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Worst case scenario!!! Help!
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robyn
Anonymous Poster
robynchild12@yahoo.com
Feb 11, 2008, 6:43 PM
Post #1 of 5
(2580 views)
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Worst case scenario!!! Help!
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So, i'm in this predicament.
I got into a car accident in December and i didn't have collision on my 06 Suzuki Forenza so my insurance won't do a thing. And I can't sue because i was making a left hand turn.
I owe, $15 grand on the car, the damage is on the passenger side, the frame is bent, the doors are trash. When the other car hit me i went up on the curb, popping my driver tire, so i'm sure the front axle is all cranked. The engine is fine, unscathed, its drivable but no way legal or recommended.
IF the car is repossessed it goes on my credit, but i don't want that, and do i still owe? I'm not paying for a car i can't drive. I was thinking about junking it but that won't really be enough for anything close to the amount left on the loan. I have Gap insurance but no one has settled on my claim yet, so i don't know if anyone is gonna pay any money for the gap insurance to kick in.
What are my options? Do i have any or am i just screwed?
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DrElectrics
Enthusiast
Feb 11, 2008, 8:04 PM
Post #2 of 5
(2572 views)
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Re: Worst case scenario!!! Help!
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I don't know much about American Insurance...But as a sort of gauge, all I can offer is this.
In Australia - Within our registration is a clause called COMPULSARY THIRD PARTY This means that if we crash into someone we are automatically covered through registration.
Your Situation - Are you sure you cannot sue? Were you in the wrong? If the car is repossessed, they will sell the vehicle and you will still have to pay for the remaining balance. This is a hard one. I would seek legal advice on your options.
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Tom Greenleaf
Ultimate Carjunky
/ Moderator
Feb 12, 2008, 10:01 AM
Post #3 of 5
(2567 views)
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Re: Worst case scenario!!! Help!
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Not sure what this "gap" insurance is?? Every state I know of you don't really own the vehicle till the last buck is paid and I can't think of a lender who would loan $$ unless it was covered for any type of loss except for intentional.
In essense you have damaged someone else's property that if reposessed wouldn't be worth the amount owed right now and you would be responsible for the difference,
T
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Lando10101
User
Feb 12, 2008, 1:09 PM
Post #4 of 5
(2564 views)
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Re: Worst case scenario!!! Help!
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Wow never heard of a dealership allowing a car that new to not have full coverage . I would talk to them bet you they will find someway to make things work out .
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way2old
Veteran
/ Moderator
Feb 12, 2008, 4:33 PM
Post #5 of 5
(2559 views)
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Re: Worst case scenario!!! Help!
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That is what the GAP insurance is for. The value of the vehicle is less than the payoff and therefore you can purchase insurance to pay the difference so you don't have to pay out of your pocket. All you are out is the deductible.
Being way2old is why I need help from younger minds
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