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...
I'll have to look into it when the new GT500 comes out or if I decide to go with the HC Challenger. Thanks.I don't know, not something I never considered. Just know a few financial geniuses that have done loans that far to get something shiny and newer. Not new, newer. Then complain about their crap credit and always being broke. I would check out most major banks, some credit unions may too.
Keep that shit out of here.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...
GAP Insurance, problem solved.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.
Not news. Pretty sure that was addressed during the launch of the demon. Both times were mentioned and how they were obtained.
LOL you can still be underwater on a 3-4 yr loan...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.
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.
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.)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.
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.
Financing the entire purchase, knowing you will be that far under water, is crazierAnyone 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.
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...
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.
It has everything do with the company. Each one sets their own rules on payouts. But we're getting off topic hereHas 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.
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?