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Originally Posted by Lean Machine
I'm sure it would be better to just pay cash for all of your vehicles and not have to deal with any extra insurance requirements, however, if you do have a note on your vehicle, having GAP insurance, it is just the financially responsible thing to do
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nope, tis stoopid, as I said.
I have "a note" on mine because it was dumb to pay all cash, considering how cheap the rates were. But I didn't finance the entire purchase price and had the ability to cover the "gap" should something occur, if there happened to be a gap.
It's stupid because you should not be putting yourself in the position of
HAVING TO HAVE gap insurance to begin with. If you really think it's the smart thing to do, I have some Enron stock I would like to sell you....... cheap.
It's logic 101. If it doesn't make sense for someone who pays all cash for his vehicle, it wouldn't make sense for someone financing theirs. If you HAVE to finance the entire amount to make the deal work for you, then you are stretched too thin and don't need to be buying the stupid thing and certainly should keep away from the position that requires you to need gap insurance.