total loss- can i keep the car

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PostPosted: Tue Jul 19, 2011 10:49 am   Post subject:   

The insurance company has done what is required. Your lender wants you to keep the vehicle in running condition, and you will breach your loan contract if you fail to maintain the vehicle. So before they will simply let you have the money, you have to demonstrate that the repairs are (1) currently in process with a scheduled completion date, or (2) the repairs have been completed.



There must be other significant damage to the vehicle besides a rim and a tire for any insurance company to total the vehicle and be willing to pay $5000. There is probably fender/body damage and frame damage as well to get to that amount of money. A tire and a rim might be $250-$300 (unless we're talking about a custom wheel that might be a few hundred dollars more).



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PostPosted: Thu May 24, 2012 9:03 pm   Post subject: Totaled camper  

Paid on this camper for three years, ins company has totalled it due to hail. They will not pay the full amount owed, I will still owe about 1200.00 How can I keep my trailer after paying on it for this long?


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PostPosted: Thu May 24, 2012 11:26 pm   Post subject:   

You negotiate this with the insurance company. They will deduct the salvage value from the claims payment, and you will get the difference.



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PostPosted: Fri Jun 01, 2012 2:07 pm   Post subject: accident  

my son was in an accident he has a 2006 chrysler 300c srt8 a 22,000.00 vechile by the kelly blue book the auto body shop say 6,000.00 to fix the insurance company said a total loss and they havent even been out to look at it

just body work and tire and rim not mechanical well except for the air bags other than that nothing can you help me i am in mass


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PostPosted: Wed Jun 20, 2012 5:47 pm   Post subject: Salvage the car  

Had an accident an the adjuster said that it is a total loss they offering me 10800 I still own 9400 dollars to the car can I salvage the car and still fix it or what's my portion I know I want to keep the car and fix it because is drivenable



Thank you


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PostPosted: Wed Jun 20, 2012 9:42 pm   Post subject:   

To maintain ownership, you will receive the offered amount less the salvage value. You will still have to pay off the unpaid loan.



The salvage amount will leave you with no money to make repairs and probably a remaining unpaid loan balance.



You are in a losing position. Pay off the vehicle and use the $1400 as a token down payment on another vehicle.



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