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Originally Posted by OkieSnuffBox
I'm so sorry I left that part out and that seems to be all you can focus on.
Why would you put money down on a 5% loan when inflation is approaching 10%? And in a few years if rates come down back down, basically every decent credit union will refinance the car at the lower rate with no fees or additional costs.
There is no guarantee that the valuation will still be that high in 12-24 months from now, especially if we dip into a recession. GDP shrank last month and some big companies are already laying off workers. Then if it doesn't by the time you've paid the loan down to the point you have equity, you can cancel the GAP and get a pro-rated refund.
Of course, you TOTALLY IGNORED all the information I provided about self-insuring and how it's really not feasible for the vast majority of the population.
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Hey provide some numbers and prove me wrong. As I said above, explain to me how a gap would ever exist today if insurance companies are paying 41k for a 6 month old totaled GR86 with 5k miles. You say people can’t afford to go without gap insurance and I say that if money is so dear for those people then the last thing they should be pissing it away on is insuring a risk that doesn’t exist. Of course, if you are an insurance agent, you LOVE people who are willing to piss away money on nonexistent risks.