poor S4

[Michael Riebs / Audi V8]

Yeah - GAP insurance - that's what I meant - not "bridge insurance" that's
something they have in Brooklyn...

Michael L. Riebs
Grand Rapids, Michigan

'90 V8Q
'98 A6QA

www.1stchoicegranite.com

----- Original Message -----
From: "Michael Guidotti" <MAGUID at MAIN.DJJ.STATE.SC.US>
To: <quattro at audifans.com>; <mchang at ee.washington.edu>
Sent: Tuesday, April 30, 2002 8:44 AM
Subject: Re: poor S4


> In South Carolina and probably in most states you are required to have GAP
insurance which covers the difference between the amount of the loan and the
value of the car.
>
> Mike
>
> >>> "Mark L. Chang" <mchang at ee.washington.edu> 04/29/02 06:57PM >>>
> On Mon, Apr 29, 2002 at 06:19:58PM -0400 or thereabouts, Brett Dikeman
wrote:
>
> > I don't see what the guy is all broken up about(he looks ready to
> > burst into tears)...it's what insurance is for; he's getting a 2002
> > or 2003 S4 thanks to that tree.
>
> Not necessarily. My wife used to work at a body shop. The saddest story
> was a young man purchasing a brand new Beetle and then wrecking it about
> a month or three later. He paid, say $20k for the car, $18k loan, $2k
> down. Insurance appraises car at like $14k after depreciation. Since he
> didn't "own" the car (the bank does), the $14k goes to towards the loan.
> Now, really sad kid (he loved the car) has a $4k loan and no car, plus
> is out $2k on downpayment.
>
> Either way, Mr. S4's car has depreciated, and that's all he's getting
> from the insurance company. If he has big loans, he could be paying for
> a car he doesn't even have.
>
> Of course, there are policies out there from companies like Met Life
> that have some sort of "grace period" in which you can total your car
> and they just get you a new one. If I were without such a policy (and I
> am), then I'd look quite distraught too if my S4 got beaten down by a
> tree.
>
> Mark
>
> --
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>
>