Grey Goose paid off

[dogememe]

Originally Posted by KrisZ
It is not wise to keep a loan for so long and on such a high mileage car. Why? Because more likely than not, the loan amount exceeds the value of the vehicle. So, unless one has gap insurance for the entire length of the loan, in an event the car is totalled and the insurance has to pay out, the owner will still need to pay the remainder of the loan off.



I'm not sure if you're talking to the OP or me because of my post at the bottom of the first page of this thread, but yes, that's why they made gap insurance, I bought it, and hopefully the OP did too.

 

[bbhero]

Don't take this in a bad way.... But I never cared... And still don't.

Great day in the blasted morning... I deal with far bigger fish to fry everyday than worry about stuff like that.... That whole deal never ever crossed my mind...

The gap insurance is a solid idea.... No doubt.

I turned the gap insurance down at the time of sale. . Candidly I forget why... There was actually a reason

. However next time I will likely get that.

 

[racin4ds]

I too just paid off my 05 F350 and my 08 Subaru Legacy. Both were bought used with decent mileage, It is a great feeling to be out from under those perpetual car payments and Full coverage insurance!

Of course now my wife will just find out a way to blow the extra money on her horses and it'll be like I never saved anything

 

[bbhero]

Originally Posted by CT8
I try for 10 + years out of a vehicle . I got rid of My 96 Tacoma in 2015 not because there was a problem but the ride started hurting. Sold the 2002 F250last year because the wife's knee hurt too much to drive the clutch because of a bike or horse crash I don't remember and it is best not to ask.. Both Vehicles had lots of life left in them.



I'm with you on that CT8... That 96 taco was a doggone good truck I bet.. but like you said ride quality matters a lot. And a 250 with a clutch is not easy on anyone who is getting up there a bit in time.

 

[pandus13]

OP/ BBHero,

Congrats!

Now you get to:

-get her a wash

-talk to her like an old lady

 

[bbhero]

Yeah the wash will have to wait until Monday... Raining around here... I washed her just the other week though... She is kept rather clean...

Now I drive the car the same way I did when she had 40k miles on her.... Helps keep her feeling younger

 

[Garak]

Very nice to hear!

 

[Dave Hess]

Originally Posted by madRiver
Stuff those payment away for the fix it fund and cash roll next vehicle!


Roth IRA and for car fund down payment.

 

[SatinSilver]

Originally Posted by bbhero
Yeah the wash will have to wait until Monday... Raining around here... I washed her just the other week though... She is kept rather clean...

Now I drive the car the same way I did when she had 40k miles on her.... Helps keep her feeling younger

Let's see some pics of the car if you get a chance bbhero! Congrats also!

 

[Wolf359]

Originally Posted by bbhero
Don't take this in a bad way.... But I never cared... And still don't.

Great day in the blasted morning... I deal with far bigger fish to fry everyday than worry about stuff like that.... That whole deal never ever crossed my mind...

The gap insurance is a solid idea.... No doubt.

I turned the gap insurance down at the time of sale. . Candidly I forget why... There was actually a reason

. However next time I will likely get that.



Gap insurance is only needed if you're going to have a problem paying off the balance. It's usually a few thousand dollars difference but the gap will be the greatest at the beginning of the purchase. If as someone mentioned in a different thread, gap insurance is $20 a month and you've been making payments for 6+ years, that probably amounts to around $1500 over the term of the loan. On the other hand, if you have 1500+ in savings, then it's not an issue and you came out $1500 ahead by not needing it.

 

[Andrew1972]

Originally Posted by dogememe

You got a great rate for a really risky loan! 59

payments left on a 94k vehicle thats 9 years old!

 

[Patman]

Originally Posted by Wolf359


Gap insurance is only needed if you're going to have a problem paying off the balance. It's usually a few thousand dollars difference but the gap will be the greatest at the beginning of the purchase. If as someone mentioned in a different thread, gap insurance is $20 a month and you've been making payments for 6+ years, that probably amounts to around $1500 over the term of the loan. On the other hand, if you have 1500+ in savings, then it's not an issue and you came out $1500 ahead by not needing it.


I still think gap insurance is a good thing to have, even if you don't have a car loan. I paid cash for my Corvette but I still went with the gap insurance as it was only about $10 more per month. Now if something happens to the car and it's totalled in the first three years, the insurance company will give me full MSRP value of the car (even though I paid $8000 off MSRP too). Without gap insurance, the amount they would give me could be as much as $20,000 less than that. It's good piece of mind to have, I could replace the car with a new one and might only end up paying a couple of thousand extra out of my pocket instead of having to pay way way more (or having to settle with buying a used one instead)

 

[FordBroncoVWJeta]

Originally Posted by Patman

I still think gap insurance is a good thing to have, even if you don't have a car loan. I paid cash for my Corvette but I still went with the gap insurance as it was only about $10 more per month. Now if something happens to the car and it's totalled in the first three years, the insurance company will give me full MSRP value of the car (even though I paid $8000 off MSRP too). Without gap insurance, the amount they would give me could be as much as $20,000 less than that. It's good piece of mind to have, I could replace the car with a new one and might only end up paying a couple of thousand extra out of my pocket instead of having to pay way way more (or having to settle with buying a used one instead)

Where did you get gap insurance that would pay MSRP for a paid off car?

 

[ABursell]

Originally Posted by Patman
Originally Posted by Wolf359


Gap insurance is only needed if you're going to have a problem paying off the balance. It's usually a few thousand dollars difference but the gap will be the greatest at the beginning of the purchase. If as someone mentioned in a different thread, gap insurance is $20 a month and you've been making payments for 6+ years, that probably amounts to around $1500 over the term of the loan. On the other hand, if you have 1500+ in savings, then it's not an issue and you came out $1500 ahead by not needing it.


I still think gap insurance is a good thing to have, even if you don't have a car loan. I paid cash for my Corvette but I still went with the gap insurance as it was only about $10 more per month. Now if something happens to the car and it's totalled in the first three years, the insurance company will give me full MSRP value of the car (even though I paid $8000 off MSRP too). Without gap insurance, the amount they would give me could be as much as $20,000 less than that. It's good piece of mind to have, I could replace the car with a new one and might only end up paying a couple of thousand extra out of my pocket instead of having to pay way way more (or having to settle with buying a used one instead)


That's not what gap insurance covers and unless your insurance company has some special program feature (check your paperwork not what your agent says), you are throwing money away. If they do, it's not gap insurance.

Gap insurance covers the difference between a payout for a total loss and the amount of your loan. So in your case, you would get paid fair market value plus $0. A reputable agent/company wouldn't even let you purchase that coverage.