SteveH
Well-Known Member
- First Name
- Steve
- Joined
- Jul 5, 2022
- Threads
- 7
- Messages
- 232
- Reaction score
- 1,056
- Location
- Newark, NY
- Vehicle(s)
- 2021 Ford Bronco sport. 2022 Ford Ranger
- Occupation
- Master technician
I always include gap insurance. Even with the Ranger being purchased with around 11K in equity. Out of the box. You never know. But buying a vehicle with a 20K ADM? I'm really doubting the insurance would cover all that.I am not even sure if GAP would even apply in this situation. I have never heard of GAP working if you pay cash. GAP is a sliding scale policy in that every month the payout reduces, until the loan to value brakes even. A bank would not touch a negative equity loan like that. If they did, it would be at a very high interest rate.
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