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How much can I get?

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stagecrewgod

Junior Member
California - I was crossing a intersection at a green light and hit a truck turning left as he was not yielding to me... Obviously, he was at fault... My car was totaled out and am awaiting on insurance to decide how much I will get... I owe $8000 but Kelly Blue Book is at $5000... Since I was not at fault, will I be able to get all $8000 or will I get messed over and only get the $5000? Please help! I need to buy a car but I need to know whether I will be able to pay off my loan or not before I decide on my new car budget.... Please help, this is my first situation in this sort....
 


Tayla

Member
Only the insurance appraiser can answer your question. No one here knows the full details or can personally see the damage. This forum is not a free estimate forum . Speak with your insurance agent.
 

racer72

Senior Member
You will recieve fair market value for your vehicle. Most values are based off the NADA guide, you can check the value of your vehicle there. Don't be surprised if they offer less, very few folks keep there cars in saleable condition that the NADA guide uses for pricing. It is not the fault of the driver that hit you or his insurance company that you were upside down on your loan, you could have purchased gap insurance to protect yourself.
 

stagecrewgod

Junior Member
Please allow me to clear up the confussion... I understand that I will get "fair market value" What I am asking is can I request and recieve the "upside down" amount on my loan from the insurance company... I did not ask to get in an accident and I could barely afford this car payment and now I will have to continue this payment AND pick up a 2nd one so I can get a car... I will not be able to afford this.... So is there a way I can have the at-fault parties insurance company pay the difference? I will ask any way but what are my odds of getting it?
 

MandyD

Member
stagecrewgod said:
... but what are my odds of getting it?
Slim to none. As has already been pointed out to you, all you will receive is the fair market value, not what you owe. The finance fees and interest you pay are yours and yours alone. They do have what's known as gap insurance. (Also pointed out to you) If you had that, then that insurance would pay the difference in what you receive and what you actually owe for the car. Buy the gap insurance next time you have to take a loan for a vehicle.
 

stagecrewgod

Junior Member
But if the insurance company is suppose to "make me whole again" which means I will be in the same situation as I was before the accident, then why wouldn't they pay it off if it was NOT my fault? When I was in the accident, I was paying $170 a month car note. Now I will have $170 a month for the remainin amount of money owed plus another $150 a month for a new car. That is NOT putting me back in my same state as I was prior, it is putting me in a much worse state. Can I request compensation for the difference that is not covered or am I just screwed and start sueing this idiot and everyone else so I can live my life normally?
 

teflon_jones

Senior Member
Making you whole again involves providing you with the money to replace your vehicle. You don't need $8000 to replace your vehicle, you just need the amount the vehicle is worth. You need to purchase gap insurance if you want to be covered for this in the future.
 

stagecrewgod

Junior Member
The let me ask you this... Is it Trade-In Value or is it Invoice value... If I was to trade it into a dealer, it would give me $5000. If I was to buy it from a dealer, I need to expect to pay an invoice of $8500. So in order to get the SAME EXACT CAR IN THE SAME EXACT CONDITION, it will cost me $8500. But if they only give me trade-in value of $5000 then how is that replacing my car? So, is it invoice or trade-in that I will get.

Also, I bought the car only 12 months ago and it cost $11000 but I put $1500 down so $9500 is financed so I should be $1500 ahead in value anyways and then I paid $1500 in payments so should it have depriceated over $3000 in one year? If so, never buy an Hyundai people.
 

teflon_jones

Senior Member
stagecrewgod said:
The let me ask you this... Is it Trade-In Value or is it Invoice value... If I was to trade it into a dealer, it would give me $5000. If I was to buy it from a dealer, I need to expect to pay an invoice of $8500. So in order to get the SAME EXACT CAR IN THE SAME EXACT CONDITION, it will cost me $8500. But if they only give me trade-in value of $5000 then how is that replacing my car? So, is it invoice or trade-in that I will get.
Neither. You should get Fair Market Value (FMV). Go to www.nada.com and get the retail value as racer72 said to do already.

stagecrewgod said:
Also, I bought the car only 12 months ago and it cost $11000 but I put $1500 down so $9500 is financed so I should be $1500 ahead in value anyways and then I paid $1500 in payments so should it have depriceated over $3000 in one year?
I am not a fortune teller or psychic. However, I am very knowledgeable about the car market and it sounds like you paid too much for it a year ago.

stagecrewgod said:
If so, never buy an Hyundai people.
I could have told you that before you bought it. They're junk.
 

stagecrewgod

Junior Member
I did NADA and it showed two prices, $5000 and $8000... $5000 for trade-in and $8000 for invoice. Nowhere did it show up FMV. Hyundai's are reliable cars but obviously do not hold up there value.
 

teflon_jones

Senior Member
stagecrewgod said:
I did NADA and it showed two prices, $5000 and $8000... $5000 for trade-in and $8000 for invoice. Nowhere did it show up FMV. Hyundai's are reliable cars but obviously do not hold up there value.
It's also called "average retail".
 

MLayfield

Junior Member
Can you help me?

I live in Ga and was out of town for my job. A girl ran a stop sign and strck me in the driver's side door. She hit me hard enough to spin me around not once but twice causing damage to every area of my car. She was given a ticket. My insurance company has been to see the car and deemed it a total loss. Her insurance company has not been to see the car yet. I was driving a 2000 Mustang and had only 6 payments left. How is her insurance company going to put me back in the same position I was before the accident?
 

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