what happens if your car gets stolen and it's not paid off yet????

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Mar 7, 2006
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#3
if your car gets stolen and its not paid off yet, you better hope u bought gap insurance when u first bought the car. if not you're screwed. the insurance is only going to give u what they feel the car is worth at this time which is gonna be way less than what u owe. so the rest u have to pay out of pocket in a lump sum or keep making payments.
 
Nov 30, 2006
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#4
If you havent paid it off you are required to have insurance so your insurance company should reimburse you what the car is worth, depending on your payment plan it should cover your loan or be a little over the amount of the remainder of your loan.

If you fucked off your insurance, your fucked cuz you gotta come up with the entire sum and if you cant your credit is fucked. Bank wont keep a loan out if you dont have the car up as colateral.
 
Mar 7, 2006
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#5
nah usually the loan balance exceeds the value of the car...so the insurance is gonna give the bank only what the car is worth and not the balnce. so the remainder u have to pay unless u bought gap insurance
 

Dana Dane

RIP Vallejo Kid
May 3, 2002
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#6
Gap insurance is definitely worth it. Not only will it pay any balance, but they will shoot you $1000 towards the down payment on another car.
 
Mar 7, 2006
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#7
ITS FREAKS said:
incorrect.
remember, i work in the insurance industry.... so take my word for it.

your loan is NEVER what your car is worth.... thats how the loan companies make $.

you buy a car out right, ur cool.
if u take a loan, ur paying for more than what the cars worth.

so if u bought a car for 14000.
your loan will be more around 20000.
if ur call is stolen a year later, your ride is probably worth 12000, & youve only paid maybe 3000.

so, youll recieve the 12,000 from the insurance
but still owe 17,000 from the load.

so 5 g's is still coming out your pocket, unless u have GAP INSURANCE.... GAP INSURANCE will pay the remained 5'gs that u would DEFINITLY owe.
100% correct, I work in the insurance biz too.
 
Nov 30, 2006
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#8
ITS FREAKS said:
incorrect.
remember, i work in the insurance industry.... so take my word for it.

your loan is NEVER what your car is worth.... thats how the loan companies make $.

you buy a car out right, ur cool.
if u take a loan, ur paying for more than what the cars worth.

so if u bought a car for 14000.
your loan will be more around 20000.
if ur call is stolen a year later, your ride is probably worth 12000, & youve only paid maybe 3000.

so, youll recieve the 12,000 from the insurance
but still owe 17,000 from the load.

so 5 g's is still coming out your pocket, unless u have GAP INSURANCE.... GAP INSURANCE will pay the remained 5'gs that u would DEFINITLY owe.
^Nope, it depends on how much money you put down. I put $8,000 cash down on my $14,000 car so my loan was only $6,000 over 3 years.
 
Nov 30, 2006
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#10
ITS FREAKS said:
bullshit, i honestly doubt you got a intrest free loan.
Not with my credit....lol

I think it was at about 9% but I doubled up on my payments most of the time and got it paid off in a year and a half. My point is if my car got stolen it would be worth more then what I owed on it so I would get some money out of it.
 

reza

Sicc OG
Jun 9, 2005
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#14
I was the in the position as you kinda. car was stolen and recovered(partially stripped tho). Insurance decided to total it and i had 6 gs left on my loan. I figured they'd value my car below the national average. However, it turned out they used the local market average and valued my car at 8 gs. I had a Civic so that helped. Hopefully they find your car somewhere if not...best of luck to you.
 
Feb 23, 2003
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#16
HERES MY QUESTION... I HAVE A 97 PONTIAC GRAND AM SE.. I BOUGHT IT IN 2005 FOR 3,000... HOW MUCH WOULD IT BE WORTH NOW?? CURIOUS CAUSE SOME ASSHOLE HIT MY CAR WHICH GAVE IT A DENT WHERE THE PASSENGER REAR DOOR IS.. THE DOOR STILL OPENS AND CLOSES PERFECTLY BUT I'M GUESSIN MAYBE A GRAND TO GET IT FIXED.. I DO HAVE FULL COVERAGE INS. WITH STATE FARM... WOULD IT BE WORTH PAYIN THE 500 DEDUCTIBLE OR WHAT??
 
Mar 7, 2006
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#17
go get an estimate first..then see if its worth putting in the claim. then look online or in auto trader to see how much your vehicle(same year, make, model, mileage) is worth around your market..might not be worth having full coverage.