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Yes stupid question but does 0% , really mean no interest?

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1 hour ago, IndyPoolPlayer said:

Triggered.

 

I'm still getting their catalogs addressed to XDW.

Please tell me you got to keep this.

 

Everyone needs a better credit future.¹

 

WB8RSTb.png 

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1 hour ago, cv91915 said:

Please tell me you got to keep this

:offtopic:

She kept the cereal dispensers we had similar to those, and I threw the Fingerhut catalog straight into the recycling bin without so much as opening it.

Edited by IndyPoolPlayer

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8 hours ago, cv91915 said:

If you absolutely must have GAPbuy it at a kredit younyun for 50-75% less than what the dealer charges.  You can generally buy it standalone, so you don't have to finance the car at the same place. 

 

Some auto insurance lets you add the coverage to your policy for almost nothing as well.

 

* I regard GAP as a very expensive insurance compared to the risk, so I'm not even a fan of the product itself.  The actual risk of totaling a car is extremely remote. 

 

From what I can cobble together, the average person files a collision claim once every 17.9 years, and the vast majority of those don't result in a total loss, especially on newer cars.  The average GAP claim is in the $3,000-4,000 range, so that's the entire downside risk.  

 

I know this is how all insurance works, but most insurance premiums aren't hundreds of dollars paid on transaction after transaction to cover the remote chance of one $3,500 claim over one's entire lifetime.

 

slide-4_Nov.-2015.png 

 

https://www.cccis.com/2015/11/13/whats-driving-total-loss-frequency/  

Beautiful chart. Regarding GAP insurance, I got it through the bank loan because I only needed to finance a little over $4K and the bank's lowest vehicle loan was $5K so I rolled in GAP insurance. Since our old vehicle was stolen, I felt like I had peace of mind by having additional insurance in the event of getting our vehicle stolen in the future again.

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I'll add I personally like the tire care...try driving through cities with tons of potholes.  One bent rim more than pays for it! :D  (Assuming you get a decent price on it)

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2 hours ago, Killbadcredit said:

I always thought those tires insurance was a way to get money out of you. Do they really replace rims and tires? 

The only one I can speak on does:  https://fordprotect.ford.com/triplecare
With a quick Google, it appears Nissan has one too...i'm sure most do, but Nissan's has to be the platinum to cover potholes, and no idea if that makes it cost-prohibitive.  https://www.nissanusa.com/content/dam/Nissan/us/owners/files/EPP/ultimate-platinum-protection-plan.pdf

Edited by Zanshiro
Found another

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On 11/13/2020 at 3:50 PM, StarkRaven$ said:

Beautiful chart. Regarding GAP insurance, I got it through the bank loan because I only needed to finance a little over $4K and the bank's lowest vehicle loan was $5K so I rolled in GAP insurance. Since our old vehicle was stolen, I felt like I had peace of mind by having additional insurance in the event of getting our vehicle stolen in the future again.

GAP only pays if the insurance proceeds in a total loss are insufficient to repay the loan balance.

 

Was the car worth a lot less than the loan amount?  (And please tell me you didn't pay almost $1,000 for GAP.)

 

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2 hours ago, cv91915 said:

GAP only pays if the insurance proceeds in a total loss are insufficient to repay the loan balance.

 

Was the car worth a lot less than the loan amount?  (And please tell me you didn't pay almost $1,000 for GAP.)

 

Gap plus warranty through bank. Used car @ 37K miles for $11K. Needed vehicle to get to work, etc after truck stolen.

Edited by StarkRaven$

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2 hours ago, StarkRaven$ said:

Gap plus warranty through bank. Used car @ 37K miles for $11K. Needed vehicle to get to work, etc after truck stolen.

You had $7k in equity on an $11k car.

 

In all likelihood, the loan balance wouldn't be lower than the vehicle's value for most (if not all) of the loan term, so you paid for GAP and it provided no coverage whatsoever.

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2 hours ago, cv91915 said:

You had $7k in equity on an $11k car.

 

In all likelihood, the loan balance wouldn't be lower than the vehicle's value for most (if not all) of the loan term, so you paid for GAP and it provided no coverage whatsoever.

Thanks CV. I appreciate the feedback on GAP insurance. I will certainly consider this in the future. 

 

To reiterate, after putting $8K cash down on the used car, I had under $5K that needed to be financed through the bank and the bank did not finance a used car loan under $5K. So I made up the difference by adding a used car warranty and GAP. Maybe another bank would...I don't know. At the time of the vehicle theft which left us with no vehicle, I was in the middle of rebuilding my credit. I had an ugly EX paid CO, thin file and weak AAOA and in California most banks pull EX. The bank I went through for the used car loan only pulled TU.

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3 hours ago, StarkRaven$ said:

Thanks CV. I appreciate the feedback on GAP insurance. I will certainly consider this in the future. 

 

To reiterate, after putting $8K cash down on the used car, I had under $5K that needed to be financed through the bank and the bank did not finance a used car loan under $5K. So I made up the difference by adding a used car warranty and GAP. Maybe another bank would...I don't know. At the time of the vehicle theft which left us with no vehicle, I was in the middle of rebuilding my credit. I had an ugly EX paid CO, thin file and weak AAOA and in California most banks pull EX. The bank I went through for the used car loan only pulled TU.

You could have just put less down.  :)  

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2 hours ago, cv91915 said:

You could have just put less down.  :)  

Possibly. The bank first declined my loan request. 

 

All and all I think I came out pretty good on the entire car financing, especially under the pressure I was under to get a car.

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2 hours ago, Glacier said:

If you are still paying on the car, and you decide, you may be able to cancel the GAP, get a pro-rated refund to the balance of your loan.  

Thanks Glacier. I'll check this out.

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