2017 Tacoma accident totaled?

I heard about somebody financing a 1996 Oldsmobile that was worth maybe two grand at the time, and it got repossessed!

 

People stack car loans, they get another car loan consolidated on top of an existing loan. There was a recent article of some grandmother complaining that somebody gave her a loan with a $800 monthly payment, and her income was $600 a month.

 

Toyota does NOT allow their frames to be straightened with any heat. Has to be a cold repair. Also if the frame is buckled, they require the frame to be replaced.

 

Well, actually, if you don’t make a large down payment on an expensive car, gap insurance makes sense. It’s actually pretty cheap if you shop correctly.

 

You have zero clue what gap insurance is

 

The rear box used is $3500 plus

I think it's toast esp if the frame, rear axle and cab corner was smacked by the box.

I'm now seeing 3rd gens in the mid to high twenties. I think most people forget the more of these they sell the greater the depreciation curve is going to be

 

Gap insurance had nothing to do with a down payment.

 

Gap insurance is for

A. People who buy vehicles that depreciate really fast
B. People who rolled negative equity into a new loan
C. People who are taking long-term loans
D. People who are paying high interest rates
E. People that over paid for the vehicle

Needing GAP insurance is a sign that the purchase was a bad one

 

Ok boomer. You have zero clue

 

Do explain

If Bonnie put's $10k down on her new Civic should she buy GAP insurance

If Bob put's $100 down on a new Civic should he buy GAP insurance

Car's depreciate, what are the terms of the loans? A large down payment kills the need for GAP

 

people who put $10k down on a car are fools. That’s the reality.

 

I have brought it up before but when my 2000 was wrecked the frame was a pretzel, it spent a lot of time on the frame machine and not totaled.

 

Nope just a gen x-er that's liquid with a paid off truck.

GAP insurance is geared towards the financial illiterate. Can I interest you in a whole life policy?

 

I know exactly what it is...

When you owe money on a vehicle and it gets totaled, gap insurance pays what regular insurance won't so you won't owe money money on a totaled vehicle

 

Nobody I know has ever gotten it; I guess that's why I don't know much about it...

 

THIS! Needing GAP insurance means that in the event of a total you basically walk away with nothing to show for your payments, but a clean slate.

We have to remember everyone here is investing the money they didn't put down in Vanguard accounts earning 10% a year

 

So it turns out I do know what it is then...?

 

Aww bullshit, I paid cash for my truck. I have no payments not going to be paying interest and don't have to worry about any repo man knocking on the door.

 

So people who who pay cash are fools?