Son totaled a 4 month old Hyundai Elantra SE with 5500 miles
by Guest » Sat Dec 25, 2010 10:39 pm
What happens now? He does have GAP insurance but owes 14, 500 on the car. He put 4000 down on the car. Does he just loose the 4000? What happens?
Total Comments: 1
Posted: Sun Dec 26, 2010 06:36 am Post Subject:
The insurance company pays up the value of the vehicle... which is probably much less then you bought it for since it went from a new car to a used car the moment it was titled. If that is not enough then the GAP address the difference. Yes, there is a good chance that he will loss a good portion of that $4000. Depends on what he paid for it and what it's worth.
Posted: Sun Dec 26, 2010 06:36 am Post Subject:
The insurance company pays up the value of the vehicle... which is probably much less then you bought it for since it went from a new car to a used car the moment it was titled. If that is not enough then the GAP address the difference. Yes, there is a good chance that he will loss a good portion of that $4000. Depends on what he paid for it and what it's worth.
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