Sad Loss - 2005 Dodge Magnum RT
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09-01-2008 | 09:28 AM
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Sad Loss - 2005 Dodge Magnum RT
Sad to say that my Wife's (mmtaylor) 2005 Dodge Magnum RT was stolen on July 25 2008 and has not been recovered as of September 1 2008. So we no longer have the his & her hemis 
. What's worse, we owed more on the car than what the car is worth (market value) and we did not have GAP insurance. Long story short, I am estimating that we will end up owing about $6k to 11K for a car we no longer have posseion of. I still have the 07 Charger RT so all is not lost per say. Right now the wife is driving our 'seasoned' 1991 Plymouth Acclaim 3.0L V6.....major downgrade to say the least.
Lessons learned:
1. Don't roll over negative equity from one car into another one. We traded in a 2005 Chrysler Pacifica with very little principal paid down to purchase the '05 Magnum.
2. LoJack may be worth the investment to secure / recover desired autos. (still looking into this for the Charger)
3. Invest in GAP insurance ....because you just never know.
4. Install automatic turrets to take out the SOB who wants to steal your car.
Once we pay off the remainder of the loan, we are not sure what we are going to get. Probably not another Magnum being that they are out of production and it may be a year or longer until the loan is paid off. Perhaps a Durango with a Hemi....not sure.
. What's worse, we owed more on the car than what the car is worth (market value) and we did not have GAP insurance. Long story short, I am estimating that we will end up owing about $6k to 11K for a car we no longer have posseion of. I still have the 07 Charger RT so all is not lost per say. Right now the wife is driving our 'seasoned' 1991 Plymouth Acclaim 3.0L V6.....major downgrade to say the least. Lessons learned:
1. Don't roll over negative equity from one car into another one. We traded in a 2005 Chrysler Pacifica with very little principal paid down to purchase the '05 Magnum.
2. LoJack may be worth the investment to secure / recover desired autos. (still looking into this for the Charger)
3. Invest in GAP insurance ....because you just never know.
4. Install automatic turrets to take out the SOB who wants to steal your car.
Once we pay off the remainder of the loan, we are not sure what we are going to get. Probably not another Magnum being that they are out of production and it may be a year or longer until the loan is paid off. Perhaps a Durango with a Hemi....not sure.
