by Guest » Sun Feb 10, 2008 06:21 pm
my bank says I have to continue making a payment on a vehicle that was totaled. I carry Gap Insurance. My Auto Insurance company paid off over half the loan. Do I still need to make the payments?
Posted: Sat Feb 16, 2008 12:15 pm Post Subject:
Poor maintenance will do a lot of things but it will not decrease the value. A good example is a post from a forum member on bald tires, causing an accident.
I think good maintenance extends the life of the vehicle but not the actual value of the vehicle, but I could see people actually thinking this. Some peoples minds work in goofy ways, LOL.
Posted: Sun Feb 17, 2008 11:05 am Post Subject:
Poor maintenance will do a lot of things but it will not decrease the value.
You are correct UNLESS (ain't ins. just FULL of ''unlesses'' :shock: :lol: ) that poor maintence is say unrepaired damage, torn up seats, hail damage etc..mostly cosmetic...course if you had a vehicle that was say hit while parked on the side of the road and the motor/tranny etc was shot, then that too would reduce the value.Posted: Sun Feb 17, 2008 02:30 pm Post Subject:
LOL, you know what I mean though Lori, I try to extend the life of my vehicles as much as possible, don't want to car shop, pain, severe pain to deal with the shopping. so if I keep the maintenance up, oil changes, good tires, etc, etc. Not only will I extend the mechanical life but will also lower the chance of me sliding on bald tires and causes loss there. I would think these things are just common sense.
Posted: Wed Feb 20, 2008 04:35 am Post Subject:
Actual Cash Value (ACV): The cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example- a 10-year old living room sofa will not be replaced at current full value because of a decade of depreciation. In our situation, ACV generally brings into play what you suggested:
Eek, thats a scary factor that I'm sure most unsusceptible people overlook.
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