next question. what is credit insurance?

silvahalo

It's on one of the applications here.

RachMatt

It should be Credit Disability Insurance.

Pays the payments if you become disabled.

Or its the kind that pays off the car if one of you croak.

jenbabe3

It pays off your loan in case of disability or death.

silvahalo

Is that the same if the car is wrecked? The loan officer mentioned something about that they offer that for $200 and usually the dealership's insurance is over $1000.

I'm sorry for the stupid questions.

RachMatt

You're thinking of GAP insurance. Dont pay too much for it. GAP policies only cost the dealership under $200 and they try to sell it to you for more money so that they can gain the profit.

 

jenbabe3

silvahalo:

Is that the same if the car is wrecked? The loan officer mentioned something about that they offer that for $200 and usually the dealership's insurance is over $1000.

I'm sorry for the stupid questions.

I've never heard of that unless you're talking about GAP insurance?? That's where you wreck your car, and GAP pays the difference between what the insurance will give you for the totaled vehicle and what you actually owe on your loan.

silvahalo

RachMatt:

You're thinking of GAP insurance. Dont pay too much for it. GAP policies only cost the dealership under $200 and they try to sell it to you for more money so that they can gain the profit.

 

Thank you!! Now, are there any other tips I should know about? I feel like there are a million of them and I can't keep track. 

jenbabe3

I added it to my loan and it only increased my payment $2. I figured it was well worth it.

RachMatt

Check the NADA value on the vehicle before you buy it. That is what the vehicle is actually worth according to the insurance company. Only spend that or less. NO MORE

jenbabe3

The only other options I remember them asking me about when we bought my car was extended warranties. My car already has a 7 year/100,000 mile warranty on it, it's only 2 years old w/ 30,000 miles so I didn't do the extended warranty - I just left it with what was already on the car.

silvahalo

RachMatt:

Check the NADA value on the vehicle before you buy it. That is what the vehicle is actually worth according to the insurance company. Only spend that or less. NO MORE

How do I find this? Kelly Blue Book? or through our insurance?

RachMatt

www.nada.com

jenbabe3

KBB.com (kelly blue book) is always waaaaay lower than NADA. I priced my trade-in on NADA and the dealership did it on KBB to try to give me less for the vehicle.

silvahalo

Thanks Rach, I really appreciate you taking the time out to answer my questions.

silvahalo

jenbabe3:

The only other options I remember them asking me about when we bought my car was extended warranties. My car already has a 7 year/100,000 mile warranty on it, it's only 2 years old w/ 30,000 miles so I didn't do the extended warranty - I just left it with what was already on the car.

 

Good to know. Thank you! I appreciate it!! If you think of anything else, let me know.

iamerikandersson

Trade credit insurance protects your business against both commercial and political risks that are beyond your control. It improves the quality of your bottom line and helps you to grow profitably, minimizing the risk of sudden or unexpected customer insolvency.