Kansas Crimson

CrimsonNBlue wrote: ↑Wed Dec 19, 2018 10:50 am 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.

CrimsonNBlue wrote: ↑Wed Dec 19, 2018 10:50 am 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.

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

Half right plano.

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

IllinoisJayhawk wrote: ↑Wed Dec 19, 2018 9:50 pm 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.

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

Car loans are cheap money.

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.

IllinoisJayhawk wrote: ↑Wed Dec 19, 2018 9:50 pm 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.

jeepinjayhawk wrote: ↑Wed Dec 19, 2018 10:14 pm

IllinoisJayhawk wrote: ↑Wed Dec 19, 2018 9:50 pm 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.

Rolling it into the loan is even dumber.

You are a finance manager's wet dream!

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).

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

jeepinjayhawk wrote: ↑Wed Dec 19, 2018 10:23 pm Rolling it into the loan is even dumber.

You are a finance manager's wet dream!

Lol.. dude it was like 500$

Geezer wrote: ↑Wed Dec 19, 2018 10:02 pm 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.

DrPepper wrote: ↑Wed Dec 19, 2018 10:25 pm You were upside down when you drove it off the lot.

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

IllinoisJayhawk wrote: ↑Wed Dec 19, 2018 10:28 pm

jeepinjayhawk wrote: ↑Wed Dec 19, 2018 10:23 pm 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?

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

IllinoisJayhawk wrote: ↑Wed Dec 19, 2018 10:29 pm

DrPepper wrote: ↑Wed Dec 19, 2018 10:25 pm 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.

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.