Car totaled, will I get financed again?

Okay, I bought a car a few weeks ago, 3 to be exact..Well to make a long story short in got vandalized and the insurance company might have to total it out due to high repair costs....Now here are my questions...1) I owe $6700 on the car, and I think it is worth $9600, will I get the difference to go toward a replacement car? 2) The car I bought that got vandalized, I got at a good deal, but I don't see any cars around that same price, will the insurance company possibly give me more, since there's really nothing in that price range?? 3) It was really hard for me to get financing bc I already had out a auto loan, but I eventually got financing through a credit union (I wasn't a member before I got the loan, but the car lot I bought the car from was), Will I likely get financing from that credit union again for another car?? Do you think I will get financing if the replacement car is 2 or 3K more??

Thanks for any of your help......
Additional Details
The car was in my hometown. I was there visiting and taking car of some personal business...The car was a Cadillac Deville...And I hadn't done anything fancy to it, seeing that I had just purchased it...

entidtil

When your car is totaled, you will be paid "Fair market value". They will not replace your car, nor find you another one, They will simply pay the $6700. to your lender and if there is any left, it will go to you to be used whatever way you wish. After that, there is no reason why the same credit union wouldn't make you another loan.

Karen B

1) The finance company will charge you all of the finance charges that are due. That could put a dent in your pocket.
2) The insurance company will only pay what the vehicle is worth in "blue book terms" Not what YOU think the vehicle is worth.
3) As long as you pay the finance company off, they will close the loan and you should not have a problem getting another loan. As long as your credit is ok :)

lucy

ok; to determine the value of your car, go to these 2 sites.
nada.com
edmunds.com
you input, mileage, year, options etc; this will tell you what your car is worth;
dont go to blue book; no one uses that; that is for premium cars like car dealers have since they do a lot of dealer preparation to sell.

now; the insurance company will pay you what your car is worth; this value is what it was worth prior to the vandalism.

if the car is totaled, it is unlikely they will allow you to repair since they wont pay more than the car is worth; they usually use a 70 to 75% rule of the total value; the reason being, if repairs started and addtl damages found, it could end up costing more than the car is worth in the 1st place. it is not uncommon to find more "hidden damages' after a car is torn down; an estimate is what they see or know that needs to be repaired and/or replaced.

so if for instance your car is worth $9600; you owe $6700, the insurance company will issue a check for $9100; (i am guessing you might have a 500 deductible). you pay your lien $6700 and you will have left $2400 (including the 500 deductible);

you can use the $2400 as a down payment for another car. i would suggest you call the credit union and explain your predictament and see if they would be willing to finance another car with you; if you have been current with your payments, they maybe agreeable since you have proven to date to be responsbile.

but on the other hand, have been late, may have problems.

good luck

Edith P

Find out the value of your car go to Kelly Blue Book.com and put n the particulars for the car the value will come up. If you owe more on the car than the insurance is willing to pay you have to pay the difference unless you have gap insurance. Where was the car when it got damaged? Anyone who will finance you again will want to know. It is hard to say if you will get financed again, it depends on how you handle this problem. Do you want the car you just brought can it be put together again and still run nicely? Insurance companies are careful to repair your car to original condition but they may not put in a lot of fancy items that caused your car to be a target for vandals, like fancy rims, tires, etc. I know you or the person you brought it from put a lot of work in the car and you want it back that way. Most insurance companies call that a high risk car. They want to insure plain cars, that don't get vandalized, family cars it what they told us.

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