amen. I was thinking how silly it is to finance a vehicle anyways.
If you do it, either put a lot down, or finance under 3 years. Otherwise you’re almost guaranteed to be upside down for a while.
Depends on the rate, the terms, and how you structure your purchase.
For example, many credit unions offer GAP (Guaranteed Asset Protection) plans for about $200, rolled into the loan.
If you roll off the lot and get T-boned by an illegal without insurance, your insurer will generally give you less than what you paid for the vehicle. Without such things as GAP coverage, you could end up owing money for a vehicle you no longer have.
Note that this is totally irrelevant if you buy older, used vehicles (and search for them to get the really good ones).
I’m amazed at people who finance through the dealership. That’s part of car negotiation. I’ve known more people who got screwed by financing at the dealership.