incorrect.
remember, i work in the insurance industry.... so take my word for it.
your loan is NEVER what your car is worth.... thats how the loan companies make $.
you buy a car out right, ur cool.
if u take a loan, ur paying for more than what the cars worth.
so if u bought a car for 14000.
your loan will be more around 20000.
if ur call is stolen a year later, your ride is probably worth 12000, & youve only paid maybe 3000.
so, youll recieve the 12,000 from the insurance
but still owe 17,000 from the load.
so 5 g's is still coming out your pocket, unless u have GAP INSURANCE.... GAP INSURANCE will pay the remained 5'gs that u would DEFINITLY owe.