Wait wait wait. I thought it was good to buy something you can't afford. Pay more for it than paying with cash. Make payments on a depreciating asset. Because it makes you more money. At least that's what I learned in the other thread...
Dodge Challenger SRT Demon
- Thread starter Booky
- Start date
I'll have to look into it when the new GT500 comes out or if I decide to go with the HC Challenger. Thanks.
8 year car loans are all find and dandy until the car gets totalled and insurance pays you half what you owe on the loan. Or it turns out to be a huge POS and you have to take a big loss to get rid of it. Max term needs to be 3-4 years to avoid being underwater the whole time.
Keep that shit out of here.
GAP Insurance, problem solved.
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Saw this today:
http://www.motorauthority.com/news/...do-0-60-mph-in-2-1-seconds-but-theres-a-catch
Sent from somewhere in the Twilight Zone.
http://www.motorauthority.com/news/...do-0-60-mph-in-2-1-seconds-but-theres-a-catch
Sent from somewhere in the Twilight Zone.
Not news. Pretty sure that was addressed during the launch of the demon. Both times were mentioned and how they were obtained.
Thank you. Only a dumbass would think a manufacturer would advertise their 'slower time' (I.e. Not the vehicles max potential)
Obviously it was with all the go fast goodies on it. Still all parts you can get from the dealer for the car though
LOL you can still be underwater on a 3-4 yr loan...
nope
gap insurance covers the "gap" between the appraised value and the debt balance
if the car is indeed a huge POS it will be repaired at the manufacturers expense via the bumper to bumper warranty for the first 3yrs or 5-7yrs for the powertrain.
If its a huge POS and cannot be repaired thats what lemon law and buy back are for.
With 760+ beacon score and access to low or zero interest rate you would have to be stupid to finance a car for only 3yrs and lock yourself into a ginormous payment. I rather get the longest long term available with the lowest interest and pay off the car early if i wish.
Now if rates go up significantly then that's a different story.
Anyone who finances a car/truck/etc. without gap insurance is straight up crazy.
My daughter totaled a new car... 234 miles. Hadn't made the first payment on it and she was in a wreck. The car was totaled based on an estimated market value of $34,000. I still owed $50,000.
$1,000 for gap is a hell of a lot better than $16k out of pocket.
My daughter totaled a new car... 234 miles. Hadn't made the first payment on it and she was in a wreck. The car was totaled based on an estimated market value of $34,000. I still owed $50,000.
$1,000 for gap is a hell of a lot better than $16k out of pocket.
Either way you slice it,.........the car is BEAST!!!!!
NICE!! We think the same way bro. That's exactly why I do the long term. Pay it off ASAP and don't lock yourself into a short term in case something bad happens out of your control. (Can't predict the future.)
***Last I'll speak of it as to not to clutter up this thread with non-topic talk. This thread is about the almighty DEMON!!! \m/
Well to be fair, if you put a large down payment, you more than likely won't need GAP. So it isn't always necessary when financing.
Financing the entire purchase, knowing you will be that far under water, is crazier
The biggest problem here seems to be people using second rate insurance companies. You get what you pay for...
Realistically, the best thing to do is finance 100% of the car and insure it correctly. If you buy the car outright and it gets totaled, you still lose all that money. Negitive equity doesn't go away if you pay it up front. You want to transfer liability to someone else. In other words, if you pay the dealer $15k for a deposit and the car gets wrecked, you still lose the same amount of money.
The only way you don't lose is to finance 100% of the cost, buy a reasonably priced primary policy and a 1-time fee seconady gap policy. If the car gets wrecked, let the insurance companies eat any losses.
Once the value of the car reaches the value of remaining balance, then you pay the car off and maintain your primary policy. There is no more risk of lost funds due to lost value. There is no need to continue to pay to transfer risk via a secondary policy, to pay a higher primary policy or continue to pay intrest on a loan.
Plus, there are not too many Americans that have $15,000 to $20,000 for a deposit on a car.
Financing the entire purchase, knowing you will be that far under water, is crazier
The biggest problem here seems to be people using second rate insurance companies. You get what you pay for...
Has nothing to do with the insurance company (generally speaking). People have to buy the right policy to accomplish their goals. Most people are clueless about loans and how to buy a car with a reduced risk of loss.
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Crazy is buying your kid a new 50k car...
How does a car go from 50k to 34k?
New 45k with ttl is 50k otd. Drive the 45k off the lot and it's value is now 40k. How did it lose the other 6k?
It has everything do with the company. Each one sets their own rules on payouts. But we're getting off topic here
I told both my kids that if they stay in college and help out with chores around that house, they wouldn't have to worry about money. I wanted to let them know that if they worked hard and contribute, that they can earn nice things.
You would be shocked how easy it is to get your kid to take out the trash and empty the dishwasher if you keep there car keys lock in a safe. LOL
I made a huge mistake of carrying over negative equity on a trade. Originally she had a Dart, but it was stuck in limp mode for 2 weeks and the dealer couldn't fix it. So, we traded it in for a new Charger RT Max. The Dart was less than a year old and I was down about $5k. Add in tax, tag, title, delivery fees, extended warranty, maintenance agreements, etc... I borrowed 120% of the "New MSRP" value. Plus, we were toward the end of the model year... even though MSRP was still trending well, Blue Book and NADA didn't agree with the retail world.
First, last and only time I will carry over negative equity to a new loan.
Thanks. Also if kids get grants and scholarships to school that can greater than the price of a new car.
Hoping she was fine in the accident.
Hoping she was fine in the accident.
Yea, man. She was shaken, but she was good. Thanks for asking.
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