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 Posted: Sun Jan 04, 2009 7:30 am Post subject: Totaled vehicle and what? |
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Hello community. I know I may sound stupid but Ive got a question. Many have similar questions and answers but never get to this POINT. I know that some answers to thiswould be... u break even. But what is the point then? I purchased a brand new Nissan Maxima. Decked out off the showroom floor. catered to this vehicles every need. I was pretty screwed in the loan amount but was "pushed"into buying it. Ok, we are talking 2 or 3 trades later so iam already upside down 8 thousand because they jipped me on my trade in. I took care of those cars as well. And pretty much lost out. Anyway, once again started new on this car dont ask why. Had GAP had full coverage. I totaled it. Didnt have rental on my policy, figured I did on my $2,000.00 Nissan gold card. Ok so I go now 6 months without a car. Insurance finally pays. Leaving me in the hole about $19,000.00. My gap pcks up another $13,000.00. Iam in the hole about $8,000.00. Now, I know Ive got to pay that to the bank. Dont ask why I still owed 8 thousand, it was a rough year. Anyway I had the car only half the year. What is it that I get? Nothing now? Banks arent doing loans, economy is bad but even that aside... I have been taking care of hoping to pay off one of these cars had insurance always paid that and now its time to hit the streets on foot? I dont now have the money to get any kind of car. Have tied new loans, but I dont understand. Its like ur better off buying a cheap car because Ive done nothing but LOSE EVERYTHING.
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jo jo
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| Posted: Sun Jan 04, 2009 8:27 am Post subject: |
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| Quote: | | Its like ur better off buying a cheap car because Ive done nothing but LOSE EVERYTHING. |
Hey... I'm happy to say with this ending sentence, there is light at the end of the tunnel!
You started out really deep in the hole. Then, instead of working your way out, you went further... and then against further into the hole. Then, when you were _really_ deep, you did it all over again but dug yourself deeper then the first few times.
I mention the light at the tunnel as I think you might have finally realized what you need to do.
Here are the cold hard facts.... you can't afford a new car. Not only that but you can't afford a nice used car. You really need to go out and find an old beater with a good engine and transmission and do your best to get a good deal on it.
Cars are _not_ an investment. Buying a new car is even worst!
You are wondering what good insurance is when you, at best, "break even"? If GAP paid $13k what did your carrier pay? $20k.... $25k? How many years of collision premium would it be before the insurance company collects they money back?
Some more cold facts... you were in _way_ over your head. You've now lowered your losses down to that $8k. On the bright side, consider yourself very lucky! You've just been saved many years of payments just to get up to owing only $8k! You can now buy a POS for $1500 and start paying off that $8k. |
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tcope
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Joined: 22 Nov 2006
Posts: 5194
Location: Salt Lake City, UT
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| Posted: Sun Jan 04, 2009 5:42 pm Post subject: |
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I'm with Tcope on this..I'm always amazed when someone buries their selves so deep then they have the gaul to be pissed that their carrier won't bail them out...T's right even oweing 8k you're still way ahead of where you were prior to totaling your vehicle...Suck it up, walk it off, get a second job if you need to, buy a 2k vehicle, and pay that debt off, and never allow yourself to get into this position again....and I've just GOT to ask...WHY do you think your carrier should've come in and paid off the mess that you admittedly made yourself? 
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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Location: Missouri
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| Posted: Mon Jan 05, 2009 6:03 pm Post subject: |
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Jeeeesssssss, tcope of Lori gave it to you hard and streight.
I do agree you needed it...!
You've got some bills to pay... Geet 'er' done.
FK |
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FK
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Joined: 10 Feb 2008
Posts: 290
Location: Pa.
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