We hit black ice in our mini van and the insurance is wanting to total it. Repairs are about 6,800 we owe about 10,000 and the blue book value is 6,500 to 7,000.
2007-04-07 02:28:50 · 6 answers · asked by lanning5 1 in Cars & Transportation ➔ Insurance & Registration
Sorry for your loss but you do have options. Although GAP insurance would have taken all of the worry out of this situation you can do one of 3 things. 1. Either continue to pay on the remaining balance of the loan, 2. Take out a personal loan or use a home equity loan for the balance which normally has lower interest rates and better terms so that you don't have such a large payment to go along with the new vehicle that you will need to purchase, or 3. You can find financing for a new vehicle and include the cost of the remaining balance from the old vehicle. I've seen it done so I know that it is possible. Good Luck.
2007-04-09 16:26:04 · answer #1 · answered by cocoa 1 · 0⤊ 0⤋
You are upside down on your loan, you're only option is to let the insurance total it, then make the repairs, and drive on. You have no other choice, other than letting the van get repo'd, that would have a detrimental effect on your credit for years to come. You should have carried "gap" insurance since you were upside down, that would have covered the excess that you owe. Maybe the next time you take a loan, you will make a better purchase, but for now, you need to save some cash for repairs. Good luck.
2007-04-07 06:46:51 · answer #2 · answered by fisherwoman 6 · 0⤊ 0⤋
First of all I would check all automotive adds for a comparably vehicle. Prove to the insurance company there nothing available in that price range. Have them bump up the settlement.
Borrow the money from the bank. Pay of the remainder of the existing loan then finance the new vehicle purchase.
Do your homework before purchasing a vehicle.
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2007-04-07 02:42:30 · answer #3 · answered by Mr. T 7 · 0⤊ 0⤋
What are your options? Will the insurance company pay most of the loan off or will they cut you a check for the value? You still need a car, right?
2007-04-07 02:37:46 · answer #4 · answered by MaknMeCrzy 2 · 0⤊ 0⤋
If you didn't have "GAP" insurance, you are still legally required to pay off the balance of the note. Most banks will try to work out a seperate note to help you out.
2007-04-07 02:35:52 · answer #5 · answered by colglennlarson 3 · 0⤊ 0⤋
Bummer.
I would say you're SOL (SH_T Outa Luck)
2007-04-07 02:36:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋