GunRack
Well-known member
- First Name
- Peter
- Joined
- Jan 15, 2022
- Threads
- 21
- Messages
- 214
- Reaction score
- 259
- Location
- Riverside, CA
- Vehicles
- F150 Lighting XLT, Model 3 RWD
- Thread starter
- #1
I know some of us paid a lot over MSRP, but even if you didn't, the values of our trucks (along with most other EV) have tanked since 2022. I originally put nothing down on a 74k MSRP truck. Can't really afford to pay any more monthly to get on the other side of this. I'm roughly 25k underwater on mine at the moment. - outstanding loan value vs wholesale. That's fine, I'm comfortable with the payments as is, but making me wonder what everyone else is doing here. I'm pretty used to being upside-down buying new, but the numbers here seem high.
My 25k gap worries me a little bit. I have gap insurance, but that only cover 125% of value. If they say my truck is only worth 33k wholesale (maybe 36 retail), and I owe 58k, seems like worse case scenario my insurance company would only give me $41,500. So then I'm out 17k? Is that right?
I don't want to get rid of the Lightning, but what should we be doing to protect ourselves here?
My 25k gap worries me a little bit. I have gap insurance, but that only cover 125% of value. If they say my truck is only worth 33k wholesale (maybe 36 retail), and I owe 58k, seems like worse case scenario my insurance company would only give me $41,500. So then I'm out 17k? Is that right?
I don't want to get rid of the Lightning, but what should we be doing to protect ourselves here?
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