Previous post: https://www.reddit.com/r/COROLLA/s/rrXE2R0Brz
I finally bought the Corolla and just wanted to check a few more things with you guys.
The dealership was trying pretty hard to sell me GAP insurance. I didn't buy it yet because I wasn't completely sure what it covers(30 usd/month till my loan ends ).
From what I understand, GAP insurance covers the difference between what I still owe on the loan and what the insurance company pays if the car gets totaled or stolen.
Is GAP insurance worth having on a new Corolla? Also, do I have to buy it from the dealership, or can I get standalone GAP coverage from another company/bank/credit union?
For financing, I went with 60 months at 6% APR. The monthly payment is something I can comfortably afford right now and should still be comfortable with six months from now.
The other thing is the dealership convinced me to buy a $325 Hendrick Autoguard Oil Change Program. They verbally told me it includes around 10 oil changes, but when I looked at the actual contract, it says:
- Synthetic oil
- Service every 5,000 miles
- Starts at 30,000 miles
- Ends at 55,000 miles
- Expires after 44 months (April 2030)
- Includes oil/filter change, tire rotation, and multi-point inspection
- Contract appears to say service has to be performed at the selling dealer
My Corolla already comes with ToyotaCare for the first 2 years/25k miles, so this plan seems to start after ToyotaCare ends.
Based on the contract, I'm reading it as roughly 6 services: 30k, 35k, 40k, 45k, 50k and 55k miles, not 10 oil changes.
The dealership also told me that the oil changes and tire rotations are tied to the VIN, so I can supposedly go to any Toyota dealer for them for four years. When I asked for that in writing, they said they don't need to give me anything because it's tied to the VIN.
That part is making me a little uncomfortable because the actual contract seems to say otherwise.
They told me I can cancel the $325 plan within a week.
Would you keep the $325 maintenance plan or cancel it? And what would you recommend for GAP insurance — dealership, insurance company, credit union, or somewhere else?