Question About Insurance Policy!!!!

[billhO2OOO]

Hello Everyone, thanks for stopping by, the story is like this, I bought my car 1 1/2 years ago, it's Daewoo Lano S 2d,(I know, I'm soooo stupid to purchased it heheh) however I'm already did, I bought it with $9k total, and then now the value in blue book of my car is $3500, but I'm owed the bank total of $7000 right now, if I crash it with total loss,Will my insurance pay off all the money that I owed????? or they will buy a different use car for me???


thanks for your advice......

Have a GREAT day!!!

Bill

[ntmt]

depend on your policy read it bro.

[billhO2OOO]

thanks alot ntmt...

[ConChimSe]

Usually, if you totaled your car, they will pay for the current value of the car (+/- a little) plus your doctor and lawyer money... They don't care about how much you owe.

Are you planning to total your car for a new one? Be careful.

[resque2]

billhO2OOO bro, Insurance company don't care how much you owe the bank. If you total lost or have it stolen :weed: , they will only pay for what the car worth (based on kelly blue book) minus the deductible (probably $500) assume you have full cover include Collision & Comprehensive.

So if the car is worth $3500 right now, they will probably pay you $3000 max.

[IEEE]

Bill,

I don't think your insurance will pay for what you owed the bank...they just pay the current value of your car...so be careful ok.

If you want, you can sell it now...pay partially to the bank and get another one...the more you keep it, the more you lost.

Good luck,

IE

[BenTre]

Originally posted by billhO2OOO
Hello Everyone, thanks for stopping by, the story is like this, I bought my car 1 1/2 years ago, it's Daewoo Lano S 2d,(I know, I'm soooo stupid to purchased it heheh) however I'm already did, I bought it with $9k total, and then now the value in blue book of my car is $3500, but I'm owed the bank total of $7000 right now, if I crash it with total loss,Will my insurance pay off all the money that I owed????? or they will buy a different use car for me???


thanks for your advice......

Have a GREAT day!!!

Bill

Nếu hông sợ BAD CREDIT thì bỏ cho nó kéo cái xe luôn cho rùi khỏi bị lổ $3500, để $3500 đó dơn mua chiếc khác trước khi để cho nhà BANK kéo cái xe đó

[ntmt]

It is not worth that way, unless u have more than 1 set of ID, :)

[billhO2OOO]

Originally posted by BenTre
Nếu hông sợ BAD CREDIT thì bỏ cho nó kéo cái xe luôn cho rùi khỏi bị lổ $3500, để $3500 đó dơn mua chiếc khác trước khi để cho nhà BANK kéo cái xe đó

Cám Ơn các bạn,
nếu nhà bank nó keo, nó có dồi tiền mình owe nó không??? nhưng tui đang đi làm nó có đồi tiền tôi không? và tôi đang làm chủ nhà, nó có lấy nhà tôi không? cam ơn các ban..

[resque2]

billhO2OOO, just curious: how do you make the bank to lend you money to buy a car that is not worth the borrowed loan?

As I know, when you apply for a car loan, bank will check the value of the car first before lend you money. For example: if the car is only worth $5000, there is no way they will lend you $9000. Nhà bank luôn luôn nắm cán chớ không có năm lưỡi mà

[ntmt]

Originally posted by billhO2OOO
Cám Ơn các bạn,
nếu nhà bank nó keo, nó có dồi tiền mình owe nó không??? nhưng tui đang đi làm nó có đồi tiền tôi không? và tôi đang làm chủ nhà, nó có lấy nhà tôi không? cam ơn các ban..

No' chi doi thoi neu 0 tra thi bi bad credit. It is hard to get it any loan w/ good rate if u have a bad credit, so the best way is pay for your mistake, and stay away from Korean one, :).

[billhO2OOO]

Originally posted by resque2
billhO2OOO, just curious: how do you make the bank to lend you money to buy a car that is not worth the borrowed loan?

As I know, when you apply for a car loan, bank will check the value of the car first before lend you money. For example: if the car is only worth $5000, there is no way they will lend you $9000. Nhà bank luôn luôn nắm cán chớ không có năm lưỡi mà

Resque2,
you miss understand, I bought it in brand new.....and I spend 16,500 miles on it...


thanks for your advide..
Billh