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 Posted: Wed Dec 02, 2009 11:14 pm Post subject: My car is totaled..I still owe almost 3 grand on it...Does t |
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| Do i let the leinholder know that the car is totaled or does he already know? |
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micholat
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| Posted: Thu Dec 03, 2009 2:27 am Post subject: |
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He'll probably find out when you stop making your payments, which you are contractually obligated to make. Did you have insurance or was the collision someone else's fault?
At the very least, you have a legal responsibility to inform the lienholder of the loss to their security.
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MaxHerr
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| Posted: Thu Dec 03, 2009 6:25 am Post subject: |
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If it's not the OP's fault he could get compensated by the other party's insurance carrier. Yes, I guess it would be better now if he informs the leinholder about the loss.
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anonymous12
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| Posted: Thu Dec 03, 2009 6:36 am Post subject: |
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You should contact your lender. You are still responsible for the payments. If there is an insurance check, you will need to get them involved at some point anyway.
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Dasfuk
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| Posted: Thu Dec 03, 2009 6:04 pm Post subject: |
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| Actually Im still making my payments on my vehicle...I havent stopped making payments. It was at an intersection yellow light and they have me and the other driver 50 percent at fault and I had insurance just not full coverage....But Im still making payments and should be done in July of 10 so I think I will be okay |
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micholat
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| Posted: Fri Dec 04, 2009 7:27 am Post subject: |
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If the car's totaled and there's a lien on it, any insurer that pays for the total loss will want the title to the car, which obviously, is held by the lender. So, if any insurer pays for the total loss, it's pretty obvious that the lender is going to find out.
I'm still not clear if the OP is upside down in the car and why he wasn't carrying full coverage on a car that still had a lien on it.
So OP- could you give us the financials on this? How much money, if any, you got paid and by who, full description of car, mileage, etc., and any other info. We got people here with skills.
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InsTeacher
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| Posted: Sun Sep 26, 2010 6:19 pm Post subject: |
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I was going through a green light and got hit on my passenger side. I was still making payments on it and owed about 3,500 on it. The insurance said it was totaled, but I will have enough to pay it off. Will I get the title to the car? What is my best way going about this?
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anonymous1
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| Posted: Sun Sep 26, 2010 6:20 pm Post subject: |
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I was going through a green light and got hit on my passenger side. I was still making payments on it and owed about 3,500 on it. The insurance said it was totaled, but I will have enough to pay it off. Will I get the title to the car? What is my best way going about this?
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anonymous1
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| Posted: Sun Sep 26, 2010 8:04 pm Post subject: |
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First, see my sig.
| Quote: | | but I will have enough to pay it off |
That depends on it's value. If the value is more then you owe, yes. If the value is less then you owe, no.
| Quote: | | Will I get the title to the car? |
No... the insurance company is paying for the vehicle in it's pre-accident condition so they get it. They are buying the vehicle. If they will pay more then you owe, you could retain it but they would subtract it's salvage value from their offer. This amount still needs to be more then you owe in order for it to work.
| Quote: | | What is my best way going about this? |
Find out how much they are going to pay rather then jumping the gun.
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tcope
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| Posted: Fri Dec 31, 2010 10:03 pm Post subject: car totaled and still owe lien |
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I had an accident with a deer, and loss. My van was totaled. The insurance company is going to pay $4,900 and I still owe 4,000. Will they take the van leaving me owing 4,000 and I have nothing.
The repair shop said it was very fixable, but the adjuster totaled it.
In a case like this can I buy it back, have it repaired and then continue on with my payments.
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anonymous52
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| Posted: Fri Dec 31, 2010 10:20 pm Post subject: |
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If the insurance is going to pay $4900 and you owe $4000 then this leaves you with $900 in your pocket.
You can keep the van, as long as your lien holder agrees but then your insurance company is going to deduct it's salvage value from their $4900 offer.
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tcope
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| Posted: Tue Feb 22, 2011 9:57 pm Post subject: car totaled; no collision; still owe car payments |
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I (accidentally) stopped paying for collision on my vehicle last year. It was totaled this week. I still owe over $6000. I assume I still owe the lienholder. Is there anything else I need to know, such as have I broken any laws by not having collision? Also, is there anything I can do to lessen my debt?
Thank you
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pam in trouble
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| Posted: Wed Feb 23, 2011 1:43 am Post subject: |
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| Quote: | | Is there anything else I need to know, such as have I broken any laws by not having collision? |
No criminal laws, as this would probably be a civil matter (your loan probably requires you to keep collision coverage on the vehicle).
| Quote: | | Also, is there anything I can do to lessen my debt? |
Certainly... you can contact your lien holder and let them know what happened. Ask if they can work out a lower payment. If not, the lien holder runs the risk of never getting paid. Of course a lower payment would mean you'd need to pay it all at once. |
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tcope
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| Posted: Sun Apr 22, 2012 1:55 pm Post subject: ? |
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I purchased a used vehicle. Within the first week I returned it to the dealership telling them the check engine light was on and it hesitated and missed. They "claimed" they put the vehicle on the machine and test drove it and nothing was wrong. As time progressed(less than 1 year) the vehicle got worse. It was burning a tremendous amount of gas, cutting off, missing etc... I took the vehicle to the dealership again to get the oil change and they say " I can't help you b/c your computer connector is not working, but we drove it and there is something wrong, you have to take it to the Chevy, were a Honda dealership we don't have that machine". After questioning them I find out that they never put my car on a diagnosis machine. They used some hand held machine. Chevy dealership runs a diagnostic and finds out I have burnt out cylinders and some are leaking. Cost 1700 to break the engine down and to fix 6800. My vehicle is only worth 9,800. I still owe 15,000, but I have AUL and luckly I was within my 36,000K miles and they are sending their inspector to verify, if they are going to pay. My question is
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TH
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| Posted: Sun Apr 22, 2012 5:07 pm Post subject: Deceptive Law |
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I purchased a used vehicle. Within the first week I returned it to the dealership telling them the check engine light was on and it hesitated and missed. They "claimed" they put the vehicle on the machine and test drove it and nothing was wrong. As time progressed(less than 1 year) the vehicle got worse. It was burning a tremendous amount of gas, cutting off, missing etc... I took the vehicle to the dealership again to get the oil change and they say " I can't help you b/c your computer connector is not working, but we drove it and there is something wrong, you have to take it to the Chevy dealership, we're a Honda dealership we don't have that machine". After questioning them I find out that they never put my car on a diagnosis machine. They used some hand held machine. Chevy dealership runs a diagnostic and finds out I have burnt out cylinders and some are leaking. Cost 1700 to break the engine down and to fix 6800. My vehicle is only worth 9,800. I still owe 15,000, but I have AUL and luckly I was within my 36,000K miles and they are sending their inspector to verify, if they are going to pay. The dealership did say that when they get a used car they don't put it on a diagnostic machine if no lights are on or their generic computer check does not register anything, but didn't tell me this until after I asked. My question is can I get a lawyer b/c the dealership lied to me about putting the car on the machine and sold me a jeep that was already messed up when I purchased it? I live in NC and I did some research about Deceptive Laws and I was wondering would this law apply to me?
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TH
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