I co-signed a loan to help my daughter buy a car. I know the perils of cosigning a loan, so no lashings or nasties please! I allowed her to handle her own insurance, but made sure she kept up with the payments. She recently lost control of the vehicle and hit an object. The vehicle was severely damaged and not driveable.We can't say totaled, because she failed to obtain full coverage. She lives in another state so micro-managing her affairs was not possible. It was a given she would know to get full coverage on a vehicle under lien. I can pay the lien and I'm not looking to litigate against her.What are options in this situation after I pay the loan off? What can I do with the vehicle to gain money back?
2007-02-19 13:36:31 · 8 answers · asked by rod269 1 in Cars & Transportation ➔ Insurance & Registration
Dream Evil
Learn how to spell. I would love to grant you your five minutes of self professed badness.You bet your bottom dollar you would receive a real world *** whipping as opposed to your safe and *****-*** keyboard rant
2007-02-19 18:03:26 · update #1
Check and make SURE that the loan company or bank does not have a single interest collision policy on this vehicle. I cannot imagine ANY institution loaning money on a vehicle without some sort of protection against this very thing. If not, then check into having the car repaired to operating condition only. This could be far less expensive than you may think as the cosmetic aspect of collision repair is looney toons high. If you can get the car safely back on the road (even though it may be really ugly) then daughter can drive it until the loan is paid and you (thankfully) can be released from this session in hell.
Ans NEVER do this again!!
2007-02-19 15:42:45 · answer #1 · answered by Anonymous · 0⤊ 1⤋
in the experience that your coverage business enterprise deems the automobile will value greater to repair than what it relatively is worth right this moment, they're going to write it off and deliver you a examine for the cost of the automobile. What you do with that examine is totally as much as you, yet coverage business enterprise is often no longer responsible on your charges.
2016-10-16 01:33:20 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Depending on the vehicle you can part it out and sometimes make more money than selling it whole (That's why car theft is so high) the easiest is put it on EBay and get what you can for it then lick your wounds and chalk it up as an expensive lesson
2007-02-19 14:28:51 · answer #3 · answered by spitfirepilot01 2 · 0⤊ 1⤋
Check your phone book for auto buying places. These are mainly salvage centers...they may be willing to take it off your hands, for a fraction of what it's worth.
If you live in the states, check copart.com...they are a storage center that works with the insurance companies nationwide and they auction off the totaled cars....they may be able to help.
2007-02-19 13:46:00 · answer #4 · answered by bundysmom 6 · 0⤊ 2⤋
Whats the current value?
Whats the repair costs?
What will the after repair value be?
Will the after repair value allow you to sell vehicle for a profit?
Profit goes toward your payout on the lien.
2007-02-19 13:44:29 · answer #5 · answered by Don W 6 · 0⤊ 2⤋
get a quote to fix it see if its worth while you might be suprised if it isnt worth fixing part it out or sell it for parts this will get you some but not alot of money back
2007-02-19 13:41:10 · answer #6 · answered by Anonymous · 0⤊ 2⤋
Sell it to a junk yard...
2007-02-19 13:47:01 · answer #7 · answered by Taz 4 · 0⤊ 1⤋
your ******!!!
2007-02-19 13:44:01 · answer #8 · answered by mattatfulldraw_8pt 1 · 0⤊ 3⤋