Totaling out a car - Will it effect credit?

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PostPosted: Wed Dec 23, 2009 5:45 pm   Post subject:   

Quote:
blue book is only 3500, but i owe 4400.... becuase i only financed 6100
You bought a $3500 car for $6100 and you owe $4400 on it?
Quote:
i went through CARMAX anyone dealt with their autofinance people on transferring collateral?
Please don't tell me that you are thinking about rolling over the amount you will still owe into another vehicle purchase. If the above info is correct, you are living beyond your means and just getting yourself deeper and deeper into debt. You'd be financing debt for something you don't even have. That, you are not only paying for something you don't have but your also paying interest on it. You need to do what you need to do but IMHO, you might want to look a getting a beater to drive until you can get out of this debt. Not everyone needs to have a nice vehicle. Certainly $4400 is not a lot for a car but it seems like you were already rolling one loan into another.
tcope
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PostPosted: Sat Dec 26, 2009 3:49 pm   Post subject:   

They got it most likely from NADA...Blue book takes a lot of other things into their vehicle evaluations, I don't know any carrier that would use a KBB as a value.



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PostPosted: Thu Jan 14, 2010 10:44 pm   Post subject: insurance  

my cadillac was recently totaled. ins co says cor is worth 3500 but i owe 9500


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nelloves
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PostPosted: Fri Jan 15, 2010 12:31 am   Post subject:   

Sorry to hear that Nell...do you have GAP coverage?



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PostPosted: Wed Feb 03, 2010 9:13 am   Post subject: Gap insurance  

If you have a Gap insurance coverage, you need not worry about the difference at all. But if you don't, there is nothing much to do except negotiating with the carrier for a higher settlement. However, the insurance company is not liable for the amount you owe. It will only pay you the actual cash value of your car.

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PostPosted: Fri Oct 08, 2010 4:01 pm   Post subject: Insurance  

Shut up cry BABY!! I owed 11,000 on my car and my insurance only paid 5,000 leaving a balalnce of 6,000. It could have been worse for you. GAP is the way to go!


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PostPosted: Fri Jul 15, 2011 6:37 am   Post subject: EYlNTlcUEMc  

The forum is a bgrtiher place thanks to your posts. Thanks!


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PostPosted: Mon Apr 30, 2012 9:02 am   Post subject:   

Hi I also have a situation my truck was stolen and recoved stripped the bed was missing the hood and system I had put in it the insurance wants to total my truck because the adjuster said the damage was 13000 my truck is a 2008 an has very low miles it blue books for 16000 I still owe 15000 to the bank on it is there a way to where I can talk to the insurance company to pay me the most they can to fix the truck even if I have to pay out of pocket I looked at things the adjuster had written down on the claim and must of the parts were way over priced on top of that my uncle owns a body shop so I know it wouldn't be much to paint the parts I just would really love my truck back and wanted to kno if there's anything I can do thanks


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Madmike11
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PostPosted: Mon Apr 30, 2012 9:03 am   Post subject:   

Hi I also have a situation my truck was stolen and recoved stripped the bed was missing the hood and system I had put in it the insurance wants to total my truck because the adjuster said the damage was 13000 my truck is a 2008 an has very low miles it blue books for 16000 I still owe 15000 to the bank on it is there a way to where I can talk to the insurance company to pay me the most they can to fix the truck even if I have to pay out of pocket I looked at things the adjuster had written down on the claim and must of the parts were way over priced on top of that my uncle owns a body shop so I know it wouldn't be much to paint the parts I just would really love my truck back and wanted to kno if there's anything I can do thanks


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Madmike11
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PostPosted: Mon Apr 30, 2012 12:37 pm   Post subject:   

Quote:
and must of the parts were way over priced




First, see my sig.



Yeah, insurance company paying too much. It's odd when the person wants more money, the insurance company pays too little... when they need the amount to be lower, the insurance company is paying too much. Rolling Eyes



You can ask your adjuster is they would accept a Contract of Repair. Some will, some won't, some won't know what that is. Its a document that a shop signs stating that they can fully repair the vehicle for $xxxx.xxx and there won't be any additional charges. This means if they find something else wrong, they won't charge any more to repair it.



Quote:
my truck is a 2008 an has very low miles it blue books for 16000 I still owe 15000 to the bank


You owe $1000 less then a vehicle's value and its 4 years old? Something is wrong there.
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PostPosted: Mon Oct 29, 2018 2:40 pm   Post subject: Gap insurance destroyed my credit  

So I bought a vehicle from Volkswagen it was involved in an accident it was considered a total loss my gap insurance will not cover the remaining balance of $24,000 do to they believe it was used as a commercial vehicle so then they filed it against my credit two months later they remove it from my credit and claim it was a simple mistake in the meantime it impacted my credit score by over a hundred and fifty points I went from 675 to a 471 I was in the process at the same time with getting a home loan for my family to move I was in your approval State and everything when they did this and it immediately put a damper on things what are my options and what should I do. I'm at a Loss and not sure what steps to take next they simply said they made a mistake after reviewing everything with my insurance company and found that the vehicle was not being used as commercial vehicle. And their reason for believing that it was, is that no one can put 87,000 miles on a vehicle in one year unless using for commercial not sure how they came up with that, but I know many people that can drive their vehicle all over the United States for non-commercial and put well over 87,000 miles on it... if you have any information or can help me in anyway please and thank you so much

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