by bugsas99 » Sat Nov 08, 2008 04:54 pm
i recently had someone back into my 98 corvette. i have the hartford for auto insurance. and live in pennsylvania.and my car is financed through wachovia dealer services.i have a 500 dollar deductible. i pay the 1st 500 dollars. i got an estimate written up by insurance adjuster for 1,450 dollars. the damage isn't that bad. the insurance company issued a check for 1,450 dllars made out to me and wachovia. the damage dosen't bother me cause i have a nose cover on front of car can't see. wachovia will not sign off on check. they want before and after pictures and work order. is there any way to get this check cashed. i am behind on bills and layed off job right now
Posted: Tue Nov 11, 2008 02:14 am Post Subject:
Thats a really good idea. T-scope offers a really good way to get out from under a car that can't be afforded but will a dealer give someone a vehicle and pay off the other if they see they are two months behind on payments. With the credit world the way it is now they may not want to do this..could consider it a real risk.
Posted: Tue Nov 11, 2008 02:17 am Post Subject:
It can be done but its usually not a good idea. The dealer can "roll" the old loan into the new loan. That is, they tack on the old loan amount to the new car loan and pay off the old loan. Normally this puts the person _really_ upside down on the loan but the OP coudl then use the $1450 check to pay down the new loan. But even then, this could be a worse deal.
Posted: Tue Nov 11, 2008 02:20 am Post Subject:
I have heard of this kind of thing but I don't think unless your desperate it is wise. I see people all the time going and trading in vehicle after vehicle with out ever paying one fully off. I guess that would leave a person upside down as you put it.
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