this post was submitted on 23 Jul 2023
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119
People put down deposits for every electric truck in development, leaving dealers in the lurch when they eventually cancel all but one (www.businessinsider.com)
submitted 1 year ago by [email protected] to c/[email protected]
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People put down deposits for every electric truck in development, leaving dealers in the lurch when they eventually cancel all but one::When an electric truck customer doesn't show up to pick up their order, dealer are left with a car that might be hard to sell to someone else.

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[–] [email protected] 3 points 1 year ago (1 children)

What does it mean to be underwater in this instance? And what is Gap insurance?

[–] [email protected] 10 points 1 year ago (1 children)

Underwater means that I owe more on the car than it’s worth. I bought it at $52K with a 15K downpayment, and at this point I owe $33K on it. Carvana estimates it’s worth $30K, so if I totaled it tomorrow, my insurance company would give me $30K, but then I’d be on the hook for the other $3,000. So gap insurance takes care of that. In fact, my gap policy says that if I total a car two years old or newer, they’ll pay it off and get me a brand new one as a replacement, and if it’s older than two years, they’ll get me one a year newer.

So I’m paying $8/month for the peace of mind that I don’t have to worry about out owing money in the case of a crash.

Obviously when I bought the car, I wasn’t expecting Tesla to drop the price so much and crater the used market

[–] [email protected] 3 points 1 year ago

Thanks for responding! I'm glad I learned about this!