melvimbe
FRF Addict
That feelings great & all until a distracted broad looking @ Tintok on her phone runs a red light & smashes into you broadside totaling your truck & the $3500 in mods attached to it….feeling was also very secure until a deer opted to launch itself over the guard rail directly into my truck while I was doing 75…totaled….right after a new brake job & tires. So while I appreciate that you can afford to buy outright- & so have I- this is an indisputable phenomenon that can & does happen regularly & when it does, you’d certainly wish you hadn’t paid off that immediately depreciating asset in hrs entirety & instead kept 15-20% of it financed.
life lessons - you’re welcome
I've never had a totaled vehicle before, so perhaps I'm missing something. Are you saying that the insurance will factor in the current financing when determining the payout for a totaled vehicle? Or is this about the feels...a totaled vehicle you completely own feels worse than a vehicle you still owe 20% on?
If a totaled vehicle is valued at $60k, and I still have $20k financed, I get $40k, bank gets $20k. If I owned the vehicle outright, I get $60k. if the point was that I could have been investing $20k elsewhere, that's true, but is true whether that vehicle was totaled or not.