Derivable car - total loss - lien holder

by BigJd1701 » Fri Sep 26, 2014 03:37 pm

Ok while backing out of a parking lot a few days ago i backed into someone else's car. I have a big dent in the back of it but all the lights still work and i have still been driving it with no issues other than cosmetic. My Insurance company declared it a total loss because the car is a 2000 even though it's in otherwise good shape.

The settlement offer is only about half of what i still owe on the car. So i need to know what my options are. I'd prefer to keep the car but the lien holder seems like it may be the big issue. I haven't spoken to them yet besides informing them of the accident and getting a buyout quote. My plan right now is to take the money offered for keeping the car and get it repaired at a local shop that may do it for that price. Questions is will my lien holders accept that plan and can i get full coverage back on the car.

Total Comments: 2

Posted: Sat Sep 27, 2014 07:12 am Post Subject:

In any case you need yo speak to your lien holder about these options.

Posted: Sat Sep 27, 2014 03:32 pm Post Subject:

You are driving a 14 year old vehicle. You obviously paid too much for it if you owe double what it's salvage value is. Why would you expect an insurance company to pay you more?

As for the lienholder, what does your contract with them require you to do? Probably keep the vehicle in good working order.

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