Snarky Brides

car question

Hypothetically speaking, if you had a car that wasn't paid off yet and a recent car accident caused it to be totaled, what would happen?  I have zero experience in this territory and feel very dum

Re: car question

  • Your insurance company will send you a check for the value of the car, and you pay off the loan with that money.  Then use the difference (hopefully you're not upside down) to put down on a new car.  Or you can use the money to buy a replacement used car (or new if it's enough) and just keep paying on your loan, I believe.The process may differ from company to company.  Do you think his car is totalled?  That blows.

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    The nerve!
    House | Blog
  • I don't know either. I hope it turns out ok. What sucks is when your car is initially determined not to be totalled, and then when they get into it, they find more and moer wrong until you realize it should have been totalled in the first place.
  • We're not sure yet, so far they've only assessed the outside damage that they can see and it's several thousand dollars worth.  They'll know more once they start digging into the inside portion.  I'm just prepping myself for the possibility, which would suck donkey ballsOn the flips side of where I am, J seems to be okay with the my-car-is-totaled scenario because he's worried about the resale value plummeting if it has a major wreck on its carfax report
  • You might want to get on [url] http://www.kbb.com/ [/url]  and get an idea of what the car is worth so that if it comes to that, you're a little more prepared.
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  • That sucks!  What a pain in the asss!
    image Mabel the Loser.
  • Did you get gap insurance when you got your loan? That will cover the difference between the value of the car and the balance on your loan. Typically the value of the car is less than the loan amount.If not your insurance company will pay you the value of the car and the rest of your loan, if any amount is remaining will need to be paid off or you can roll it into a loan for a new car, most places will do this. You would probably have to check with the place you got the loan from.
  • I don't remember if we did his through Toyota or something different.  This is all such a pain in the arse.  Bah humbugMy gut is telling me it's probably totaled, but my eternal optimism is still holding out hope that it's not
  • In 2005, my insurance paid $4500 to fix my 1992 Camry rather than total it.  There's some hope for you.
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  • gracias, Fallin!It is what it is, and no amount of my worrying is going to change the outcome.  So we'll just cross that bridge when we get there I guess
  • So you never really said, do you owe more than it's worth? My H's vehicle-totaling experience was more like Fallin's if that helps.
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  • I won't know for sure until they get into the internal damage, which won't be until tomorrow or possibly the next day. I don't know for sure how much we still owe on his car, but it's still got 2 years before it's paid off. I see a trend here...I don't know very much, it seems! 
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