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Pleasant suprise, no Gap!

Discussion in 'Newbie Forum' started by swi66, Sep 5, 2008.

  1. swi66

    swi66 Member

    Joined:
    Sep 3, 2008
    193
    5
    0
    Location:
    Gasport, NY
    Vehicle:
    2008 Prius
    Just took delivery of our new Prius 3 days ago.
    Financed through my wifes credit union.
    Atlanta Postal Credit Union.
    She usually gets loan insurance to cover in case something happens to her. They also offered her "Gap" insurance which covers in case the car is totalled and we would owe more on the car than our car insurance would pay. In other words the being upside down in a loan.
    They called back yesterday and said she doesn't need gap insurance.........The car would be worth just slightly less than what we paid for it in 5 years................we would never be "upside down in the loan".
    Is that cool or what?

    A friend of mine recently tried to trade in his pickup. What they offered him on trade in would not even come close to what he still owes.........

    My dealer, Basil Toyota in Lockport has 2 used Prii on the lot.
    I asked why..........
    He said the owners traded them in on new Prius because the trade in value made it worthwhile.............
     
    #1 swi66, Sep 5, 2008
  2. JimboK

    JimboK One owner, low mileage

    Joined:
    May 1, 2006
    2,817
    187
    49
    Location:
    Chesterfield, VA
    Vehicle:
    2005 Prius
    Doesn't surprise me a bit. The Blue Book private sale value on my 2005 with 46K miles is more than what I paid for it.

    Welcome to PriusChat and Prius-dom!
     
    #2 JimboK, Sep 5, 2008
  3. narf

    narf Active Member

    Joined:
    Mar 15, 2005
    611
    44
    4
    Location:
    Colorado
    Vehicle:
    2016 Prius
    Model:
    Four Touring
    Yup, at least for now there's no gap. My 2007 package 5 Touring with 25,000 miles was totaled on the highway by a driver who didn't stop when the rest of the traffic did. The insurace company ended up giving me almost 31,000 for it, which paid for my new 2008 package 6. (When I get the Colorado tax credit on my 2008 income tax I'll actually end up ahead by about $2500.)
     
    #3 narf, Sep 5, 2008
  4. dogfriend

    dogfriend Human - Animal Hybrid

    Joined:
    Feb 26, 2007
    7,512
    1,185
    0
    Location:
    Carmichael, CA
    Vehicle:
    2007 Prius
    I saw a classified ad last week for a 2007 with Package #6 with the same mileage as my car for $2k more than I paid for it in Feb 07. That doesn't count the $1575 tax credit I got on my 07 return.
     
    #4 dogfriend, Sep 5, 2008
  5. swi66

    swi66 Member

    Joined:
    Sep 3, 2008
    193
    5
    0
    Location:
    Gasport, NY
    Vehicle:
    2008 Prius
    Another dealer in my area had an 06 on his lot, used.
    Stopped to check, 25,000 miles, he wanted $28,999 for it...........
    Just shrugged his shoulders when I said I had one on order for less than that......
    He said, "Supply and Demand".
     
    #5 swi66, Sep 5, 2008
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