total loss- can i keep the car

by Guest » Tue Nov 13, 2007 06:51 pm
Guest

I was in an at fault accident and my insurance company has declared my vehicle a total loss. The car is still drivable and I have paid a lot to the loan company- I still owe about 5,000$. If what I owe is more that what they give me can i keep the car or will they autopmatically take the car? Can I get the insurance to fix it for less than the acv if I can find a repair shop that will do it? I am very confuse on what to do. Im not sure what would be more benificial to me

Total Comments: 26

Posted: Tue Nov 20, 2007 12:18 am Post Subject:

Honey there are NO stupid questions (except about my hair color that is :roll: )...

You didn't provide answers to the questions I ask. That would really help me try and figure out a position you could negotiate (maybe) with your lein holder.

Remember too that once that title is 'branded' salvage, it's value will drop anywhere from 20-50%

Posted: Wed May 04, 2011 11:01 pm Post Subject:

I am the owner of a '01 acra tl n was in a fender bender. My car is drivable without any frame damage jus paint damage. Now the ins wants 2 call total lose n salvage my car. My questions are do I have to salvage my? N can the ins salvage the car without my agreement 2 do so?

Posted: Fri May 06, 2011 07:17 pm Post Subject:

U cn du as U pls. The insco will prbly rpt salvg title 2 DMV 4 U.

---------------------------------

Next time, try using the English language. You'll need more than your thumbs.

Posted: Tue Jul 19, 2011 07:49 am Post Subject: my car

My tire blew on the freeway and Thu insurance companny is declairing my vehichle a lotal loss but the vehichle is still drivable just needs tire and rim, I decided 2 keep the vehichle(afg)is 7250 but since I'm keeping it they offered me 5060 and sent me that check but the check was made 2 me and myender (westlake financial services) my bank won't let me cash the check cus its a 2 party check do I have 2 pay off the lender imediatley or can I have state farm wright me another check and fix the vehichle at my leasure/ try 2 find a cheaper repOrt shop????? If any1 knows please let me know cus I was expecting that check 2day and it came but couldn't cash it and I've been driving on a donuts tire and a tire going flat for over a week know

Posted: Tue Jul 19, 2011 10:49 am Post Subject:

The insurance company has done what is required. Your lender wants you to keep the vehicle in running condition, and you will breach your loan contract if you fail to maintain the vehicle. So before they will simply let you have the money, you have to demonstrate that the repairs are (1) currently in process with a scheduled completion date, or (2) the repairs have been completed.

There must be other significant damage to the vehicle besides a rim and a tire for any insurance company to total the vehicle and be willing to pay $5000. There is probably fender/body damage and frame damage as well to get to that amount of money. A tire and a rim might be $250-$300 (unless we're talking about a custom wheel that might be a few hundred dollars more).

Posted: Thu May 24, 2012 09:03 pm Post Subject: Totaled camper

Paid on this camper for three years, ins company has totalled it due to hail. They will not pay the full amount owed, I will still owe about 1200.00 How can I keep my trailer after paying on it for this long?

Posted: Thu May 24, 2012 11:26 pm Post Subject:

You negotiate this with the insurance company. They will deduct the salvage value from the claims payment, and you will get the difference.

Posted: Fri Jun 01, 2012 02:07 pm Post Subject: accident

my son was in an accident he has a 2006 chrysler 300c srt8 a 22,000.00 vechile by the kelly blue book the auto body shop say 6,000.00 to fix the insurance company said a total loss and they havent even been out to look at it
just body work and tire and rim not mechanical well except for the air bags other than that nothing can you help me i am in mass

Posted: Wed Jun 20, 2012 05:47 pm Post Subject: Salvage the car

Had an accident an the adjuster said that it is a total loss they offering me 10800 I still own 9400 dollars to the car can I salvage the car and still fix it or what's my portion I know I want to keep the car and fix it because is drivenable

Thank you

Posted: Wed Jun 20, 2012 09:42 pm Post Subject:

To maintain ownership, you will receive the offered amount less the salvage value. You will still have to pay off the unpaid loan.

The salvage amount will leave you with no money to make repairs and probably a remaining unpaid loan balance.

You are in a losing position. Pay off the vehicle and use the $1400 as a token down payment on another vehicle.

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