the big problem with Gap Insurance !

beemerphile1 wrote:

4x4van wrote:

I always wonder about anyone who questions my spending/recreation habits, since it has absolutely zero effect on them. How is my RV loan or my choice of toys or my style of camping any of their business?

The topic of the thread is gap insurance which is purchased to protect one when they are upside down on a loan. I personally don't care what you or anyone does.

I offered an alternative to gap insurance which is to get what you can actually afford to purchase. Being able to meet a monthly payment on a vehicle that is worth less than you owe, is not the definition of being able to afford something.

And I would simply disagree with your definition of being able to afford something. If I can afford the payment, then obviously I CAN afford it; not much different than your mortgage (yes, I know that one is a depreciating asset and one is "usually" an appreciating asset, but the fact remains that most are upside down on their house for a good portion of their term); the current value of an item (at any point in time) is in some ways irrelevant to it's affordability.

The past 30 years of memories made with my family is solid evidence that I was in fact correct in financing my toys, even if at times that transactional condition was "upside down". Obviously, YMWV.