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Anytime you purchase a car new or used you MUST get GAP insurance. Trust me, I learned this the hard way by having to pay $2400 for a car I no longer owned years and years ago
I also forgot to mention to look at the contract and see if there was an extended warranty or something similar. If so, you will need to contact the dealership to cancel these. While they won't be cutting you a check, they will refund you the "unused" portion of the warranty to the loan company reducing the total loan balance.
I also forgot to mention to look at the contract and see if there was an extended warranty or something similar. If so, you will need to contact the dealership to cancel these. While they won't be cutting you a check, they will refund you the "unused" portion of the warranty to the loan company reducing the total loan balance.
OMG I am now going to be an ass. I needed the money I paid in cash for my car, but I am glad I did it. My old car was also paid for in cash, and the other insurance company also totaled my car. If you get a loan on a used car, apparently this kind of stuff can happen. The sellers I think also try to get you to pay more than the car is worth because you're financing it.
In my case, the other person caused the accident, and suddenly I was without a car.
Was the accident your fault? If not I do not think insurance companies should be able to get off with totaling your car. I would say do what I am going to do...contact your legislator. I can understand if you caused the accident, but insurance companies should not be able to do this. Now you are out a car because of their client's fault. That's BS. It is not like you paid THEM to insure your car.
If they are going to "total" the car, they should pay full replacement cost of a comparable car. B@stards. One of my friends is an attorney, and he handled my case for me. Like the other guy said above...he only got maybe 10% more than the a$$holes at the insurance company initially offered.
My wife and I were in a wreck in my Jeep 7 months after a complete frame off. This was not our fault and I hired a lawyer as we were both hospitalized. The adjuster came out and offered me $3500. I was livid, but my lawyer told me to take pictures to a custom car place in Pleasanton, CA. It was appraised at $16,700, so the insurance paid me $10,000 as the max for the policy. They couldn't do a salvage either, because $16,700 was greater than 75% of what they paid me.
About $25,000 later I created this: My 55 Willys CJ5
Point is that you take the time to research actual value including all options.
Where would the gap insurance be listed? Car loan paperwork? Car sales paperwork? Car insurance paperwork? And, Yikes, where in the world did my husband even put the first two pieces of paperwork?
I'm worried that the car is "up side down" but hoping that it wasn't. I didn't want him buy the car in the beginning and it has caused problems even since he purchased it.
It's usually in in the vehicle purchase agreement. It lists the loan rate. Agreed purchase price, doc fees etc. There is a box for the purchase of gap ins. There is also a box for denial of gap ins. Gap ins is pretty cheap as far as monthly payment but over the life of the loan it's not. Most people focus on monthly payment so dealers can easily sneak in that. Its only $10 more and its to protect you is how the sales pitch goes. It's usually good for people that don't have ready cash to pay the difference in case of a total loss. But IMO up you're better off putting that 10-20 bucks a month away in a savings account
You can always do a agreed upon value.
Last edited by Electrician4you; 01-05-2014 at 02:45 PM..
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