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:I grew up camping, and have now owned 3 RVs over the past 30 years. All 3 were financed long term (10-12 year loans). Some may roll their eyes and call me stupid. But I kept each of those first 2 RVs for more than the loan term, and will do the same with the current RV. I do similar with our cars; 5 year loan but I drive them for at least 10 years. I'm not rich money-wise, but I will say that I AM rich family experience-wise; my 3 kids grew up camping from day 1 (oldest daughter, now 29, went on her first camping trip at 6 mo. old), and they ALL still go camping with us. I also spent 20 years doing contract work, so every time we had a recession, I was unemployed for a time. Stuck it out, worked odd jobs to make ends meet, and continued to camp. The low payments (courtesy of those long term loans) on the RVs meant that we kept them, and continued camping. Worst case scenario would've been that we sell the RV (even at a loss) and pick up again later - wouldn't have been the end of the world - but that never happened.
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.
Of course, there are those who would say that I was stupid for doing that and should have waited till I could buy the RVs cash. I'd still be waiting, and my (now adult) kids, as well as my grandson, would also be waiting...no, actually, they wouldn't be waiting, because they would never have experienced it in the first place. So was it stupid? I doubt I'll reach the end of my life sad that I spent all that time with my family, rather than waiting till I could "afford" it. The time is never "perfect" to do anything; simply "doing it" often "makes" it perfect.
