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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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The whole idea of “self” or under insuring is a fools game in the modern world where prices and values can and do change on an almost daily basis.
There is not a hope I would finance a new car without Gap. Sure today it is worth more but next week I could lose thousands. How much are people pa ting for gap anyway? I know that it cost me $80 to have gap. Not $80 a month or year just $80. People will spend thousands of dollar to change a header and gain 5hp but gap casts to much?
Under or self insured is simply moronic at any time. There have been a hundred or more threads on this forum alone where someone with insufficient insurance showed up begging for help and blaming everyone but themselves lives for their situation. Sure it sucks to pay some company all that cash if you never need it but then when you do at least it is there.
Oh and Cincy is very very good at ignoring what he doesn’t like and focusing on some minor out of context point.