by clalston28 » Mon Jul 04, 2011 05:36 pm
my car was declared totaled and it drives fine with minor damage on door and on top. It is a 2005 chevy trailblazer. i t was declared totaled by insurance company and i owe 16,000. Insurance company is paying 8000 to lien holder. what can i do if i have no Gap insurance and no money to buy another car. Please help me. I am located in the state of NC.
Posted: Mon Jul 04, 2011 06:11 pm Post Subject:
If the vehicle is worth $8000 and you still owe $16000 then I have little doubt you rolled over another loan into this vehicle. As such, you were simply paying for two vehicles instead of one.
My recommendation is to work something out with the lien holder. See if they will reduce your payments. I'd recommend taking the bus or looking into buying a well running POS for a under $2000. You need to dig yourself out of the large hole you have dug yourself into.
Posted: Tue Jul 05, 2011 08:52 am Post Subject:
While communicating your problem to the lien-holder, always make sure that you show him through your current financial obligations. Once he achieves a clear idea of your current financial strength, it will be easier for you to work it out with him.
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