Your advice on my situation?

I have the GAP policy, my mom wouldn't let me get it without it lol

 

Most kids these days wouldn't even think of helping their parents pay on the vehicle that they bought for them. Good for you for not taking advantage of your parents like 90% of the kids do.

 

Yeah I know it makes me sick watching some of my generation and some younger generations, treating their elders like they do, no respect for anything.

Love destruction yawn at creation....


I some some kid about 9-12 years old back talk his dad the other day and I mean HARD, my daddy would have slapped the white off me.

I get doors for my elders and their eyes look like quarters then they thank me.

 

Caveat: many insurance polices pay for actual cash value of the vehicle, which is usually less than it's "worth" in your eyes. Be very careful when making any assumptions about what insurance will or will not pay.

If you pay down the principal on the truck - for example, say it was purchased for $15k, and you've paid it down to $12k - and you total it, insurance is likely going to take your truck, and cut you a check with which to replace it. But they're going to replace it as it was when you totalled it, not as it was when you bought it. So, if when you totalled it the value was only $10k, that's all you're going to get. And, you can keep your totalled truck and part it out if you want, but then the insurance company is going to deduct the value of the salvage from your settlement. Just the way it works.

Bottom line, cars are depreciating assets (i.e. pits you pour $$ into) and there's no guarantee except that, with most all of them, you'll get out less than you put in. No matter how many mods you do. lol

Disclaimer: So people don't automatically hate me, I feel compelled to divulge I handle workers comp claims, not property/auto. Most of this is just general insurance stuff though.


PS: Sounds like you really have your head on straight. Good job being a good son and thinking ahead (something else I wish I'd done!)

 

Sounds like you got the idea.
If you've got some extra money to use-Throw it into the loan...Principle Only payments.

Note: Don't use all your disposable income for it, and keep saving some money both for use on the truck and for use "just in case" life happens.

 

O yeah thats why I am doing it comfortably.

 

Fuck it Im going the other way on this one... Lift it LMAO!! DO it!!! Of course I can care less about my payment it comes out every month and I dont care. If I dont have this truck payment I will have another any way. I have an addiction to buying cars though.

 

It does come out every month- but paying up early means you pay less...which means you can buy more cars....or more parts or whatever.

 

Oh I know Im way ahead on mine. Someone had to take the other side though

 

First, congratulations on your attitude as well as on your truck.
Second- maybe consider a savings account to rathole a part of the $500 you'd be paying into the truck. $200/month may not seem like much to save, but it might help you through a rough patch ... and there's plenty of those out there to be had.
Modifying the truck should be from completely disposable incomeafter you pay yourself. LOL... see what you get for asking old farts? Absodamnlutely NO FUN.

 

Bang her and her mother!

 

just got some 265/75/16 goodyear duratracs. best looking AT tire out there (my opinion) 199.99 a tire at discount tire. everybody at my work are putting them on there trucks after seeing mine...they are killer looking

 

correct. The principal is essentially the cost of the vehicle w/o interest. If you just hand them the $419 (monthly payment), you are paying on the interest as well. Pay $500, you will just decrease the loan by $500 and not pay on any interest.

 

Oh yeah I have a savings account for a rainy day, then I have a account for if something happens to my truck.

I have it set up so I will be *most likely* be ok. I can wrench on pretty much anything except internal engine and tranny problems then Ill go to my buddies house and he has got my back.

How do you like them so far? I have been a die hard BFG fan after the M/T's I had but I am open to others. How do they ride? Mileage?

Thanks!

 

You wanted my advice. It may be completely unrelated to the topic at hand, but it's still good advice. So remember it!

 

HAHAHAH my hero!