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The Watercooler
Help hashing out new car contract lingo -
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<blockquote data-quote="CrazyinVA" data-source="post: 447126" data-attributes="member: 1157"><p>Re GAP insurance: I got caught in the upside down totalled car debacle several years ago, and ended up having to roll a few thousand dollars of the balance left on the loan on my totalled car, into a loan on another car. It was very frustrating because I only had 1 car, and the insurance of the lady who hit me only covered 5 days of rental car coverage. Of course, they waited to declare my car a total loss 1 day before the rental car coverage ran out, so I had to scramble to get another car AND find someone willing to roll the balance of the old loan into a new one. I was so glad when I paid that loan off. In hindsight, I suppose I could have sued the woman who hit me for the difference, but at the time I didn't want to deal with it or hire an attorney who'd just take part of the money anyway. I just needed a car.</p><p></p><p>My next car, I bought GAP insurance. I never want to be caught in that trap again. Luckily I haven't had to use it.</p></blockquote><p></p>
[QUOTE="CrazyinVA, post: 447126, member: 1157"] Re GAP insurance: I got caught in the upside down totalled car debacle several years ago, and ended up having to roll a few thousand dollars of the balance left on the loan on my totalled car, into a loan on another car. It was very frustrating because I only had 1 car, and the insurance of the lady who hit me only covered 5 days of rental car coverage. Of course, they waited to declare my car a total loss 1 day before the rental car coverage ran out, so I had to scramble to get another car AND find someone willing to roll the balance of the old loan into a new one. I was so glad when I paid that loan off. In hindsight, I suppose I could have sued the woman who hit me for the difference, but at the time I didn't want to deal with it or hire an attorney who'd just take part of the money anyway. I just needed a car. My next car, I bought GAP insurance. I never want to be caught in that trap again. Luckily I haven't had to use it. [/QUOTE]
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Help hashing out new car contract lingo -
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