Blessing? No, not so much.

Today I learned what gap insurance does and doesn't do.
Does:

• Cover a difference between your insurance payout and the amount you owe on the car


• Save you money if your car is worth less than what you owe

Doesn't:

• Pay off the rest of your car leaving your insurance payout to cover part of the cost of a new car


• Help much if the depreciation is roughly in line with the payments

My car is totaled and I end up with a grand total of $1500. I basically get to start over with buying a car instead of making some headway like I thought I would. I figured gap insurance would take care of the car and I could use $7K-10K to pay for part of my next car. I was terribly mistaken. I have 27 days left on my rental (26 tomorrow) and I need to get a loan and find a car in that amount of time. The problem is that I'm picky about cars and I'm not going to go out and buy a Honda for $15K if I'm gonna hate it. Why sink that much money into a machine you'll hate to look at, let alone drive? Considering the rate of depreciation of a Honda it would be hard to find a newer Honda for that price anyway.

This blows