the big problem with Gap Insurance !
If you buy gap insurance on a new RV you are acknowledging right from the purchase that you owe more than it is worth ! Why would you buy and finance something that has less worth the instant that yo...
Forum Discussion
CavemanCharlie wrote:
To all those people that are underwater on there loan for a toy (And lets be honest an RV is a toy for most, unless you plan to live in it full time) What happens then next time there is a economic upheaval (and I have been alive long enough to know that there will always be another bad time)
Aren't all the people underwater on there RV going to be in trouble ?
Can you buy insurance for when the economy goes bad ? Bankruptcy insurance ???
Hay,,, maybe I just came up with a billion dollar idea.
If the situation got that bad, the bank just repos it. Yeah it messes up your credit but in the end, it's not the end of the world. I know we've got lots of toys and vehicles with loans. My husband has a chronic illness so we've opted to enjoy life when we can while he's still in good shape and making a very good income (we're in our mid 30s, good incomes, no kids, and yes, also save for retirement, have money in savings, and we have a reasonable mortgage with lots of equity, not too much CC debt etc).
IMO, Life's too short to sit there worrying about the "what ifs" in life. That's why you buy insurance. My mom and dad always talked about doing stuff "someday". Like buying an RV and traveling. Well "someday" never came because he died when he was 52. Plus, for people like us, we've got plenty of working years ahead of us... because for every downturn, there's also another upturn that comes after it.
