Only logged in members can reply and interact with the post.
Join SimilarWorlds for FREE »

Totaled car, what now?

I will spare all most of the details. But, my boyfriend was ran off the road by a drunk driver. The driver swerved into his lane, and my boyfriend had no choice but to drive off the side of the road in order to avoid a head on collision. We just got this car literally this month (February). We have only had it for like two weeks. We financed the car. It was about 7,000 dollars. We put 1000 down on the car. Since the car was a 2008 toyota yaris, it may cost more than it is worth to fix. In that case, the car will be totaled. Our insurance will pay the cash value of he car to the finance company we owe, in the even that the car is totaled. We have not found out whether it is or not just yet. But, if it is, how will that affect us? This is both of our first time getting a car note. And this is exactly why I did not want one. Because I did not want something like this to happen. Will it be hard to get a new car note? (also the guy who drove my boyfriend off the road was uninsured, which makes this even worse for us). Is it possible to get a new car through the same finance company, and just have them tack what ever we owe them to the new car loan? I am so confused about how this works. And the cash value for our car is only about 4,000 in good condition. We got it from carfax. Please give me any information you can about this, I am so stressed out.
TexChik · F
Did the drunk driver not have insurance ? Since you financed the vehicle you are required to have full coverage which includes uninsured motorist claims ( if they other driver didn’t have insurance ) also a reputable attorney will likely take the case and get you a settlement that will cover your loss and give you maybe a little extra after he gets paid . Then I would recommend leasing your next vehicle . No down payment , lower monthly .., and get a new car . Then when your lease is complete if you still like the car , just switch it over to a purchase . That way there still is no down payment and you buy a used car only you have used .
Fungirlmmm · 51-55, F
I'm assuming you didn't have gap insurance and you have to take into consideration if you have a collision deductible they will deduct that from the ACV value (actual cash value) of the vehicle. You would still be responsible for the remaining balance to the loan company. Depending on the terms of a loan and the resell value of a car, when you are done paying off this loan I would look at gap insurance for the next purchase. For now, I would either buy myself a bus pass or purchase a point a to b car for cash and then i would start saving all I can to get a better car. Be sure you pay your bills including that car note, because good credit can get you lower payments, longer term financing,and better interest rates. It also impacts you when looking for jobs,homes, apts etc.
MikeSp · 56-60, M
Your credit score with the three reporting agencies will probably lose a few points due to several events beyond your control. Because of the way this flawed system is rigged, the consumer always looks bad to any future creditor. Let it play out, and before you apply for any future loans or cards, request a copy of your file from the three agencies. You are entitled a free copy once a year, and when you are denied credit. Review them and if you see anything negative or misleading, you have the right to have your statement included in the file which future creditors can read if they want to. Tell your side of the story, and what happened, and why your score is has been unfairly reduced.
Rhodesianman · 56-60, M
sorry cant help dont know never bought a car on finance .I have been lucky enough that my mum has always been there to help buy a car when we needed it so always paid cash .
Picklebobble2 · 56-60, M
Report it to the Police.
Inform your insurance company.
You should be covered if the Police have evidence of the drivers incapacity to drive.
This comment is hidden. Show Comment

 
Post Comment