this post was submitted on 30 May 2025
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Cyberstuck
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That is the reason GAP insurance coverage exists. Deciding to skimp out on your insurance coverage when buying an expensive vehicle is stupid. Play stupid games, win stupid prizes.
Alternatively, it means that the car purchase was done without enough money for the down payment and therefore maybe the buyer couldn't actually afford the car. With a solid down payment, you should never have to be underwater on the auto loan in the first place. You can plan to stay ahead of the depreciation over the life of the loan because you already paid for the drop in value.
With too little down though, gap coverage is a must.
Down paymeny? No. He had to have rolled over negative equity into the loan.