Wow!!!!! They paid for your GAP. Oh well. I'll just have to cancel my warranty and good thing I still have 6 months or 6000 miles to buy a new honda care warranty. Thanks Rene!!! The dealer sold the car to me below sticker price but I guess this is their way of still getting what they want buy ballooning the price in other areas. Well it's good to here that the dealer that sold you your fit gave you a good deal.

 

Finally decided to get the 8 year 120k for $890.

too many electronics even if i have base/manual model. decision would have been easy if i had automatic/navi. still same price for warranty.

 

I am getting that same. I see that bernardi honda offers a payment plan with no interest as well. Cant be beat that!

 

Gap insurance is just a big rip off as an expensive extended warranty.

A car like the Fit, even if you put nothing down like I did will be right side up within 2 years and even if you didn't have GAP, the difference would be 2-3 thousand at best. So paying $750 to potentially save 2-3K, just in case is crazy.

The best way to get GAP is from your insurance company. I have Mercury Insurance and they charge $7 every six months for GAP. At the 3rd year it falls off because the car is worth more than the loan at that point.

 

srene, can you please give me the website of where you're going to buy your warranty that has a payment plan of 0% interest coz I am planning on cancelling out my warranty with my dealer. Thanks!

 

Honda Warranty - Buy Honda Care Extended Warranties - Bernardi Warranty

just navigate through and I believe once you get to the specific plan you want then the option pops up for the 0% 12 payments plan.

Rene

these guys are bernardi honda where most people here get their parts from. They are a little cheaper than collegehillshonda.com

 

Thanks a lot srene!! Just to confirm, if I buy the warranty from bernardi the warranty is good at any honda dealership right?? Hehehehe I know its a dumb question but would just like to ask. How would the particular dealership know that I have the extended warranty?? Again thank you...

 

How do they determine the cost of the extended warranty that they sell you? They based on statistics. If they do not make money, why would they do it? So if you look at the risk to cost ratio, the odd is always on the side of the extended warranty seller. In other words, you lose if you get the extended warranty no matter how you look at it.

 

It is not a zero sum game. Honda clearly would not be selling it unless they made money on the deal. Yet, it is very easy for Honda to make money on the deal because it costs them virtually nothing for the parts that could break. Unfortunately for us, we cannot not purchase the parts at cost of manufacturing.

Personally, I think Honda is going to make 500 bucks or so, while I'm going to break-even, with insurance on the upside.