Your debt is not affected when you total a car. If you still owe money on the car, you will be expected to pay it off. Depending on how much you owe, the insurance payout may help to cover your debt.Gap insuranceis coverage you can get to prevent exactly these kinds of situations;...
what the mileage on it is, and whether it has any damage. This is the amount your insurance company promises to cover, and is also the amount your title loan lender based their loan on. For most insurance companies, a car is considered a total loss, or totaled, if the cost of repairi...
CarMax buys vehicles that are not paid off. 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...
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 payment as is necessary. If you do not, you may still wish to put 20% down rather than roll the dice and gamble...
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...
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...
Is the total value of all your vehicles less than half your annual income? If the answer to either of these questions is no, you’re better off selling your car. If the answer is yes to both, make paying off your loan a priority. The faster you do it, the more money you save and...
However, you may be off the hook if you have total loss insurance or gap insurance. This insurance covers the difference between your vehicle’s value and what you still owe on it. Motorists who purchase new cars typically carry moreinsurance coveragethan those who purchase used cars. ...
If you opt for a cash payment and still owe money on a car loan, the insurance company will generally make the check out to both you and your lender. After your loan has been paid off, any remaining money is yours to keep. However, if the insurance company's payment is less than yo...
When paying for the loss of your vehicle, insurance companies will typically utilize actual cash value, also known as market value, which takes into consideration the replacement cost of the vehicle minus depreciation. This is what you would receive for the vehicle if you sold it on the market...