Used car buying

[NewtonHawk11]

Also, GAP is a waste of money. If you actually need GAP, then you completely fucked up the financing on the car to begin with.

Wife and I did GAP on a car after the car we previously had (Chevy Equniox, never again) gave us huge fits. Complete waste of money and never used.

Never will do GAP again.

[jfish26]

Having been on both sides of insurance litigation, I advise everyone to up their UM/UIM coverage to at least half a mil. Yeah, getting cash value for a car stinks, but consider yourself pretty lucky that you're not hurt with $300,000 in medical bills.

Also, GAP is a waste of money. If you actually need GAP, then you completely fucked up the financing on the car to begin with.

Or an umbrella under a homeowner's policy.

[Deleted User 62]

GAP insurance is for people with dicey credit (sorry to hear it Illy), or who are in a really bad equity position.

[Deleted User 75]

Half right plano.

Good credit....but basically financed 100% of purchase. So figured I'd rather be safe than sorry.

[ousdahl]

Half right plano.

Good credit....but basically financed 100% of purchase. So figured I'd rather be safe than sorry.

take it to the donuts thread.

[DrPepper]

I’ll win the lottery before I finance a car for personal use.

[Geezer]

Car loans are cheap money.

[DrPepper]

Cash is fun. People overspend with credit. That’s why everyone who sells anything now has the capability to run a credit card.
We’ve had this conversation before. Even if 0% interest, I’d rather not deal with carrying debt for something dropping so quickly in value. It is my personal opinion.

[Deleted User 62]

Half right plano.

Good credit....but basically financed 100% of purchase. So figured I'd rather be safe than sorry.

You did a no money down AND you added GAP?

Really sound financial decision.

But, you DID say that you aren't very smart.

[Deleted User 75]

Half right plano.

Good credit....but basically financed 100% of purchase. So figured I'd rather be safe than sorry.

You did a no money down AND you added GAP?

Really sound financial decision.

But, you DID say that you aren't very smart.

JFC Plano it was like 500$ and was rolled into the loan....better than doing no money down and then totalling the car in 14 months and being completely upside down.

[Deleted User 62]

Rolling it into the loan is even dumber.

You are a finance manager's wet dream!

[DrPepper]

Full disclosure: I almost bought a car today, but didn’t. I was going to charge as much as they would allow on a credit card so I could earn the 2% cash back (technically miles in the case if this specific card).

[DrPepper]

You were upside down when you drove it off the lot.

[Deleted User 75]

Rolling it into the loan is even dumber.

You are a finance manager's wet dream!

Lol.. dude it was like 500$

[Deleted User 62]

Car loans are cheap money.

If you can borrow at a rate that is better than you earn on your money...borrow for sure.

But, you better get yourself in an equity position right off the bat. 20% down on a new car is a good place to start. 25% on used.

[Deleted User 75]

You were upside down when you drove it off the lot.

Exactly....and that's why I purchased it.

[Deleted User 62]

Rolling it into the loan is even dumber.

You are a finance manager's wet dream!

Lol.. dude it was like 500$

That's the spirit!

Did you get a great deal on the extended warranty and ceramic wax coat too?

[DCHawk1]

If more people thought/behaved like Dr. Pepper, we'd all be far better prepared for the next downturn.

[DrPepper]

You were upside down when you drove it off the lot.

Exactly....and that's why I purchased it.

Avoid being upside down in anything. Even if someone tells you credit is cheap money.
$500 is not nothing. $500 buys a basketball team shoes. $500 buys a single mom a washing machine. $500 pays the instrument rental fees for 3 underprivileged kids that want to join the school band. $500 buys you and your wife half a year of dinner date nights with babysitting. $500 gets you a personal trainer. $500 gets you a leather jacket. Etc.

[DrPepper]

My bad math. That should be $500 plus interest and full insurance for X years. I sure hope you didn’t do one of those six year loans.