Hello, my car was totalled and I also have gap, but my question is I now have to pay for a 25000 car when my previous car loan was down to 12000. I really dont want to start over. The other driver was ticketed for running a stop sign. can i get the difference (12000)from their insurance company? Thanks for any help. Let me know if you need any clarification. Ron
Car Totalled
- Thread starter rontho
- Start date
- 11,280
You might have bought a $25,000 car but if you had it for more than a year then you didn't wreck a $25,000 car. How much are they giving you? Is it even enough to pay off your note?
- Thread starter
- #3
They gave me 12100, gap will cover the other 200. The thing is I didn't want to start over at 25000. I just bought a new replacement for 25000 if that clarifies anything. however, i didnt want to have to finance that much when i only had a couple years left on my old one.
G
Guest
Guest
go to kbb.com and get an "estimate" of what your car was worth
- Thread starter
- #5
I did, the car that was totalled was 7500. my insurance is paying 12100 and I owe 123000, so GAP will cover the other 200
- 11,280
Common sense tells you that you aren't going to be able to get a 25k ride out of a $7,500 ride. Good thing you had GAP coverage or you would still be upside down.
- 11,995
Plus one for this thought process.
The insurance is supposed to provide enough money for you to be able to purchase the same vehicle in the same condition, not buy a brand new car. It's good that you had the gap insurance although it didn't do much for you here, but if you don't want to start at $25k again, just buy a cheaper car. If you really want to avoid debt, get an old honda for a few thousand bucks and you'll have it paid off in no time.
G
Guest
Guest
you mean to tell me, if I buy a $25,000 car, in 5 or 10 years, I cant sell it for $25,000?
What a bogus deal man!
What a bogus deal man!
