Mistake I only made once was getting my payment as low as possible. Year and a half later I had to sell and owed way more than the truck was worth and the insurance only covers what the blue book says its worth. And I'm willing to bet alot of youngin's will make that mistake.

Funny thing you said mandatory for US citizens. I'm in OK and if you have any experience with the oil field at all down there in Texas you know many uh, non US citizens drive the work trucks. The do here in OK anyways. Law here is no insurance, no license. Guess if you don't have one anyway.... haha.

 

Yep, you're screwed if you sell within the first 3 years of a 5 or 6 year loan.

As far as insurance goes, GAP insurance is a must if you finance. Costs about 5 bucks more a month, but if you vehicle is totaled, it pays the difference between what insurance will pay and what you actually owe the bank.

 

The government also failed to mention that the $3,500.00 or $4,500.00 you got for your clunker would be taxed as income to you!

 

The system they want to model it after is the system here in Massachusetts. Mitt Romney (not a conservative by the way) instituted it and it was $500 million in the hole by the end of the first year. I kept getting letters from the state saying if I didn't sign up they'd take it out of my tax return. I had to keep on telling them that I was insured through my wife's insurance. I sent about a half dozen emails and 3 letters to get them off my back. Fun. Government in charge of insurance is like saying, "look what they've done for social security". Hmmm, that's broke. How about the Post Office. Oh yeah, they're broke too. Take a look at Medicare and Medicaid. OOPS, broke too. Amtrak, Freddie Mae, Fannie Mac. The budget. Oh, those are all in the red too. I think I'd rather weather the mild storms of private sector insurance rather than the hurricane known as government.

 

I can tell you that is BULL CHIT!!!!! I've lived in and traveled to almost every corner of the globe, and I can testify that any statement like that is a flat out lie.

Note: Not calling you a lier; just anyone who maeks that statement...

 

I blame credit
How much do you think any vehicle would sell for if everyone had to pay cash?

Inflation is a product of credit.

 

Humm, housing crisis sounds familiar.

So you're saying there's a direct connection between cash for clunkers and the finance piece? All the people that bought under the program can't afford to buy and are a bunch of scumbags that will get repoed, and they used government financing to get them. Nice.

Consider this a little tax break that you so love for the average individual. You love the tax breaks, right?

 

You'll get taxed on the value of the car by the state when you register it. Just like every other rebate. Individual states have not made the decision yet if they're going to tax the money as income, although some likely will.

 

Everything is BULL CHIT. Humm. Where have I heard that before.

 

What? You wouldn't have a damn job or an national economy if there wasn't credit.