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The Water Cooler
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Car dealer rip off
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<blockquote data-quote="inactive" data-source="post: 1842652" data-attributes="member: 7488"><p>Last thing to check - if keeping the car see if she has GAP or residual debt coverage. This pays (some or all) of the balance between the vehicle value and loan value if the car is totaled. You can get if from the dealer (who knows, she may have it), or buy a stand alone policy online (just google and start clicking around), or add it as an endorsement through your regular auto insurance policy.</p><p></p><p>I am usually not one to support buying a bunch of things for "what if" scenarios, particularly if she is cash strapped, but this will save her butt if the car is totaled and not leave her on the hook for the balance on a car she doesn't own. I'd consider this a necessity at this point.</p><p></p><p></p><p>For the record, I am an insurance adjuster and have dealt with total losses and salvage for 8 years now. I've dealt with literally thousands of car deals and financiers, good and bad. Just reminder her: It sucks, but it's just a car and her credit score. If she can keep fed, sheltered, safe, and clothed, she shouldn't sweat this small stuff. Just trudge through it.</p></blockquote><p></p>
[QUOTE="inactive, post: 1842652, member: 7488"] Last thing to check - if keeping the car see if she has GAP or residual debt coverage. This pays (some or all) of the balance between the vehicle value and loan value if the car is totaled. You can get if from the dealer (who knows, she may have it), or buy a stand alone policy online (just google and start clicking around), or add it as an endorsement through your regular auto insurance policy. I am usually not one to support buying a bunch of things for "what if" scenarios, particularly if she is cash strapped, but this will save her butt if the car is totaled and not leave her on the hook for the balance on a car she doesn't own. I'd consider this a necessity at this point. For the record, I am an insurance adjuster and have dealt with total losses and salvage for 8 years now. I've dealt with literally thousands of car deals and financiers, good and bad. Just reminder her: It sucks, but it's just a car and her credit score. If she can keep fed, sheltered, safe, and clothed, she shouldn't sweat this small stuff. Just trudge through it. [/QUOTE]
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Car dealer rip off
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