Quote:
Originally Posted by CincyJohn
Nice selective quoting there by leaving out "in the current climate."
In any event, yes - if you had to scrape up every penny you had to put $1,000 down and get an 84 month loan at 5%, by all means, spend that extra on gap insurance.
Of course, you TOTALLY IGNORED the fact that if you bought this car today at MSRP and you total it a year from now (or tomorrow) gap insurance wouldn't pay you a FREAKIN DIME since there would be no "gap."
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If you buy a car at MSRP today with $1000 down and an 84 month loan, then there's going to be a gap until the day it's paid off. You'll be paying the note down slower than the car depreciates.
Also: You can cancel gap coverage at any time. So if you get the note lower than the insurance value, just cancel it.