Can a car that is considered a "total loss" by the insurance company be repo?
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Can a car that is considered a "total loss" by the insurance company be repo?
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I was in an accident last August and the insurance company declared the car I was still financing from a small dealership a "total loss". I was able to keep my car, but since being laid off I fell behind on my payments. I'm scared the dealer is going to repo my can, but can they? Can they still repo my car that considered totaled by the insurance company? I even had to get a new license plate from DMV and a salvaged title that the dealer has.
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Zach B
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IIRC if you're financing a car you're required to have full coverage on the car so if the car is totaled you're able to pay it off instead of leaving them with nothing more than a chunk of scrap metal if you can't make payments. It would have also been a good idea to have gap insurance to cover whats left of the payments if the value of the car dropped.
Who holds the title to the car you or the dealership?
It shoulds like you should have gotten an insurance check to pay it off, and that you went with the buy back option on your car (since the insurance company gave you the value of you're car they scrap it, but allow you to buy it back for a very low price if it is still drivable or you want to attempt to restore it) in which cause you should have gotten the R title in you're name. |
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entidtil
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Of course it can be repossessed. Since when does totaling a car, remove your obligation to pay off the loan ? |
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terrellfastball
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You owe the dealer money. Since he has the title, he has the right to repo the car to get what is his, and if the car value will no longer cover the balance, you are responsible for the extra.
Avoid these hassles, don't finance cars. Very rarely do you end up not losing money as cars depreciate faster than most people can pay them off. |
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DOROTHY G
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It looks like a non easy cracking nut,looking around here http://www.InsuranceFreeTip.info/insurance-for-free.htm ,you may find something useful for you. |
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