As many of you know, I like cars. All types of cars. When the local Land Rover dealership showed me this infographic, I asked if I could put it on my website as a general education piece.
What you should really do is send this to your adult kids. And one piece of advice, I’m not a fan of open ended leases. My philosophy is to know exactly how much you are on the hook for, and when your financial obligations will end.
Okay, one more piece of advice. Always read the fine print in what is called GAP insurance. In theory, it pays the difference between the loan amount and the fair market value if you total the vehicle. But, I know for a fact that some GAP policies will not pay for negative equity (owing policying more than the car is worth). Yes, how can that be called GAP insurance? I have no idea, so read the policiy and don’t rely on the salesperson to tell you what it will cover. You can’t go back to them when things go wrong. Becasue . . . wait for it . . . you always need to read the fine print.