Lexus Guaranteed Asset Protector (GAP) scheme??

guitareth · March 26, 2002

Two weeks after taking delivery of my new IS200SE I've received a letter from Lexus Aberdeen about the Lexus Guaranteed Asset Protector (GAP) scheme, along with a Lexus leaflet about this. This is a protection scheme whereby if the car is written off, GAP will pay the difference between the invoice purchase price and the insurance company's payment of the current market value.

Letter says someone will call me in next few days to discuss this and "surprise me with the reasonable cost of this excellent protection package". I'm always a bit cynical about these sort of efforts to part more cash from you when buying new products (extended guarantees come to mind!!) so would appreciate any of your comments about this scheme and whether it's really worth considering. Once I get an actual quotation for the package I'll also update this thread.

Gareth

Wallace · March 26, 2002

Hi Gutareth- I think i was quoted £370, some may say that its cheaper to pay that every year than the cost of a tracker because your car may come back damaged. Their way you get a new car. You pays your money etc.etc.

superchargedmorph · March 26, 2002

Took out GAP and have full tracker

JOHNNY-BOY · March 26, 2002

I took this cover, cost me £240.00 per year. I preferred this as you get money for a new car not your trashed stolen one back.

javadude · March 26, 2002

I figured that as depreciation is low for lexus there should be no problem with the market value dropping below what I owed on the car so I didn't bother.

NotoriousREV · March 27, 2002

I used to work for Capital Bank (originally NWS, now Bank of Scotland) and they invented GAP. They used to cover your car for the period of your loan for a one off payment of £200! How times have changed. It's worth it, if your car gets written off at bottom book value (usually the case) it covers the shortfall, which won't be huge on a Lexus, but if you bought a Ford, it was worth thousands in the event of a problem. Same applies if you car is nicked, I think.