$100k F-150 financed at today's rate at 60 months is $2k monthly.
These turds will do it and roll their previous shit pile loan into it and extend the loan term to 8 years. Then they'll pretend eggs aren't too expensive because they no longer buy them due to no expendable income
I enjoy learning about these systems to buy things you cannot afford. I assume this is because the remaining principle on the loan is greater than the purchase price minus depreciation?
There can be a gap between the amount of the loan and what the insurance will pay out for a totaled car. This type of insurance covers that gap, hence the name.
There are a number of factors why the loan might be higher than the payout. In general, if you need gap insurance you are likely overextended.
I could very much afford my vehicle and still got gap insurance. Gap is like $10/month and cars depreciate crazy fast. It loses like $5k the second you drive it off the lot. I don’t want to be saddled with paying off that difference if some idiot in a shitbox totals my car after a month.
Anytime you purchase a new car, it depreciates like crazy as soon as you drive it off the lot, even if you purchased it at fair market value, so it doesn't necessarily mean you overpaid or rolled the old loan in.
LPT, never buy it from the dealership as they charge you for every month of the loan, when you may only need it 12-24 months. You can add it to your regular policy and drop it once the loan to value equalizes.
I learned this the hard way on a motorcycle. Totaled the bike (and my spine in the process) and after full coverage insurance paid their part, I had to keep making payments for like a year. Gap is a must have
Only saying this so some people don't get the wrong impression. Gap insurance covers a set amount like "125% of vehicle value at time of accident" doesn't cover ANY amount leftover.
Its for when you make a dumb decision like financing a car for 10 years plus 5 years worth of upside down from the last one and then total it. Extra insurance to pay the difference between what the car is worth and what you owe on it.
Usually $20-50 per month if your insurer offers it, $500-1000 once up front at purchase if you buy it from the dealer. Some people think it pays out on trade in/sale, but you need to have your car be a total loss for it to pay.
Some people even make that mistake multiple times.
I was a finance manager for years. GAP insurance is and never has been $20-$50 a month and it’s not even a monthly fee. It’s a one time fee that a majority of banks now include for free on the loan and if they don’t, might cost $80-$120. When I added it to my wife’s car last year it was $60 total.
It’s a specific protection/insurance you’re able to purchase alongside a vehicle from a dealership, IIRC if you total your vehicle you’ll have the remaining amount of the loan debt paid off after the other insurance payouts are sorted out.
The moment you drive a car off the lot it is worth a lot less than you paid, so if it gets totaled quickly the gap insurance covers the gap in value and loan value.
Ah shit another victim of thr Focus! Lol. I've sworn off Ford because of that pile of garbage. Think my mother's is at 40k miles or something but doesn't have much life left
I always heard that, but my Focus was a beast. Nothing but oil changes and basic shit like brakes and tires. Oh, and the HVAC fan dial broke off. Delivered pizza in that fucker for about 6 years, and gave it to family when it hit 160k miles. They drove it for another 20k before trading it in for a new car.
Bought a Fusion after that and it was also super reliable. Sold it with 150k on it and it was still practically mint. No rust, no issues at all. That did have some evaporative system issues that were about $800 to ID and fix but that was in from 28k to 150k.
lol. I own two fords and they are pretty solid, true story. Really though, I like them. My 2015 Fusion PHEV has 180k with zero issues. You guys are thinking of Stelantis crap.
Sadly...thisnis my mother in law. She was actually bragging last weekend about getting her next truck. This will be her 4th truck purchase in ten years!
the reason dems get great economic returns is because the GOP consistently fuck things up so badly - what's hysterical is that the wealthy right are so greedy they kill themselves election after election just so they don't have to pay for healthcare!
It’s so weird to me. Businesses get killed paying health insurance premiums for their employees. If they shifted that burden onto the government surely they’d make out better.
It is a big competitive advantage for huge corporations, they can get cheaper rates than smaller businesses. It additionally is a huge incentive to force people to work. Healthcare costs chains people to shitty jobs because it introduces a lot of financial risk to being unemployed. That is a good thing for corporate interests.
Base model f150 is 40k before tariffs, base model BMW 1xx series starts around 36,000. Also most of the f150 parts are made in China and mexico and imported and assembled in America so they will be hit by the tariffs just as much as the BMWs and other imports.
They will still get truck. The dealerships are going to approve anyone and everyone and lock people in for 40 years on a car. Everything is being de-regulated. It is going to be a shit show. And then the next administration will be left holding a bag of shit. Wait until all those rednecks default on these loans. It's going to be a disaster.
If you think the price of preowned vehicles isn’t influenced by the price of new vehicles, you haven’t been in the market for a car since before Covid.
Then you ought to know used cars aren’t discounted the way they used to be. In a lot of cases the difference is completely eaten up by the difference in financing rates. When new cars get even more expensive, used cars are going to follow.
and used car prices have followed them in lock step. That is what I am trying to impart on you. People buying used cars are still going to feel the tariffs due to supply and demand. Just like they did when the supply chain issues hit.
It only looks like looks that because of how much the price shot up in from 2020- 2023. Used car prices are still astronomically higher (even compared to new cars) than they were pre pandemic.
Dems would win every election (or are least force Republicans to change) if they just gave the slightest bit of respect to blue-collar workers. As a liberal leaning independent, it is frustrating seeing comments like this. You guys just refuse to learn. Squandered an absolute golden opportunity 4 years ago. As a manager in California who has to hire union workers for every job we perform, I've had a front row seat watching this mentality push union workers to vote for people who want to take away their livelihood. Think about that, and let me know who's actually responsible for this current bullshit we have to deal with.
They don’t have to wait that long. On their next trip to the tire shop, they’ll feel it. Wheels and tires are going up too 😌 better stock up on a set even if you don’t need them for another 6m-12 months.
Oh don't worry, this week Chairman Don warned Ford and GM and Dodge to not increase prices of domestically produced trucks and cars to make up for their losses from the foreign produced vehicles he is tariffing. Chairman threatened punishment if any of them decline to take his government imposed losses out of the goodness of their hearts.
In my (red)neck of the woods there are plenty of rednecks that are middle class. It's derogatory to some others wear it like a badge of honor like the deplorables and MAGATS they just steer into the skid as they drive a truck or work construction making barely middle class pay but being so in debt it's ridiculous and having a 3rd kid.
Easier to blame him than actually admit you were wrong about something. I have to work with 2 of these clowns who have never been wrong about anything their entire life's
They cannot handle the possibility that a single person anywhere on earth might know more about even one single thing than they do. Their narcissism and fragile ego demands that whatever random idea they just had or Dear Leader has is equally or more valid than the opinion of someone with 30 years of experience in that area.
To them, a total lack of experience and qualifications IS a qualification.
Sounds like Trump's "qualifications" for all the Cabinet and two level down hires. "All we want are people with a total lack of experience and qualifications. Take Tulsi, for instance; she''ll obviously make a bang-up National "Intelligence" director! That way, I won't have to tell Putin anything!"
No shit, dude. That's what I am dunking them on; their made up problem is going to be an actual problem for them soon. Why did you think I put quotation marks on the "afford"?
In the video where the couch fucker made the price of eggs a campaign issue, he said something like "you could be paying up to $4/dozen for eggs under Kamala Harris."
I'm looking forward to it. I'm already poor and know how to get by. I'm ready to see a bunch of idiots lose their giant ass trucks they got while complaining about the economy over the past few years.
Our president is on the record saying he prefers a bad economy because it’s easier to buy things. He said it’s much harder or even impossible to buy things (like buildings or businesses) in a good economy.
So it seems the Pharisees in his cabinet are anxious to go shopping.
They will lie. They always do. I didn’t like Trump’s policies the first term and I didn’t say pretend my portfolio was losing money. I admitted I was making gains until covid when everyone lost. These dipshits would say shit during the Biden admin about how their portfolio was losing so much. It’s like well, maybe get a better financial advisor or just stick your money in an index fund. The truth is they were just lying.
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u/Fun_Reporter9086 8d ago
Those people who couldn't "afford" eggs are going to be for real won't be able to afford eggs real soon.