Quote:
Originally Posted by fistpoint
You wont need it. You're not going to accept $20k are you? What you are basically haggling for at this point is how much of your down payment is lost.
You owe the bank $20k, whatever is left is your for the next dp on the new car assuming it is totaled.
This is the only drawback to putting a large dp, having your car totaled/stolen within a short time after buying it(within 1 year). In this case GAP would have been useful, but it's a gamble that usually never wins. How often does your brand new car get totaled?
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Thing is, I might still have to take money out my pocket if it's totaled... Because even though my car is new.. It's still 'used'
Now that i move my body, I'm feeling tiny bit of discomfort.
Let's say they total the car, they write you a check right? And you just pay it off, and then you can find a new car.