Totaled-car Settlement

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PostPosted: Wed Apr 10, 2013 5:16 am   Post subject:   

You are only entitled to the ACTUAL CASH VALUE of your vehicle at the moment prior to the collision. ACV = replacement cost minus depreciation. If no essential depreciation (which I doubt, because simply driving the vehicle off the lot makes it a used one worth thousands less), then you are entitled to the full price of a new vehicle, same make and model and equipment.



As tcope has said, your obligation to the financing entity is a separate matter. It is a contractual relationship between that company and you. You owe them the money you borrowed, whether you have a vehicle to show for it or not. But without the vehicle that was the security for the loan, your loan will be accelerated and become due in full. If you had purchased GAP coverage, any shortfall would be covered.



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PostPosted: Sun May 05, 2013 9:23 pm   Post subject: Selling 'Totaled' Car to Someone Else  

My 2001 Toyota Camry was in a one car accident, hitting a snow bank and landing on the driver's side. The front underside was damaged including the headlight, and the driver's side has external dents and the outside mirror torn off. One or two tires need to be repaired/replaced. There is no internal damage. It starts and was able to be driven onto the flatbed. The insurance adjuster said it was totaled. Any idea what it is worth if I sell it outright? Obviously, I would inform them of the accident. I

The car didn't have coverage, just liability. Is it worth something to someone who wants to fix it up and drive it? Please advise. Thanks


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