I faced the same thing about a year ago. The insurance company did not want to give me what was needed. I got on-line and found many cars that were just like mine and showed them that my car was worth more than they were wanting to give me. They still did not want to give me what the car was worth. So I went to small claims court and filed suit on the driver of the other car. The person's insurance has to represent them. Also go and look at the comps that the insurance company are using for your car to see if you can replace the car for what they want to give you.AnswerUltimately it is your responsibility that you either made low payments, took out a very long loan, or picked a car with high depreciation. The insurance company is not liable for the inflated amount you owe--only what the car is worth. AnswerThe insurance company will only give you the value of the vehicle, as per the "Kelly Blue Book". They will also send an appraiser out to see what the condition of the car was, as in mileage, any previous damage.
If the accident was another driver's fault, you have to sue him and/or his insurance company for the remaining balance.Whatever you borrowed to obtain the vehicle wil always be more than the car is worth. You have already lost money on it as soon as you drove it off the car lot. But do your research. Go online for "Kelly Blue Book", and get the estimate of the car's value. If it is more, then dispute it with the insurance company. Print the page out.AnswerWhen you bought the car new or used from the dealer you had the option to purchase something called GAP INSURANCE from them (the Dealer, not the insurance company) for your exact situation. If you did not have enough equity in your car for the insurance pay off to cover it AND did not have gap insurance. basically you are screwed and responsible for the rest of the loan amount car or no car. Some people believe Gap insurance is a rip off so they do not offer it to you and some just don't know what it is. They do not need to be selling cars. Not fair but the way of life. Father is an insurance sales man. I also had a girl hit me I had GAP insurance and she did not. She still had to pay off the balance on the loan even though she did not have the car. The courts won't do much because you had the option to purchase gap insurance and you did not, it does not matter that you did not know.
Yes, if your insurance company will not pay it all.
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
YOU pay off the loan like you agreed to in the contract. You likely agreed to have ins. that covered theft also. You should have had full coverage on a car with a loan on it. Sorry, you have to pay the loan off and now you own a totaled car! Comprehensive coverage isn't that expensive and would have covered theft.
Not unless you have the new option in insurance of the new car replacement. If your car is totaled, you will be paid the Blue Book price for your vehicle. This sum is the amount your vehicle is worth at this time. Any amount over this sum that is still owed to a car loan is still due.
No, BUT the person driving it does and if they fail to do so and the car is totaled then you will both be on the hook to pay off the loan...so its something to think about
Only if you carried GAP insurance will it pay off what you owe to the Lienholder. If not then they will only pay what they valued your car to be worth which may or may not be enough to pay off the loan.
The only way to get your car title back from the Bank of America is to pay of the loan that the title is collateral for. If the loan is paid off, they will send you the title in the mail.
It depends. if you have GAP insurance, the insurance company will pay the payoff amount. If you do not have GAP insurance, it is the holder of loan's responsibility to pay off the complete open loan regardless of the amount paid by the insurance company.
Unfortunately, no. What gap coverage does is pay the balance on your car loan if your car is totaled and the insurance payment is not enough to pay off the balance of your loan. Quite often our vehicles depreciate faster than we can pay them off. Insurance only pays the depreciated (blue book) value, so sometimes what you will get from your insusrance company doesn't pay off the loan.
The purpose of gap insurance on an automobile loan is to pay off the portion of the loan that wasn't paid by your auto insurance company. If you the insurance company pays off the entire loan, there isn't a trigger to activate the gap policy and there isn't an amount to pay since it only pays the difference. Example: You buy a brand new car for $20,000. You drive off the lot and now the car is worth $17,000. If you have a covered loss and it is determined that the auto is totaled, the insurance company pays to the loss payee (loan company/lien holder) $17,000 because that is what the car is worth now. The gap policy would pay the additional $3,000 and pay off the loan. If you didn't have gap insurance, you would stay have to pay off the $3,000 even if the car was totaled out.
You, if you own the car outright or whatever institution carries the loan, if you haven't paid it off.
That depends on what insurance coverage you have. If you bought only the state-required liability, NO. If you have full coverage you will get the book value of the car minus your deductible. If you have a loan on the car, this will probably not pay it off and you will still owe the remainder unless you also purchased "gap" insurance. Gap insurance will cover the remainder of the loan except for the deductible.
As long as you have the title that he signed off of it and you signed on and you have insurance on the vehicle it will be covered.
Gap Insurance will pay the difference between the vehicle value and the loan pay off amount. For instance : you car is valued at $17,000 but the loan amount on the car is $20,000 - if your car is totaled your basic car insurance will only pay up to the car's value. A GAP Policy will pick up the $3,000 difference. Therefore you aren't making payments on a vehicle that is at a total loss. IMO- is a must have!
Yes. Hopefully the car is insured, and the insurance money recieved will cover the loan of the car.
No, simply because there is nothing to be insured any more, your car is gone.
Anytime after you have paid off the loan on it.
If you can't pay back the title loan from a pawn shop due to being totaled and you got a cut check from your insurance company, I suggest you use that check to pay off that loan to avoid a lawsuit because the pawn shop will not see that insurance check you got from the totaled car. If you don't pay them off and they know the car is totaled, then they will come after you in civil court for the amount of the loan + damages + fees. If you got no check from the insurance company then they will just come after you for the loan. They do not fully own the vehicle because you did not sign over the title to the pawn shop. You are not allowed to sign it over to them unless you are really selling it. Some states do allow this but check with your state laws about it. All they are going to do is file a lawsuit against you for the amount of the loan unless you made payment agreements with the Pawn Shop which I would do.
Unless you had insurance that covered the difference between what was owed and the value of the car--and paid it to the bank--you are still liable to pay off the loan. The amount you owe is not based on the relative state of the car.
The insurance should pay the loan (if your lucky it'll pay all of it) If there was no insurance then you still have to pay for the loan. I had a car stolen and I had to keep paying for it until the insurance finally paid it off and I was left with $50 in the end to get a new car with.
you still owe on the motorcycle. that's why banks require full coverage at the time of the loan-so that they will get their money. Since there is no insurance company, YOU are responsible for paying off the loan.
Normal car insurance Liability, Collision, & Comprehensive will not pay off the loan. You would need to get the proper insurance for this purpose. Either life insurance or insurance for the purpose of loan payment.
Typically, when an insurance co. pays you for a totaled car you surrender the car and the title to them so it's weird that you still have the car at all! Once you surrender the car to the insurance co. they report it as totaled and usually auction the car off to recoup some of their money. Your situation is odd.
Next time you post a question, read it over before hitting "save" (your question is a little hard to understand). Once you sign the papers for the car, it is yours. If you get in a car accident and the car gets totaled, the insurance company for the at fault driver is responsible to pay for the "fair market value" of the car. If you are at fault and you have collision, your insurance company will pay you fair market value less the deductable. Please be aware, if your loan was for 10,000 but your car is really only worth 8,000 then you will be stuck paying the extra 2,000 (unless you purchased gap insurance from the loan company)
You have no options! Should have got insurance There are none. You have the joy of paying off a car you no longer have. Best thing to do is try and sell it for parts.