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That is the true definition of totaled ...when the repair cost is more than the car is worth
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∙ 14y ago
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Can you return a car bought from a dealer if car broke in less then 2 months?
Yes but it would be worth less money than before because of the damage. If you are asking can you return it for a refund, the answer is NO if you bought it "As Is". If it has a warranty then the dealer will repair it. Talk to the selling dealer.
what if the insurance company tries to pay you less than what the car is worth?
screw the insurance then
When should you drop Collision and Comprehensive on an older car?
When the value is so low that it costs less to replace it, than pay for the extra insurance and damage if you are in an accident. For example: A Nissan Sentra 1987 is not worth insuring, you can get another one in good condition for less than $1000 if you wreck it.
What happens if you owe less than the car is worth?
Keep paying or trade and finance that amount onto your next car
Does a used car cost less to insure than a new car?
Assuming the same vehicle model, driving habits, etc., the answer is nearly always yes for the simple reason that used car is worth less than a new car. Some parts of the overall bill will normally be the same (e.g. uninsured-motorist coverage) because they're independent of the car itself, but a component such as collision damage will almost always decrease with the age of the car.
Is a car that was in an accident worth less than one of the same kind that was not even if repaired?
The answer is generally yes, but it depends on the type of accident vs the type of repair for mechanical failure. Two otherwise identical cars with identical mileage, one repaired for simple mechanical failure, the other in an accident with significant damage, the repaired car will be worth more than the car in the accident 90% of the time.
If you owe 2500 more than your car is worth and you trade it in for a car that is worth 2500 less than the new car what would you owe?
If you are trading in a vehicle in which money is still owed, the amount of money outstanding will be rolled over onto the new loan for the new car you are buying. If you owe $2500 on your current car, and are buying a car for $10,000, regardless if it is worth less than your current car, the $2500 note will be added onto the new loan unless you can pay it off beforehand.
Will the lender repo a wrecked car?
Depending on the damage that the car has, it may happen if there is not much damage but if the damage out prices the worth of the car, probably not. But, you will still have to pay for the damaged car even if it is totaled.
Can a car be reposessed if the loan taken out on the car is much less than what the car is worth eg i have 7200 for a car and i only need about 2000 so if i default can my car be reposessed?
Yes.
If the cost of repair to a vehicle is more than the vehicle is worth do you have to pay for it like if their car is worth less than 1000 and you get charged 2200 and it was your fault?
i dont know. i asked you
If you want a new car and your present car is worth less than you still owe on it is trading in the only alternative?
if your car is in good condition you could try and sell it on your own and see if you can get a little more out of it, trading a car in or selling it to a dealer wouldn't be a good idea because they usually give you less then what the car is worth.
Who owns the car after it is repossessed?
It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth
