Quote:
Originally Posted by extrashaky
For what it's worth, I'd probably buy another one if I lost mine.
He didn't need it on this one. He owed less than $3K on it because he financed very little of it to begin with. GAP insurance would have been a waste of money for him.
You need GAP insurance if you are financing enough of the purchase price that you'll be upside down on the loan at some point. He had so much equity in the car from the very beginning that it was virtually impossible for him to ever be upside down on that loan.
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I read it like he owed 3K MORE than what they were giving him. Whoops... I know how gap insurance works
