Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
Can you stop paying car insurance on a car with deep throated motor and proceed to pay off loan to avoid voluntary repossession in Fresh York?
If your loan agreement requires you to carry ins (most do) and you drop it, then you will be in default of the contract. You better make SURE the payments get to the lender PROMPTLY so they dont take a 2nd look at your record when the ins. co. tells them you dropped the ins.
What do you do if the insurance for a totaled car does not pay off the car loan?
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 displayed 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 petite 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 substitute the car for what they want to give you. ReactionUltimately 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. ReactionThe 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 harm. 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. ReactionWhen you bought the car fresh 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 suggest 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 female hit me I had GAP insurance and she did not. She still had to pay off the balance on the loan even tho’ 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.
What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
The loan must be paid out of the estate (sell of home, life insurance policy, etc…) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be compelled to pay the loan.
Can your name be on the title and registration and insurance while not on the car loan?
No. Find out what car dealers don’t want you to know at www.dealertricks.comThe reaction to this question is YES. Unluckily dealerships can make mistakes and different names can be sent to the state department of motor vehicles and to the finance company. If this happens, it is a very difficult, if not unlikely condition to correct.
What can you do if your car is stolen and you still have a loan on the car but your insurance does not cover theft and they recover your car totaled?
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 utter 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.
If your vehicle get stolen and the auto insurance pays the blue book value would the gap insurance cover the rest of the payment on your car loan and what is the limit?
When a car is under lien and stolen/wrecked, the very first payee is ALWAYS the lienholder. You will receive nothing, and the lienholder gets reimbursed for the value of the car. Any outstanding would be your debt. Most insurers make deals with Lienholders to indemnify and lodge up the loan. Not always however. MAKE sure to ask the Insurance company how much was paid to lienholder, and ask for proof too!
Is it possible to get a car loan to get a car but put the car as immobile so you won’t have to pay total insurance on the car?
NO, all insurance companies require you to carry insurance on a vehicle with a lien. What if it catches on fire or is stolen.
How long do you have to pay off a car loan?
When you took out the loan for the car the banking institution worked out how many months and for what amount the payment would be each month. If you have lost a job or are inbetween jobs, were ill, were in an accident, then if you are fair you can talk to the bank manager and they will usually be fairly willing to adjust your loan payments. The smaller the loan payment the longer it will take you to pay it off because of the interest applied on the outstanding loan. So, you could spend an extra duo of years paying this off. Banks don’t want the vehicle, they want their money..
If you loan your car to a friend and they wreck your car is your insurance responsible?
yes. plain and elementary. you lent the car and then they are a permisable driver. As long as they are not n excluded driver or a resident in your house..
It depends, if your policy is a named driver & the driver is not named, your policy will not react. If your policy is a standard auto policy then yes, your policy will react.
What are your options when your financed car was totaled and you are not at fault but your insurance isn’t suggesting you enough money to pay off the loan?
This is not an uncommon occurrence. You might be stuck with a loan balance on a car that you can’t drive. The next time you finance a car with little or no down payment you might consider getting “gap” insurance to cover the difference inbetween the vehicles “actual cash value” and the amount you owe on it. This is an especially big problem when dealers suggest to “pay off your trade no matter what you owe” when buying a fresh car from them. You can attempt to make your case by getting evidence that the car was truly worth more than what the insurance company is suggesting or you can get a lawyer. Good luck.
What happens if you pay your car loan so it doesnt get repossessed but you dont have insurance?
Your car finance company will add their own insurance that covers their vehicle, but not your liability. ANd it will significantly increase your payments. It would be so much cheaper and better protection for you to find your own insurance..
Park it until you get insurance.
If a friend wants to buy your car but doesn’t have the credit to get a loan and you keep the car loan and insurance and they pay you the car payment and insurance who is liable if there is an accident?
The person with the insurance. Never permit someone who isn’t on the policy to drive the car..
The person who has their name on the title is primarily responsible, so since there is a loan on the car in your name, the title must still be in your name. If your friend crashes the car YOU will be responsible for HIS injuries as well as any harm and injuries to others. If you do not have his name on the policy as the primary driver and the insurance company finds out he was buying the car from you and driving it on a regular basis, they may deny the claim AND prosecute you for insurance fraud. .
Will car insurance pay for a car totaled in a DUI accident?
It should. If the “at fault” vehicle is insured, it’s supposed to cover the victim’s vehicle 100%. If the “at fault” vehicle has comprehensive and collision insurance that insurance is supposed to cover the at fault vehicle up to the deductable amount.Note that the buzzed driver will liberate his insurance and be required to get the VERY expensive DUI “insurance endorsment” since he/she is now in the highest risk bracket..
BTW, when a buzzed driver causes a collision it’s not called an “accident”. Accident is when things just happen. Driving buzzed is the CAUSE of the collision and as such the collision is not called an accident. Call it a wreck, crash or just about anything else that takes away the implication of a random act.
Can you make your auto insurance pay you back for loan payments you made on a car they proclaimed totaled?
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.
How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?
Yes surely you can get another. I was having the same query so I searched for it on net and came across the site AutoFinance-EZ. Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan accomplished will explain these factors, and tell you exactly what your interest rate will be. .
If you are not sated by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.
What do you do when you total a car and still owe the finance company more than the retail value that insurance will pay and you have no gap insurance?
Response 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.
What should you do if a co-signer on a car loan totaled car with no insurance now you are paying the loan?
You should sue the co-signer. Even however you may be the primary person obligated to pay the loan, he is responsible to you for totalling your car. You still have to pay the loan company because you took out the loan; but the co-signer caused the loss. You won’t be able to force the loan company to take payments from him however. Getting him to reimburse you will be your problem.
What is a GAP policy for a car loan?
Gap Insurance will pay the difference inbetween the vehicle value and the loan pay off amount..
For example : 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 $Three,000 difference..
Therefore you aren’t making payments on a vehicle that is at atotal loss..
IMO- is a must have!
If my car is totaled and not paid for will your insurance pay for it?
Car Loans .
In most cases, insurance companies are only required to pay up to the book value of your car. What this means is that if you owe $15,000 on a car loan and the car is only worth $12,000, you will still be held responsible for the remaining balance which in this case would be $Trio,000. This is also known as being upside down. If you purchase GAP, a.k.a a debt cancellation contract, then you would not be held liable for the remaining $Trio,000. This is why it pays to purchase a car that has good residual value meaning it shouldn’t depreciate much quicker than you are able to pay off your loan.
Your car is a total loss and pay off is about half of the amount of your loan you carried some from a prior car will your GAP insurance cover the majority or all of the remaining balance of the loan?
You will need to read your GAP insurance information. Like car insurance each plan is different. Some GAP insurance plans state they will pay 100% of the “resale” value. Others state 125% (meaning the current resale value of your car plus 25% above that). Others state 100% of “trade-in” value..
Bottom line – read the insurance plan document you got from the company, or visit the car dealership you bought the car from and pick up a pamphlet..
Good luck to you!
Can your daughter be on your car insurance if you are not cosigner on her car loan?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
Should you use your home equity loan to pay off your car loan?
I would need more details but in general, the response is no..
If you don’t pay your car loan, you lose the car. If you get a home equity loan and can’t repay it, you lose the house – big difference.
Will car insurance pay if totaled car?
If you have total coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out
If you are in a car accident and the car is totaled does your car loan get paid off through insurance?
Not unless you have the fresh option in insurance of the fresh 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.
After you’ve signed the papers at an auto dealership and driven the car off the lot the finance company wont cover you for the loan and the car gets totaled and its insured who pays for the vehicle?
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 Ten,000 but your car is indeed only worth 8,000 then you will be stuck paying the extra Two,000 (unless you purchased gap insurance from the loan company)
What if my car was totaled in an accident the insurance pay off the debt?
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.
I had no car insurance and the car is now totaled and I still owe on the loan do I have to repay the total amount or can I set up arrangements to pay a lesser amount?
When you got the loan, the company which you took out the loan with paid the total sum to the car dealer. They need to be repaid that sum. Your arrangement was that you would pay a certain amount each month/week, and they would most likely see no reason why you should pay them less. They entered into an agreement with you, and will very likely expect you to keep to the terms of it. Depending on how long is left until the loan, at present rates, would be repaid – they might agree to lodge for lower payments for a longer period…. but I would be sceptical that they would lodge for lower payments for the same period. The best thing to do is – using a phone which they would not be able to connect to your name, ring them and ask. Make a note of any person’s name that you speak to, especially if they make an suggest which you think might be acceptable. They will most likely be ready to talk about extending the period, and you have nothing to lose by asking anonymously.
Car loan was written off do you have to pay it?
Writing off debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable..
Again, it is a required accounting entry – it does not effect your debt to them, discharge it or reduce it in any way. You still owe. And they will…in fact must (to please those same investors and regulators that read those financials), attempt and collect it or get some value for it.
Coverage on auto insurance when you have a car loan?
Yes, you should get auto insurance coverage when you have a car loan, and even when you don’t have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads..
Who pays remainder of loan when car is totaled?
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 finish open loan regardless of the amount paid by the insurance company.
Can you get auto insurance under your dad if hes not on the car loan?
Yes. The leinholder (the person who has to pay the loan) and the lender (the person who receives the loan payments) is not related to the person insured to drive the vehicle.
Will gap insurance pay off the balance of your loan if your vehicle is totaled?
In California it is normally necessary for you to presently have comprehensive and collision coverage in place at the time of the accident for your gap insurance to take effect.
Is liability insurance enough for cars that are purchased by getting a loan?
That all depends on which bank gives you the loan. Most banks require that you carry comprehensive and collision coverage and don’t even care if you have liability. Others want both. Very uncommonly you will get a bank that wont’ mind if you don’t have comprehensive and collision.
Car was wrecked no insurance still owe on loan does bank make you pay for fixing car on top of loan?
I am not a lawyer but any car loan I have ever signed, the following are true. The car is the collateral for the loan. The loan company a.ka.,the bank, is the proprietor of the car and holder of the title not you. I also make the promise that I will maintain what we call collision (accident loss) and comprehensive (theft, vandalism, weather etc. loss) which protects the bank from loss by insuring the vehicle is paid for in the event of a loss. The State mandates I carry my liability coverage. So I gather in some parts of the country this would be called total coverage. The other significant issue is because the car is in fact wielded by the loan company they are listed on the insurance document as the 1rst loss payee. So if in fact you are insured the loan company will be paid very first. You promised to pay the loan company x dollars when you signed the note. Nothing will relieve from paying that amound plus accrued interest. If the settlement is not enough to cover the outstanding loan balance then you owe the remainder. If you cancelled your insurance or let it lapse for non-payment then you are already in default on the loan just has if you had missed payments. Per the terms you signed the loan company can request instantaneous payment for the entire outstanding balance on the loan and commence whatever processes it needs to collect that money including its legal fees to collect the money. All of this will affect your future insurance rates and your credit score. In most but not all states things like credit rating, insurance spectacle (cancellations, non payment, length of continuous insurance etc) will affect any insurance premium or loan interest in the future. You need to be upfront with everyone, take your financial hits and stir on. It will only get worse, You see a lot of this issue. The lesson here is don’t by more care than you can afford and insurance payments are every bit as significant as your car payment. They are not an option. Never buy a car that puts you under water. That is you owe more than the car is worth. Generally this means putting down some kind of reasonable downpayment (my individual guideline is at least 30% of the purchase price of then vehicle) , never finance a fresh car for more than Four years or used car for more than Three years unless it’s a vehicle that holds value utterly well like a fresh Mercedes. If you the find the payments plus the insurance are exceeding your budget, time to sell it and buy something with in your budget before trouble hits. Just because someone offers you a car loan with a 1000 down and finance the rest, doesn’t mean you should take it. In fact you should run. This stud cares more about his commission than your financial well being. Unlike buying a house which is usually an appreciating asset, a car is a depreciating asset or expense.
Do you still have to pay your car insurance if your car is off the road?
I have taken my caroff the road for the winter. Do I still need to pay insurance
What happens if you total your car and have gap insurance?
if your car is worth 10k and u own 20k and your car gets totaled, your car insurance will cover 10k for what your car is worth and cap will cover the rest. you wont get any money but you also wont have anymonthly payments anymore.
Is it legal for the insurance company not to pay the loan company on a totaled car?
Yes. The insurance policy is a contract. All it requires the insurance company to do is to pay the fair market value of the vehicle. You would need to get what is called gap insurance to pay the difference inbetween the market value and the loan value.
If your car is totaled do you still have to pay off the insurance policy?
No, simply because there is nothing to be insured any more, your car is gone.
Gap insurance is from the auto loan or your insurance on the car?
GAP (assured asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease. It’s purpose is plain: If your car is totaled, gap insurance will cover the difference inbetween what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.
What do lenders do on a car loan with no car insurance?
The very first thing that they will do is to put compelled place coverage on the vehicle. This is a very expensive type of insurance that only protects the banks interest and only pays the bank. The premiums are added to your account and you are responsible for paying for the insurance. This insurance only provides physical harm coverage and will not pay for harm to your property or anyone Else’s. It does not provide liability and does not meet the state requirement to permit it to be driven on the street. The 2nd thing they will do is to repossess the vehicle because you have violated the contract that you signed with the lender to keep the required coverage on the vehicle. Oh yes, and the cost of impounding and storing the vehicle after it has been repossessed will also be charged to your account.
What value do car insurance companies use when totaling a car?
They will inspect the vehicle and then look at the value of it in the Kelly Blue Book or the National Auto Dealers Association guide to determine it’s value. The insurer may also consider vehicles of like kind and quality to determine that which they are sellinf for. The insurer will compare the value of the vehicle to the price necessary to repair it by getting estimate(s) from reputable auto repair shops and/or auto assets shops. If it costs more to fix than the vehicle is worth they will total the car. The statutory law of many states require that an insurer total a car if the cost of repair exceeds a stated percentage of the actual cash value.
What is the best car insurance India company Is there a loan company that do not require insurance on the car?
The best motor plan coverage India for you will depend entirelyupon your specific requirements related to insurance cover, premiumand a lot more. You need to get into a serious comparison for bestauto comparison for insurance online. No. There is no loan company in India that will not ask you forinsurance on the car.
What are the best loans to get for car insurance?
This depends on what is best for your financial situation. If you have more money at the time of purchase, you can make a fatter down payment and get a loan with lower payments. However, if needed, you can get a larger loan and pay more per payment.
Are used car loans usually hard to pay off?
It depends on how much the car costs, your down payment, and how much you are making. If you have a good plan to pay it off, it should not be too difficult.
Do car insurance companies check for unpaid car loans?
Absolutely. They also check to see that the vehicle is titled in the name of the person who purchased the insurance
Can your insurance company takie loan car without paying you out all the money?
What an insurance company pays for a total loss vehicle has nothing to do with the amount owed on the car. Auto insurance is based on the actual cash value of the vehicle while the amount owed on the loan has nothing to do with the ACV of the vehicle. If a vehicle is totalled and you owe $5000 and the ACV is $8000 the company will issue a check for $5000 to the finance company and a check to the policyholder for $3000. If the numbers are in switch sides the insurance company pays the ACV of $5000 and you still owe $3000 to the finance company. It happens when you pay to much for the car, build up interest and fees, add other amount to the loan like if you were upside down in the last loan and they add the balance to this one. Anyone purchasing or leasing a fresh vehicle should ask their agent about GAP insurance. Because a fresh vehicle depreciates so swift at very first you need this coverage. The dealer finance department will sell it to you for a chunk of dollars and your insurance company will sell it to you for a duo of dollars a month. The difference is amazing. GAP pays the difference in what the ACV is and what is owed on the vehicle.
Do you have to pay off the car loan if you total the car?
Yes. Hopefully the car is insured, and the insurance money recieved will cover the loan of the car.
Can you pay off a car loan without paying interest?
If the total interest expense is included in the loan balance, theyyou’can’t pay off the car without paying interest.
Can you pay off a car loan without paying interest-?
Yes you can, If you pay extra with every payment. Or pay the fullloan off all at once.
How do I get car insurance when I have taken over someone’s car loan?
You need to make sure you have a written contract buying thevehicle and that the finance company or bank has switched the nameon the contract or I would not recommend taking over a car payment.The reason is that the vehicle is not yours in any way or style.It belongs to the other person even if you are making the paymentsit still belongs to them. For this reason, you cannot insure avehicle you do not own. The insurance company cannot pay you if thecar is totaled and they cannot pay the other person because theydon’t have an insurance contract with the company. Sometimes thecompany will make an exception if you have a contract with theseller.