Loco5.0 said:That's becausse there are plenty of fools willing to be ripped off. Sucks for you guys w/no patience.
Ummmmm... No...in financial planning world we call it Opportunity Cost. Same idea as when people put a $4.00 Fast Food meal on a credit card, or ANYTHING on a credit card that is not a medical necessity or an emergency item and pay it off before interest accrues.
See, we "fools" apply the rule of Opportunity Cost and Instantaneous Gratification to life and buy what we want, when we want. If you purchase GAP insurance it is of no residual impact that you invert in a loan situation.
I watched my father die and mother have a major stroke and become disabled without having done many things because they were "waiting" and having "patience". So, I live for Today and Plan for tomorrow... The best of both worlds. I do not live in the economic constricts of retaining all my income for retirement, as unforseen circumstance could render me dead right now, and what the hell did I achieve from it?... NOTHING!
Live for Today, and Plan for Tomorrow.... The best of both worlds, my friend.
Oh, and last time I looked this is a deprecible consumer good. Not an appreciable asset. It would really only be considered an asset if it was paid in full, so it is a liability no matter how you look at it on the books.
Jennifer