by Guest » Thu Jan 03, 2008 05:28 am
Hi, everyone
I had a car accident three days ago, just got dicharged from the hospital. I called the insurance company today and they said the car is a total loss (i haven't seen it after the accident). They are going to cut me a cheque with BOTH the bank(leinholder) and my name on it. The amount will be the sale value $20,000.
I've only had the car for 1 months (isn't that sad?), and I still owe the bank about $22,000 as of now (including interest and other charges). I understand the bank has the right to collect the money before me since they own a larger portion of the car than I do, but is there any way that I can keep the cheque and keep paying off the loan monthly??? i can't accept the fact that I will be left with NO CAR, NO MONEY, $ 2000 DEBT, a CONCUSION, and NO WEDGES for the next 3 weeks!
I know some of you guys are very experienced adjusters, have you ever dealt with anything like this? Is there another way around this? ---- at least let me keep 1/2 of the cheque and pay the rest of the loan by montly as before.
Thank you so much!!!!!!!!!!
I really need your advices!!!
I had a car accident three days ago, just got dicharged from the hospital. I called the insurance company today and they said the car is a total loss (i haven't seen it after the accident). They are going to cut me a cheque with BOTH the bank(leinholder) and my name on it. The amount will be the sale value $20,000.
I've only had the car for 1 months (isn't that sad?), and I still owe the bank about $22,000 as of now (including interest and other charges). I understand the bank has the right to collect the money before me since they own a larger portion of the car than I do, but is there any way that I can keep the cheque and keep paying off the loan monthly??? i can't accept the fact that I will be left with NO CAR, NO MONEY, $ 2000 DEBT, a CONCUSION, and NO WEDGES for the next 3 weeks!
I know some of you guys are very experienced adjusters, have you ever dealt with anything like this? Is there another way around this? ---- at least let me keep 1/2 of the cheque and pay the rest of the loan by montly as before.
Thank you so much!!!!!!!!!!
I really need your advices!!!
Posted: Sun Jan 06, 2008 08:08 am Post Subject:
thank you for your advices! you guys rock!!! :D
i talked to the car dealer about the extended warranty, they offered me a partial refund~ OR i can choose to roll it onto my next car as long as it's not pre-owned. i guess i will go with the first option, i need some cash to cover the hole in my pocket right now~ :oops:
Lori you are right!!! i don't have to pay for the interests!!! (relief~) the only thing i have to worry about right now would be the $1000 deductible and the residual pay off balance ("changes", haha).
I asked the bank regarding the accident benefit package i have for the loan---i can skip a payment(s) if i'm out of work for more than 30 days-----not exactly what i'm looking for right now, since the car is already gone. The good news is the insurance company is going to cover 80% of my pay until i'm ready to go back to work. :)
I think i'm in a much better shape right now, physically and financially (haha).
Lori, i really wanted to thank you. what you said meant a lot to me!!! i haven't told my family or friends what happened because they are so far away and i don't want them to worry.... i haven't dropped a single tear since the accident, not even in the hospital, but your words almost made me cry....i really appreciated it.
i also want to say THANK YOU to InsTeacher, Dasfuk.., AutoBody by Jake, Carol, and Evan.
***
guys, this is definitely more than simple Q&A. it's called SUPPORT.
wish all the best!!!
Posted: Sun Jan 06, 2008 11:17 am Post Subject:
Lori, i really wanted to thank you. what you said meant a lot to me!!! i haven't told my family or friends what happened because they are so far away and i don't want them to worry....
I don't blame you although your mama and daddy are gonna clobber you when they find out!i haven't dropped a single tear since the accident, not even in the hospital, but your words almost made me cry....i really appreciated it.
ah honey didn't mean to make you tune up! In my 'real life' most people (well about all) call me 'mama lori' I tend to mother EVERYONE...and have kids probably older than you, and can just imagine how scared and alone you must've felt....would want someone to try and hold one of my 'babies' if they felt alone....I don't 'think' by the time this is all said and done you will be out your deductible, or you will end up getting it back by way of canceling warranty etc.... :D
I asked the bank regarding the accident benefit package i have for the loan---i can skip a payment(s) if i'm out of work for more than 30 days-----not exactly what i'm looking for right now, since the car is already gone.
Since/If this policy doesn't have any benefit for you in this circumstance then ask about canceling it NOW...You may have a refund coming from it as well...(maybe, it could be a monthly thing)...but I doubt it since it was on your loan papers...call them monday....about this!guys, this is definitely more than simple Q&A. it's called SUPPORT.
Yes it is...we are a community that attempt to help others....if you have time when things settle come back and post around .... or if you hear of someone else in 'insurance trouble' tell them as well...at any rate...you keep us updated ok? We (or at least I know I do) get kind of emotionally involved...and like to know the outcome...
Honey, you mentioned...
The good news is the insurance company is going to cover 80% of my pay until i'm ready to go back to work.
What coverage or policy is this? Also were you at fault for this accident or someone else? There could be an additional injury settlement awaiting you....let us know, and keep us updated...pleaseAdd your comment