if i totaled my car...?

Question

if i totaled my car and i haven't finished paying it yet what happens?
do i get the car's value anyway and continue paying it??

hey stupid mimi
i thought the question was IF i totaled my car
and anyways i was asking cause a friend is tired and his car and wants to get a new one so.. whatever

Answer 1

IF The vehicle was totalled, the insurance company would pay the lien holder the ACV (actual cash value) of the vehicle.
The insurance company does not cover finance charges and interest. That is still your responsibility.
For example
If the loan is worth $15,000
And the Car is worth $11,555
You still have to pay the remaining $3445.

However. If the loan is less than the ACV, then you get that money.
Ex
The Loan is $11,555
Car is worth $15000
The Bank gets the loan amount and you get the remaining $3445.

However since you said your friend is tired of their car and wants to get a new one, and you asked about the vehicle being totalled..... The insurance company will catch onto your scheme. It is Fraud and you could face time in jail.

Answer 2

No, if you totaled your car, and were covered for that on your insurance (extended coverage beyond the basics, which is likely you will have if the car is financed since most lenders insist on it) you would get the market value of the vehicle at the time of loss, adjusted for condition. This would go to the owner of the vehicle, the bank or other lender. If it were more than the pay off price, you would get than money back. If it's less than pay off, you would be expected to continue to make payments until the balance reached zero, unless you have GAP insurance, which would step in and pay the difference between what the vehicle was worth, and what you owed. Very few people will sign up for GAP insurance though, no one ever thinks they will wreck their vehicle and need it.

Answer 3

Wow this one is getting dissimilar feed returned. properly kiddo you obtain it and you very own it. There are actually not any regulations declaring that wrecked, flooded, blown up or notwithstanding occurred must be pronounced to vehicle fax, no longer something. They, vehicle fax, retrieve their advice from coverage companies. you have no longer any case what so ever.the only ingredient that would desire to take place is out of the goodness of the sellers coronary heart, very no longer likely. you obtain some thing as is the place is and how is. you obtain the vehicle watching for it to be lined by ability of the production unit guarantee, no longer something incorrect with this. although you probably did no longer ascertain into it. you obtain a vehicle on line from a information superhighway website that has no longer something to do with attempting to be beneficial the itemizing the two. you do not have a case of fake merchandising. Totaled autos are offered and acquired every day. autos get totaled, coverage companies, pending the coverage form, purchase the autos and sell them low-fee attempting to recoup a number of their money. The shoppers get those issues, restoration them and sell off them. ok restoration is a extensive term. right here yet another tid bit. you obtain a vehicle that improve into totaled and repaired. properly now you have a in part rebuilt/ restored motor vehicle that improve into geared up by ability of hand. Wrecked autos might properly be fastened reckoning on the wear and now and returned might properly be made new returned, now and returned. nonetheless if there is considerable physique injury that's easily no longer a similar. that's while a vehicle desires to be overwhelmed, till somebody can stay with the wear. while you're annoying a pair of guarantee you ought to purchase a vehicle guarantee which in many circumstances is extra powerful than the production unit guarantee.

Answer 4

IF you total your car, and have insurance on the car, the insurance check is made payable to you AND THE BANK, so you don't get to "keep" the money. But, if you owe more on the car than it's worth (moderately likely, unless you put down a big down payment, or have been paying on it for more than two years), then the insurance pays what it's worth to the bank, and you get to keep paying on it until the loan is paid off.

Answer 5

Yes. The insurance company will only pay you what the car is worth, which is not necessarily what you owe.

If you purchased "Gap" insurance during the purchase of your car. Gap insurance will cover the additional depreciation that isn't covered by your standard insurance. If you don't have gap insurance YOU are responsible for the remaining amount to the finance company.

Answer 6

well im sure the insurance should pay off the loan wich should hopefully be under the value of the car any ways

Answer 7

YOU WILL RECEIVE THE ACTUAL CASH VALUE OF THE VEHICLE AT TODAY'S RATE WHICH WILL BE LESS THAN YOU LIKELY OWN UNLESS YOU HAVE GAP INSURANCE THAT WILL PAY OFF THE BALANCE.

Answer 8

get a life and learn to drive.
uhhh huhh...yea..
IF YOU HAD A CAR AND IF YOU HAD A LIFE. you can't even afford to maintain your bicycle...how could you afford insurance??