June 27, 2021
full and audio episodes jeffsterns.com Let me just clarify what gap is. So when someone takes delivery of a new car or new lease, especially in leasing, I believe the manufacturers are the least companies include gap insurance. Now, it used to be a policy that you always needed to buy. But I would always have gap insurance. If I'm either rolling a lot of negative equity or not making a good down payment, onto a used car and 100% of the time on a new car, you should have gap insurance. And what this means is, is if you leave the dealership Five minutes later, five weeks later, five months later, the car is totaled, meaning wrecked, unrepairable or stolen, unrecoverable. That's what we call a total, they want to pay only what it's worth, which might be 5000 less than you or it might be 15,000 less than you owe, if you financed in tax tag title, maybe a little bit of negative equity from your last car, there's a very good chance so now, you have nothing you have no car and you owe mon…
