Financing - GAP?

[Bravado21]

When purchasing the vehicle, did anyone add on the GAP policy - This is my first NEW car and let alone most expensive vehicle I have ever purchased. Thoughts with the Rivian increasing their price beyond us Pre-Order Holders (which I am).

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[kanundrum]

Probably not worth it, out the gate the vehicle will be worth more than you'll ever owe unless you are incorporating negative equity.

 

[jtshaw]

I agree with @kanundrum. Unless you are doing 0 down or something weird I'm not sure GAP is really that necessary here. GAP is only really important for circumstances where the short-term depreciation drops the value of your asset below your outstanding loan principal.

 

[Inkedsphynx]

I almost always go with GAP and have had to use it twice in my life. To Kanundrum's point though, for at least the life of the loan I would expect your R1T to be worth more than you owe, thanks to pricegate.

 

[Bravado21]

Thanks everyone - I will forgo the GAP! Fingers crossed the Delivery arrives this time as well - I was set for delivery last month when the next day I went into finish the 8 steps and my VIN magically disappeared. Come to find and according to my Guide, There was a "glitch" in the computer system and my VIN was co-assigned lol. I get it - New company problems haha. For more info - I am in Jacksonville, Fl. and the Service Center is in Orlando, Fl. if anyone was curious.

 

[epona]

i always went with GAP and i always thought i would.... my last truck got stolen when i still had like 17k to pay. state farm paid off what i owed, which was a bit more than the truck was worth.

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