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SVTPerformance's Chain of Restaurants
Road Side Pub
Dodge Challenger SRT Demon
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<blockquote data-quote="MarcSpaz" data-source="post: 15585562" data-attributes="member: 183445"><p>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. </p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>Plus, there are not too many Americans that have $15,000 to $20,000 for a deposit on a car.</p><p></p><p></p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="MarcSpaz, post: 15585562, member: 183445"] 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. 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. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Dodge Challenger SRT Demon
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