by Guest » Mon Oct 29, 2007 09:13 am
I recently totaled my 05 scion tc. I put 4500 down on that car. The reck was not my fault. my insurance says that totaling out a car would enable them to pay me 13,645 . now i will end up owing like 1,100 left to pay it off. Which sux by the way. now i have no more money saved and i need a car asap. I have school and a job. will this reck help my credit at all sense there paying most of it off really fast. Will i be able to put less down. Because i had bad credit when i put 4500 down. How will this reck offect me.
Posted: Wed Dec 23, 2009 12:54 pm Post Subject:
If you have GAP insurance on your car..that will pick up the gap..if not then yes, collateral transfer is the only way. Most finance companies are more than happy to do this, assuming your account is in good standing..
Posted: Wed Dec 23, 2009 01:05 pm Post Subject: insurance
I was in the 'same boat' for a while, KIMMYLOU. Totaled my Jeep ( someone rear-ended me..of course, not my fault) and did ALOT of damage. I received the 'Blue Book' value for the car. I had an outstanding balance on the car loan, so, the check the Insurance company wrote out went toward the outstanding loan. I was working, etc. and really needed a car, too!!
Posted: Wed Dec 23, 2009 01:17 pm Post Subject:
SD they didn't pay you blue book..NADA maybe but not blue book..(sorry a technicality that drove me a little nuts :wink: )
Posted: Wed Dec 23, 2009 02:33 pm Post Subject: insurance
Oh....ok. I know they took a certain price of the Jeep. Subtracted the high milage, previous damage, etc. Where did they come up with the 'original' price value of the vehicle? I thought it was the 'Blue Book' value.
Posted: Wed Dec 23, 2009 05:45 pm Post Subject:
blue book is only 3500, but i owe 4400.... becuase i only financed 6100
You bought a $3500 car for $6100 and you owe $4400 on it?i went through CARMAX anyone dealt with their autofinance people on transferring collateral?
Please don't tell me that you are thinking about rolling over the amount you will still owe into another vehicle purchase. If the above info is correct, you are living beyond your means and just getting yourself deeper and deeper into debt. You'd be financing debt for something you don't even have. That, you are not only paying for something you don't have but your also paying interest on it. You need to do what you need to do but IMHO, you might want to look a getting a beater to drive until you can get out of this debt. Not everyone needs to have a nice vehicle. Certainly $4400 is not a lot for a car but it seems like you were already rolling one loan into another.Posted: Sat Dec 26, 2009 03:49 pm Post Subject:
They got it most likely from NADA...Blue book takes a lot of other things into their vehicle evaluations, I don't know any carrier that would use a KBB as a value.
Posted: Thu Jan 14, 2010 10:44 pm Post Subject: insurance
my cadillac was recently totaled. ins co says cor is worth 3500 but i owe 9500
Posted: Fri Jan 15, 2010 12:31 am Post Subject:
Sorry to hear that Nell...do you have GAP coverage?
Posted: Wed Feb 03, 2010 09:13 am Post Subject: Gap insurance
If you have a Gap insurance coverage, you need not worry about the difference at all. But if you don't, there is nothing much to do except negotiating with the carrier for a higher settlement. However, the insurance company is not liable for the amount you owe. It will only pay you the actual cash value of your car.
Posted: Fri Oct 08, 2010 04:01 pm Post Subject: Insurance
Shut up cry BABY!! I owed 11,000 on my car and my insurance only paid 5,000 leaving a balalnce of 6,000. It could have been worse for you. GAP is the way to go!
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