for a new Fiesta, and that's why you didn't get my order. You want people to come in and pay the price on the screen but unfortunatley for you, people are no longer gullible as they were years ago, they look around, compare prices and generally go for the cheapest.

As a Ford dealer, have you ever offered the going rate for a p/ex, or have you screwed every penny out of every p/ex deal you've done. I've a feeling I know the answer, so no need to reply.

Have you ever given false information or insinuated , such as with the Options finance, whereas somebody such as Nipz was told that she could use her car at the end of the finance to p/ex against another where actually she'll just have to give it back as the car will be worth (in the dealers eyes) the same as the GMFV. Have you ever given more back than the minimum amount? Remember the endowment fiasco, I get the impression that some sales people are using he same techniques to sell the Ford Options finance, and if they are, I hope they do close down, as they are nothing but scumbags.

Do you have to pay to advertise your stock on this site and if not, I presume you saw it as an opportunity to get something for nowt, free advertising and how ironic that would be after your rant at consumers beforehand.

My role in life is to utilise my money the best I can, not to make sure there are x amount of salespeople swanning around a showroom twiddling their thumbs and turning customers away. If your dealership goes under, it's because you are not competitive enough and that will be your fault, nobody elses.

See, it's a two way thing, but I get the impression you want everything your way.

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My role in life is to utilise my money the best I can, not to make sure there are x amount of salespeople swanning around a showroom twiddling their thumbs and turning customers away. If your dealership goes under, it's because you are not competitive enough and that will be your fault, nobody elses.

See, it's a two way thing, but I get the impression you want everything your way.

Love it!!!

Ford are lucky they make nice cars, because their service is !Removed!! (pardon my french)

Im going to have to wait an extra 10 days minimum now for my car because of Ford cant get its !Removed! into shape and couldnt organise a 5 year olds birthday party! Any longer than these painful 10 days and i will be demanding my money back and ill be off to buy from somewhere else!

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could someone post a link to where they got the GAP insurance cheap from so I can either go with them or try and get ford to match them.

Thanks for the replys tho :)

O and yea I mean give the car back and use it for the deposit for my next car. This is what I was told anyway. Hope it's not wrong.

Hi Nipz, that was the reason why I entered this thread.

I'm presuming from what you said previously is that a sales person as insinuated that when you come to the end of the Ford Options Finance, you can hand the car back and use it as a part exchange/deposit an a new car.

That is only possible if the dealer is prepared to offer you more for the car than the GMFV (Guaranteed Minimum Future Value) which you should have as part of the agreement.

So, for example, if the GWFV they gave you when you took the finance out is £4500 that is what they guarantee the car is worth at the end of the term. Come the end of the term, you have the option of giving them £4500 and keeping the car. Your other option is to give them the car back and walk away to get another deal elsewhere.

From what you have said previously, I get the impression you were told, if at the end of the term the dealer is valuing the car at £5500 then you can use the £1000 difference as a deposit/part exchange against another car.

This is what happened when people were sellling endowment mortgages, they were telling people at the end of term, the endowment would be worth more than the mortgage, so the difference would be yours as a lump sum to spend as and how you want. The reality was, that the endowments in general weren't even enough to pay the mortgage, never mind give you a lump sum at the end of it.

I severely doubt at the end of the Options Finance that the car, in the dealers eyes, will be worth a penny more than the GMVH, so you then have the option of giving them £4500 to keep the car or give them the car back and walk away.

I just hope you've not got your hopes up to much that you'll be quids in at the end of the deal.

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Hey,

Thanks for the help KeithC!

Nah i havent planned on being quids in. But yea i was told that i can use the 'car' as my deposit for my next car! :( I will be having words with my sales lady... i dont like being lied to.

At the end of the two year i will be 100% handing the keys back and be off to get a 1 series, unless there is a ST version out that looks the business :)

Just want the car now :(

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Hey,

Thanks for the help KeithC!

Nah i havent planned on being quids in. But yea i was told that i can use the 'car' as my deposit for my next car! :( I will be having words with my sales lady... i dont like being lied to.

At the end of the two year i will be 100% handing the keys back and be off to get a 1 series, unless there is a ST version out that looks the business :)

Just want the car now :(

Not a problem and I'm sorry you've been duped or misinformed. I hate dishonest sales people with a passion.

Hope you get your car soon, I've another, or should I say the wife has another 2 weeks this Sat if the date hasn't been put back.

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Nipz, you will be able to use the car as a deposit providing theres extra money in the car once the finance is paid off. 99% of dealers will give you little as possible and end up with you having nothing to show for it.

As for your repayments, almost £200 a month seems very high for a 2 year finance agreement. What deposit did you put down?

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Not a problem and I'm sorry you've been duped or misinformed. I hate dishonest sales people with a passion.

Hope you get your car soon, I've another, or should I say the wife has another 2 weeks this Sat if the date hasn't been put back.

The sales lady the snow is to blame for mine. So im sure you'll be fine :)

But looking back at the dates i was given first, the car was never going to be here for the 18th!!! Hate liers!!

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