Yes. The lender is legally required to sell the vehicle at public auction for as close to the fair market value as is possible. The proceeds of the sale of the vehicle is applied to the loan balance and the borrower is responsible for any deficiency and possibly additional fees.
Technically, the at fault party is responsible for the resale value of the vehicle. If the owner has put after-market equipment on the vehicle that does not imcrease the value, no, the at fault party is not responsible, at least not in most states.
'ticketed' really doesn't matter.........what matters is who is responsible or liable for the loss...........and no they do not have to 'replace' your totaled vehicle they owe you the acv (actual cash value) of your vehicle........
It's the sworn statement that the lender files with the state DMV when a vehicle is repossessed. It includes data such as, how the vehicle was repoe'd (voluntarily or replevin order) the default date of loan, the date of repossession, the amount owed, the value of the vehicle, all indentifying information,(date and time, location) and so forth.
Probably. Anytime a vehicle is towed or repossed the person(s) who take the vehicle are responsible for taking necessary precautions for securing it and the contents. In the majority of cases this would be an issue for small claims court. In which the owner would have to present proof that the articles were in the vehicle and the value.
you are responsible for the whole of your loan, no matter the depreciated value of the vehicle. the amount of your loan does not change. That's it, you owe 38000
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
The value of a salvage vehicle is roughly 60% of the value of a comparable car with a clean title.
It will depend upon the condition of the vehicle, the model of the vehicle and the demand for the vehicle. I would consult a vehicle appraiser to find out the exact value of your vehicle.
Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...
If the repairs of the vehicle exceed the value of the vehicle, then the vehicle is declared total loss.
The "book value" or "Kelley Blue Book" value of a 2004 BMW M3 is dependent on many variables. The value of the vehicle is determined by the miles it has, the wear and tear of the vehicle, whether or not the vehicle runs, and whether or not the vehicle has body damage. The value is also determined by whether it is the coupe or the convertible model. Therefore, there is no standard value of a 2004 BMW M3, as this is a used vehicle and each vehicle will be worth a variable amount.
You may not get the suggested retail value for your vehicle. However, this depends on who you sell it to. When making an auto insurance claim, you will get what the insurance company thinks the value of the vehicle is before the accident.
You are responsible for the difference in what the car is worth,(Insurance Payment) and the balance of the loan. Insist the insurance pay you the NADA retail value of the car, not the Blue Book value.
The value of a Nissan will depend on the year and the condition of the vehicle.
I would not insured a rebuilt vehicle because no matter what there is always going to be an issue if the vehicle is totaled as to what the value of the vehicle is. You and I know that a vehicle with a rebuilt title will be worth less that a vehicle with a clear title. I would use a stated value policy to value the vehicle so that there is no misunderstanding if an accident occurred.
The VIN is the Vehicle Identification Number. The VIN has nothing to do with value, and everything to do with identification of the vehicle. It will not serve this purpose.
No. When a vehicle is repossessed either voluntarily or by the lender, it must be sold at public auction for the fair market value or as close to that amount as possible. Any deficiency between the sale price and the loan balance will be the responsibility of the primary borrower and/or cosigner.
deduct 40 % of its original value
Joey, that's a good question to ask your B/K attorney. S/He would be more familiar with your states B/K code.
IDV means insured declare value,which denotes market value of the vehicle
To calculate a car's depreciation value one must determine the residual percentage of the vehicle then find the original MSRP on the vehicle. One must then multiply the residual percentage by the original MSRP, the outcome will be the depreciated value of the vehicle.
If a vehicle is damaged in an auto accident the insurance company that insures the vehicle has the option to repair it, replace it, or pay the actual cash value of the car. The last one is in the case of a total loss and the company never tries to replace a vehicle anymore. In this case it would repair the vehicle and pay for the cost of repair less your deductible which you will be responsible to pay for yourself.
To find the trade in value for a ford vehicle you need to find a website or car company which can tell you the value of your vehicle and decide who can give you the best price for your car.
In MOST cases, YES. PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.
Your insurance owes you the value of the vehicle minus your deductible. If you owed the bank more than this, you are responsible for the excess.