To sell a car you still owe money on to the retailer, you must provide loan information so CarMax can pay off the lender. If you owe more than your offer, you will need to cover the difference. In some cases, the amount can be included in your financing or paid directly to CarMax...
However, even with a low- or no-interest car loan, if something happens to the vehicle and your insurance company declares the car a total loss, you could wind up owing more than it is worth. If you have the cash in liquid funds to pay for this possibility, make as small a down pa...
What happens if I still owe money on my car when it’s written off? If you still owe money on your car when it’s written off, the money you’re entitled to from your insurer will first go to fulfil any outstanding finance. If there’s anything left once the car is paid off, it...
It pays off the amount you still owe on your lease if the vehicle is stolen or declared a total loss. Even if it's not required, it's a good idea to have the coverage on any leased vehicle. If you don't, you can be out several thousand dollars if something horrible happens. The...
For example, if you still owe $11,000 on a car loan, but you only get $8,000 from your insurer based on current value, this type of insurance would cover the remaining balance. Personal injury protection (PIP): PIP insurance may provide coverage if you or your passengers are injured ...
That means that if your vehicle is stolen or declared a total loss by your auto insurance company, your car insurance payment will probably cover the whole loan balance, and it may give you enough money for a down payment on a replacement ride. When buying a car, you need to budget for...
Loss-of-use charges incurred by the rental car agency. Reasonable towing charges. Again, the total coverage amount will vary according to the card that you hold. The Chase Sapphire Reserve®, for example, will reimburse you for up to $75,000 in damage. The Chase Sapphire Preferred® ...
The main difference is classic car insurance policies usually pay out on an agreed value basis, rather than deducting depreciation. Some companies offer cherished salvage coverage, which allows you to keep the car and still receive its guaranteed value if it's deemed a total loss. ...
(guaranteed auto protection insurance) is something car dealers and lenders sell you to cover the “gap” between what an insurance company thinks your car is worth and what you owe on your car loan in the event you’re in an accident and the insurer declares the car a total loss. ...
Gap insurance is a relatively straightforward concept. If you have gap insurance and your car is deemed a total loss, your insurance provider will pay the difference between the actual cash value of the car and the amount you still owe on your loan or lease. ...