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re: Paying off car faster than normal monthly rates
Posted on 3/16/15 at 7:45 am to foshizzle
Posted on 3/16/15 at 7:45 am to foshizzle
quote:
The fact that the car is a rapidly depreciating asset matters b/c it is security for the loan. If you total your car tomorrow the full balance of the loan becomes due immediately and the insured value of the car won't be enough to cover it. That said, if you just squirrel the money away instead then it probably won't matter much either way.
Isn't that what gap insurance (and not the almost $1000 version offered by the dealer's finance office) is for?
1
Posted on 3/16/15 at 10:30 pm to LNCHBOX
quote:
Isn't that what gap insurance (and not the almost $1000 version offered by the dealer's finance office) is for?
Yes - but I would argue that the price of gap insurance is absurdly high no matter who offers it.
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