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Do you guys in the US need someone to co-sign if your credit history is non-existent or inadequate?
When I bought my first car, if I didn't have enough down payment and lacked a credit history, my parents or someone else would have to co-sign the papers and pick up the slack if I ever defaulted.
Luckily, I wound up saving up over 20% of the out-the-door car price (taxes in) before pulling the trigger and I lived at home so I didn't have to get them to co-sign.
OP might want to consider that if that is how things go in the US ... unless that is what the gap insurance represents.
$5k down on a $25k (pre-tax) car isn't that much. Keep in mind, I am biased and I am holding back from buying till I can do closer to 50% down.
Have you run a credit check on yourself and see if you look good? I did one on myself before buying my condo and it is very enlightening to say the least.
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