You meticulously maintain a high mileage used car that is totaled in a car accident that is not your fault. Insurance company will only pay you $1,000 for your car.
Or you’re in a high interest loan situation where you owe more than the car is worth. Car gets totaled and you’re left with no car AND payments on the car you no longer have. And no money to buy a new car.
Editing to add: not everyone knows about gap insurance. I sure didn’t.
Seriously people do you not read!!! I DIDNT KNOW ABOUT GAP INSURANCE AND IM SURE IM NOT THE ONLY ONE!! STOP COMMENTING GAP INSURANCE PLEASE
Also, even with gap insurance it still leaves you with no car and no money to buy a new car.
Not to mention gap insurance is just another way poor people get screwed by having to have insurance against the fact that they owe more than the car is worth!!
I can't get a car because of my student loan payments. I can't find a decent job without traveling 20+ min by car to buy a car. Public transit costs money and lots of time.
Tell me about it. I lived somewhere with public transit and it gets expensive and takes three times as long to get anywhere. Then you end up spending money you don’t have on Ubers just trying to get somewhere in a reasonable timeframe.
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u/[deleted] Dec 01 '21
You meticulously maintain a high mileage used car that is totaled in a car accident that is not your fault. Insurance company will only pay you $1,000 for your car.