My car got rear-ended and will probably be totaled. I have still got not paid back the loan. Will I still need to pay for it? What if I decide to keep the car ?
Total Comments: 2
Posted: Mon Nov 12, 2012 11:59 am Post Subject: due loan - car total
Well, isn't it obvious? just because your car gets totaled, it doesn't mean that your loan will be forgiven. How much of the loan is due? If the outstanding loan balance is more than what your insurer pays you, the rest you'll have to pay on your own.
Wait, have you got GAP insurance? That might assist at this point.
See if this helps if you want to keep your totaled car
http://www.ampminsure.org/claims/totalledcar.html
Posted: Thu Nov 15, 2012 01:50 am Post Subject:
Don’t overlook the fact that the responsible party (i.e. the owner, operator, or insurer of the offending vehicle) might be able to close the gap so to speak and pay for any uninsured damages including the loan payoff. The problem is normally convincing the responsibility to pay. If it’s a true rear end collision and you have no comparative negligence, their insurance carrier will hopefully offer to settle your out of pocket damages. You will need to first ensure that your own insurance carrier’s property damage subrogation lien doesn’t take priority and exhaust the tortfeasor’s liability insurance policy limits
Posted: Mon Nov 12, 2012 11:59 am Post Subject: due loan - car total
Well, isn't it obvious? just because your car gets totaled, it doesn't mean that your loan will be forgiven. How much of the loan is due? If the outstanding loan balance is more than what your insurer pays you, the rest you'll have to pay on your own.
Wait, have you got GAP insurance? That might assist at this point.
See if this helps if you want to keep your totaled car
http://www.ampminsure.org/claims/totalledcar.html
Posted: Thu Nov 15, 2012 01:50 am Post Subject:
Don’t overlook the fact that the responsible party (i.e. the owner, operator, or insurer of the offending vehicle) might be able to close the gap so to speak and pay for any uninsured damages including the loan payoff. The problem is normally convincing the responsibility to pay. If it’s a true rear end collision and you have no comparative negligence, their insurance carrier will hopefully offer to settle your out of pocket damages. You will need to first ensure that your own insurance carrier’s property damage subrogation lien doesn’t take priority and exhaust the tortfeasor’s liability insurance policy limits
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