Dealer Adds $20,000 "Market Adjustment" to $32,940 Maverick

SteveH

Well-Known Member
First Name
Steve
Joined
Jul 5, 2022
Threads
7
Messages
232
Reaction score
1,056
Location
Newark, NY
Vehicle(s)
2021 Ford Bronco sport. 2022 Ford Ranger
Occupation
Master technician
I am not even sure if GAP would even apply in this situation. I have never heard of GAP working if you pay cash. GAP is a sliding scale policy in that every month the payout reduces, until the loan to value brakes even. A bank would not touch a negative equity loan like that. If they did, it would be at a very high interest rate.
I always include gap insurance. Even with the Ranger being purchased with around 11K in equity. Out of the box. You never know. But buying a vehicle with a 20K ADM? I'm really doubting the insurance would cover all that.
Sponsored

 

SteveH

Well-Known Member
First Name
Steve
Joined
Jul 5, 2022
Threads
7
Messages
232
Reaction score
1,056
Location
Newark, NY
Vehicle(s)
2021 Ford Bronco sport. 2022 Ford Ranger
Occupation
Master technician
I had a Subaru Baja Turbo that I absolutely loved and I was hyped for the Santa Cruz as I thought it might be the second coming of the Baja.

It's not.

I drove 3 different ones and didn't particularly care for any of them.

That said, I hope that the Santa Cruz does well enough to convince Subaru to bring back the Baja Turbo :like:
My aunt had the Subaru Brat. Loved sitting in those plastic jump seats in the bed!
 
Last edited:

JimG_AZ

Well-Known Member
First Name
Jim
Joined
Aug 25, 2019
Threads
2
Messages
455
Reaction score
649
Location
Phoenix, AZ
Vehicle(s)
2021 Ranger XLT FX4
I always include gap insurance. Even with the Ranger being purchased with around 11K in equity. Out of the box. You never know. But buying a vehicle with a 20K ADM? I'm really doubting the insurance would cover all that.
I agree that insurance would most likely not cover a $20k ADM. What purpose would GAP insurance be on a new Ranger with $11k equity? GAP only covers a negative equity situation. I don't think you will ever see a negative equity situation with $11k down.
 

SteveH

Well-Known Member
First Name
Steve
Joined
Jul 5, 2022
Threads
7
Messages
232
Reaction score
1,056
Location
Newark, NY
Vehicle(s)
2021 Ford Bronco sport. 2022 Ford Ranger
Occupation
Master technician
I agree that insurance would most likely not cover a $20k ADM. What purpose would GAP insurance be on a new Ranger with $11k equity? GAP only covers a negative equity situation. I don't think you will ever see a negative equity situation with $11k down.
You're almost certainly are right. But for 350.00 it cost me. I'll sleep better knowing it's there. I'm strange like that. Don't believe me? Ask my wife! She's been dealing with me for almost 40 years!
 

CEL2022

Active Member
First Name
Steve
Joined
Jul 2, 2022
Threads
1
Messages
36
Reaction score
159
Location
Sussex NJ
Vehicle(s)
2022 Ranger SCAB 4x4 on the way
Occupation
Happily retired
LOL....that same Maverick dealer has a 2022 Shelby GT500 that is basically used with 758 miles priced at almost 37K over sticker for a used car. Like has been said here its the people who pay these prices that are causing this continuing dealer markup craziness. Ford had warned dealers about this but there is really nothing they can do to protect the public against these greedy A holes. But again its the buying public at fault.....DO NOT pay ADM markups period. When I was ordering my 2022 Ranger from my dealer could have ordered a 22 Shelby GT500 at 5K over MSRP which is a great price if I was buying one but no thanks.
 


OFC Ranger

Well-Known Member
First Name
Jack
Joined
Aug 3, 2020
Threads
290
Messages
4,795
Reaction score
13,244
Location
Georgia
Vehicle(s)
ZR2
Vehicle Showcase
1
So let's say I pay the 52 K , drive it off the lot and total it in a crash, insurance pays what the truck is worth , 30 K , where the other 22 k come from ?
GAP Insurance.

I always get it, but not for the reason in this thread, just a cheap insurance policy. I think mine is like $800 for as long as I own the truck if I recall.

I have hella equity in my truck, but like I said, its a cheap backup plan for the unknowns.

Same reason I got a 100k/10yr extended warranty.

I still have less than 12,000 miles on my truck after 2 and a half years. I'll hit the 10 year before the mileage limit.
 

NotBudule

Well-Known Member
Joined
Mar 6, 2022
Threads
39
Messages
2,857
Reaction score
11,200
Location
WV
Vehicle(s)
XLT
GAP Insurance.

I always get it, but not for the reason in this thread, just a cheap insurance policy. I think mine is like $800 for as long as I own the truck if I recall.

I have hella equity in my truck, but like I said, its a cheap backup plan for the unknowns.

Same reason I got a 100k/10yr extended warranty.

I still have less than 12,000 miles on my truck after 2 and a half years. I'll hit the 10 year before the mileage limit.
I'm aware of gap insurance, I just can't believe they would cover that big of a gap , especially since it's self inflicted...
 

OFC Ranger

Well-Known Member
First Name
Jack
Joined
Aug 3, 2020
Threads
290
Messages
4,795
Reaction score
13,244
Location
Georgia
Vehicle(s)
ZR2
Vehicle Showcase
1
I'm aware of gap insurance, I just can't believe they would cover that big of a gap , especially since it's self inflicted...
Generally GAP is rolled into the loan, so if they see that garbage markup on paper and agree to it, oh well? lol
 

NeptuneRanger

Well-Known Member
First Name
Chris
Joined
Nov 5, 2020
Threads
8
Messages
191
Reaction score
643
Location
Scottsdale, Az / Carlsbad, Ca
Vehicle(s)
2019 Ford Ranger XLT
Occupation
Insurance Agency Owner AZ, CA, CO and WA.
GAP insurance sold by dealers is different than a gap endorsement on a individual car insurance policy.

Gap endorsements only exist if there is a lease or a loan. It is used to offset negative equity. Negative equity rolled in from an upside down trade does not get covered in this endorsement. Dealer policies may cover rolled in negative equity, but you need to check.

For the poor soul that paid 59k for the Maverick, that person needs to ask to insure the auto for the “agreed value” of 59k. Not all insurance companies offer that option. Stated value is not the same, stated value means the you get the amount (in a covered claim) you stated at the time the policy is written or actual cash value which ever is less. Never more than the stated value. Both agreed and stated value options are generally only used for Classic or older cars, sometimes if there is extensive customization. Insurance covers lots of things, but foolish overpaying for dealer mark ups is not likely to be one of them.

So sometimes in an appreciating auto market it is better to just insure normally.
 
Last edited:

LostMy65

Well-Known Member
First Name
Robert
Joined
Jul 26, 2022
Threads
17
Messages
1,041
Reaction score
2,630
Location
Oregon
Vehicle(s)
Ranger
I'm thinking if more of us use the rating sites like Google, Yelp, Markups.org, and
https://www.dealerrater.com/
These dealers will be on record for the way they behaved through all this.
 

DrPep

Well-Known Member
First Name
Pepijn
Joined
Sep 27, 2021
Threads
3
Messages
95
Reaction score
506
Location
NorCal
Vehicle(s)
Fiesta ST, VW Golf, Ranger, Indian Scout, Beta RRS
Occupation
Research
That's why I said I blame the consumer. If people would stop buying them for these markups they'd have no choice. The only one I can remember that had these crazy markups was the F150 Raptor. Never have I seen one on a Ranger or any other Ford vehicle. Maybe the GT had one but I never checked those out.
I wanted to get a Focus RS back in 2017, but it had markups of around $15k pretty much everywhere. Ended up with a Fiesta ST instead.
 

D Fresh

Banned
Banned
First Name
Doug
Joined
Dec 10, 2020
Threads
20
Messages
6,282
Reaction score
13,543
Location
Colorado
Vehicle(s)
'20 Lariat FX4, '17 FiST, '16 CX-5, '95 YJ
Occupation
Milkman
I wanted to get a Focus RS back in 2017, but it had markups of around $15k pretty much everywhere. Ended up with a Fiesta ST instead.
Did the same! Bought it way under MSRP too.

I've never paid retail for a vehicle. And l want to say I never will.
 

Tom_C

Well-Known Member
First Name
Tom
Joined
Apr 17, 2021
Threads
24
Messages
1,577
Reaction score
3,189
Location
Virginia, USA
Vehicle(s)
2020 Ranger Lariat SuperCab FX4
Occupation
System Admin
Nuts. I guess I don't blame them if people pay it, but, I wouldn't pay it and I sure hope they go out of biz (they won't)
 

canyonslicker

Well-Known Member
First Name
Andy
Joined
Jun 13, 2021
Threads
39
Messages
1,293
Reaction score
4,803
Location
California
Vehicle(s)
2021 Ranger Lariat
Occupation
65 YO Juvenile Delinquent
I think it’s a dealer allotment vehicle so it has to have a price available for purchase. Insane ADM but still for sale and a great sales tool for them to show it off so prospective buyers will be more enticed to order one with price protection. That said a dealer doing that will not get my order price protection or not.. Remember that price is very negotiable!! Cash is king !!!

I remember Dennis Rodman offering twice the price for a CanAm Spyder here in California then my wife telling him “FU” buddy stand in line like everyone else!! OMG I thought I was going to have to defend her and get my ass kicked by Dennis Rodman!!! Fortunately he was respectful to her and got in line like everyone else… When I told who he was she started going off about him wearing a wedding dress out loud… nothing came out of it but I wondered where nearest dentist was ?
 

deleriumtremor

Well-Known Member
First Name
Bill
Joined
Apr 19, 2022
Threads
11
Messages
1,125
Reaction score
3,520
Location
Boise ID
Vehicle(s)
2022 Ford Ranger XLT FX4
Occupation
Retired
I think it’s a dealer allotment vehicle so it has to have a price available for purchase. Insane ADM but still for sale and a great sales tool for them to show it off so prospective buyers will be more enticed to order one with price protection. That said a dealer doing that will not get my order price protection or not.. Remember that price is very negotiable!! Cash is king !!!

I remember Dennis Rodman offering twice the price for a CanAm Spyder here in California then my wife telling him “FU” buddy stand in line like everyone else!! OMG I thought I was going to have to defend her and get my ass kicked by Dennis Rodman!!! Fortunately he was respectful to her and got in line like everyone else… When I told who he was she started going off about him wearing a wedding dress out loud… nothing came out of it but I wondered where nearest dentist was ?
Good to hear one person was respectful, usually all it takes... ;)
Sponsored

 
 



Top