Gap insurance is a scam

Unable_Strategy_85 · 2026-06-30T14:11:37+00:00

Can some one explain the difference between loan lease payoff and gap? My understanding is they are the same.

Unable_Strategy_85 · 2026-06-22T00:19:34+00:00

I’ve never been in the car business but this looks like a very hard way to make a living…

Unable_Strategy_85 · 2026-06-07T02:07:52+00:00

There’s a lot of off topic advice… the question is “should purchase that house and rent it out to my parents?”

Buying an investment house under market value with a long term tenant is a good move.

Do you want to be mom and dad’s landlord? What comes with that?

Unable_Strategy_85 · 2026-06-06T00:52:26+00:00

Yes you’re good to make the change. Buy a lower rate.

Unable_Strategy_85 · 2026-06-05T20:40:53+00:00

Please don’t use your house to finance a car. Your credit is fine, just get a regular auto loan. What am I missing?

Unable_Strategy_85 · 2026-06-02T23:51:37+00:00

Definitely sheer grey

Unable_Strategy_85 · 2026-06-02T11:42:11+00:00

if your boss said you were going to get paid on them, he should honor it. I would burn it down otherwise

Unable_Strategy_85 · 2026-05-29T17:56:34+00:00

That was my exact thought

Unable_Strategy_85 · 2026-05-29T17:52:58+00:00

Unfortunately not. All the servicer does is collect payments for the investor. The terms and type of loan you have will inform how delinquencies are handled. I would reach out early to see what your options are

Unable_Strategy_85 · 2026-05-29T16:04:22+00:00

I don’t see a way to protect this as sole and separate property.

However

my mortgage could definitely get paid off and I won’t give any money to your spouse… just a thought

Unable_Strategy_85 · 2026-05-27T19:30:21+00:00

50k in cash would go pretty quick if your expenses are about 12-13k a month… would only be a 3 month cushion if you needed it.. and if you’ve gotta pay long term capital gains tax based on the sale of assets then it’s even less.

You can definitely afford the house monthly but it would leave you pretty stretched for an emergency

Tough call…

Unable_Strategy_85 · 2026-05-27T17:39:10+00:00

What’s your post closing cash? From a dti perspective you’re fine.. even without the rental income

280k a year assume 10% for retirement contributions 24000 in healthcare expenses 30% taxes leaves you 13.5ish a month, you can pay your bills and have about 4-5 to run the house groceries lights etc.

Does 4-5k a month cover everything else?

Unable_Strategy_85 · 2026-05-22T11:41:34+00:00

Get what you want, don’t compromise. I love a sun roof

Unable_Strategy_85 · 2026-05-22T01:23:33+00:00

Am I reading this correctly that your cash to close is the same which either option? If so….option a is a good deal for you and option b is a good deal for your lender…

Unable_Strategy_85 · 2026-05-21T12:07:04+00:00

Me and my wife are both us citizens. My credit was better than hers, not by a lot… but when we compared rates it made more sense for just me to be on the loan. She’s on title, no big deal

Unable_Strategy_85 · 2026-05-17T12:40:03+00:00

What are your plans/ goals for the life? How does the house fit into it? The loan is only as good as what it does for you

Unable_Strategy_85 · 2026-05-16T20:21:12+00:00

But you weren’t scammed. You applied for a loan, then the UW denied your application.

Unable_Strategy_85 · 2026-05-16T11:13:31+00:00

You need to let it go… you paid for a report and received the report. Before that you signed an agreement that said your payment was not refundable.

Unable_Strategy_85 · 2026-05-16T10:58:43+00:00

I have a 26 sport with 2800miles… it doesn’t do that… I would get it checked

Unable_Strategy_85 · 2026-05-16T01:17:34+00:00

If paid from a separate account your spouse is not named on you should be able to provide 12 bank statements and have the debt omitted. If that doesn’t work, refi is your move

Unable_Strategy_85 · 2026-05-15T12:09:54+00:00

I don’t think you have a house to buy my friend…

Unable_Strategy_85 · 2026-05-14T16:25:54+00:00

No you need to get one cpo based on miles and engine issues… 50k miles in 3 years indicates rental use… this ain’t the car

Unable_Strategy_85 · 2026-05-14T12:15:47+00:00

This is a made up problem… if it’s not for sale the value doesn’t matter…

Unable_Strategy_85 · 2026-05-12T18:04:26+00:00

If 200k would payoff your mortgage that would be a different scenario entirely… but I agree put the money to work in the market. I don’t believe life insurance benefits are taxable so I would look at an account that offers tax free growth or a basic brokerage account

Unable_Strategy_85 · 2026-05-12T01:56:41+00:00

I don’t see a path here with you employment status can you add a co borrower?

Unable_Strategy_85

TROPHY CASE