Unfortunately yes. Even if you lose your lawsuit and are left with a uselss car you still have to pay off the loan or default on it and let the dealership reposess it. Even then the dealership will ruin your credit and charge you for the remainder of the loan minus whatever they sell the car for, which won't be close to it's value.
Bottom line, pay it or file bankruptcy or find a good lawyer that know a debt dispute loophole .
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
I was most relieved to find out that my insurance company agreed with my statement that it had been totaled. I came out ahead when my expenses were totaled up.
The insurance company will pay the finance company not you.
I totaled my Mustang and was able to buy it back from the insurance company. They gave me the Blue-Book value less my $500 deductable. They would not insure it after I repaired it, I had to switch insurance carriers to get coverage.
The insurance company. They have in theory bought the car or what was left of it.
When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.
It would depend on why the car was totaled and who's fault the accident was and what time of insurance do you have PLPD or Full Coverage
The insurance company will make you an offer.
The insurance company will pay you the worth of your car minus your deductible.
Legally, if the company pays you for the totaled vehicle, it belongs to them. You can offer (if they don't) to by the scraps back. This would be deducted from your settlement and you would be paid the difference.
can be done by insurance company at time it is totaled out by them