GAP Insurance?

[mollybrown]

Aug 29, 2012 3:51:13 GMT -5 marriedfilingjoint said:

Right, which is why I asked if there is an easy way to estimate if I will be upside down. KBB doesn't have values on used 2013 cars yet.

Most insurance companies don't use KBB anyway. They use NADA, which isn't available to the public. The best we can advise you without the details you didn't provide is that you are upside down unless you got a smoking deal or put down a huge downpayment.

[marriedfilingjoint]

Aug 29, 2012 8:32:57 GMT -5 mollybrown said:

Aug 29, 2012 3:51:13 GMT -5 marriedfilingjoint said:

Right, which is why I asked if there is an easy way to estimate if I will be upside down. KBB doesn't have values on used 2013 cars yet.

Most insurance companies don't use KBB anyway. They use NADA, which isn't available to the public. The best we can advise you without the details you didn't provide is that you are upside down unless you got a smoking deal or put down a huge downpayment.

Thanks, I didn't know that about NADA vs KBB.

The car is a 2013 Hyundai Sonata Ltd, no premium package or add-ons. I paid $24,800 ($25,788 after tax and fees). My trade in was $4,100, plus I put an additional $500 down, so $4,600 total.

[marriedfilingjoint]

Aug 29, 2012 7:43:50 GMT -5 tigress said:

I would instead look at your regular auto insurance and see if you can get a replacement cost coverage endorsement so they would pay what a replacement vehicle would be instead of actual cash value (depreciated value). I think most companies you can get that coverage for maybe the first year or 2 you own a new vehicle, but I don't know how expensive it is.

Just a thought, especially if your down payment/trade in cause you not to be upside down.

Thanks, I will definitely ask about this.