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What can you do if your car was repossessed at a repair facility and the owner never paid your tow and storage fees and the police can't do anything because the car was removed from an unsecured area?
==Answer 1 == You are in a tough situation, but the towing and strorage company is rapidly building the storage charges up DAILY. I suggest that the first thing that you do is to pay the towing and strorage bill in order to GET YOUR VEHICLE OUT OF THE STORAGE FACILITY. This will STOP the accumulation of exhorbitant storages charges which most towing companies charge in order to RAPIDLY BUILD THE DEBT AGAINST THE VEHICLE until the debt is above the vehicles value to you [or what you can afford to pay], the vehicle owner. After a vehicle owner gives up and abandons the vehicle, and a legally requisite period of time has passed, the storage facility can then legally sell the vehicle to recover the towing and storage charges. Since the the "magic" monsterous "storage bill" is far in excess of the actual costs to the storage outfit, when they sell your vehicle for a reasonable, usually auction value, amount for the vehicle they will make a very good "profit" over the initial towing and storage charges. Again, I strongly advise that you pay all the charges, and get the vehicle out of the storage facility, AND THEN contact: 1. Your insurance agent to see if there is any way they can cover your loss. This approach has a poor prognosis for success. 2. Contact an attorney to attempt to recover your loss from the garage owner who is responsible for your loss. This approach also has a pretty low probability of success. 3. While discussing with the attorney, you may also ask about the possibility of being able to declare this situation as an UNINSURED CASUALTY LOSS, and thus being able to deduct the loss on your income tax return. 4. If the attorney cannot, or will not, advise on the income tax issue, then discuss with a CPA or your income tax preparer.j3h.
What is Borderline total loss?
A total loss is when the cost of repairing the vehicle exceeds a pre-determined percentage of the vehicle's value. For example, if your vehicle is worth $10,000 and the damage exceeds $7,000, your vehicle may be considered a total loss (depending on the state and your insurance company's policy). A borderline total loss would be (in the same example) if the damage to your vehicle is close to, but not quite $7,000.
How do you determine if a vehicle is totaled?
If the repairs of the vehicle exceed the value of the vehicle, then the vehicle is declared total loss.
Should I buy a vehicle that has been deemed a total loss in its vehicle history report?
No!
Is there a specific NY Law concerning the compensation for a total loss auto insurance claim if the vehicle was purchased within the past 90 days?
If it is a total loss then the insurance needs to pay the value of the vehicle.
Why do you have to sell your vehicle to the insurance company if it is declared a total loss in the state of Alabama?
no
What is the worse that can happen by not telling your insurance company that the insured vehicle is salvage?
They will probably run a "carfax" or similar title search on the vehicle prior to insuring it. If they don't ask you the question, "Is this a salvage vehicle?" you don't have to volunteer the information. If something were to happen to the vehicle and it became a total loss you could face fraud charges if you claimed more than you paid for the vehicle in an insurance claim.
If your car is declared a total loss how much will the insurance company pay back to you if the car was purchased below book value?
Regardless of what you paid for the vehicle, in most cases,if your vehicle is deemed a total loss, you will be paid the local market value of your vehicle. If you happened to purchase your vehicle for less than that, you lucked out:)
What is the criteria to declare a damaged car a total loss?
544. "Total loss salvage vehicle" means either of the following: (a) A vehicle, other than a nonrepairable vehicle, of a type subject to registration that has been wrecked, destroyed, or damaged, to the extent that the owner, leasing company, financial institution, or the insurance company that insured or is responsible for repair of the vehicle, considers it uneconomical to repair the vehicle and because of this, the vehicle is not repaired by or for the person who owned the vehicle at the time of the event resulting in damage. (b) A vehicle that was determined to be uneconomical to repair, for which a total loss payment has been made by an insurer, whether or not the vehicle is subsequently repaired, if prior to or upon making the payment to the claimant, the insurer obtains the agreement of the claimant to the amount of the total loss settlement, and informs the client that, pursuant to subdivision (a) or (b) of Section 11515, the total loss settlement must be reported to the Department of Motor Vehicles, which will issue a salvage certificate for the vehicle.
When is a vehicle a total loss?
Basically when repairing it is more than the cost of the current value of the car.
How do they determine the amount to pay for a total loss vehicle with a prior salvage title?
Typically the value is 20% of the vehicle's value without salvage.
What formula is used to determine if a vehicle is a total loss in Texas?
If the cost to repair is more than the vehicle is worth to replace then it is considered totaled.
