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What to do?

Discussion in 'Reality Check' started by convert, Jan 29, 2005.

  1. convert

    convert
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    Last saturday some idiot ran a stop sign and I plowed right into him totaling my car. I used to have a 2001 cavalier. The insuranse appraiser appraised my car around 9 grand. As it was entirely HIS fault, what should I get as a settlement? I had three more years to pay the bank and now I owe them 7500 bucks to pay off the loan.
    Should I go for more as now I have to go get a new car and I don't know if my financial situation will let me get a new one, I may have to buy a beater. This has really set me back and I am not happy., I feel I should get more, at least a couple of grand more so I can put a decent down payment on a new car.
    No one that I know has ever had to deal with a car accident and I'm just wondering what anyone with experience with this sort of thing, thinks.
    thanks
     
  2. Chris

    Sandbar..anywhere better?

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    if you weren't hurt.. you will get what your car is worth... $9000... pay off your loan and you have some to spare... thats about it for your options... unless you were injured and missed work for that reason your not entitled to any more then what your car was appraised at.. so there will be no settlement
     
  3. frankster

    coffee, the dark blood

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    Take the $$ buy another car and keep making the same payments on the loan. Bank doesn't care what kind of car you drive, long as they get thier money.
     
  4. LIVNLRG

    I'm Famous

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    it doesn't work like that - if he owes on teh car through the bank the money goes to the bank and he would have to get another car loan.

    only way that would work is if it was a personal loan, but if its a car loan then there is a lean on the car and it would have to be paid first
     
  5. Cupid

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    You will only get what the car is worth at the time of the accident, no more, no less.
     
  6. convert

    convert
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    That's what I was thinking, but it was worth a shot. I am getting a brand new Sunfire and I am putting the "proffit" from my accident as a downpayment. Instead of being in debt for three more years, this accident has now put me back for six. If there was ANY justice, the idiot should pay for a new one, but real justice is rare, I guess.
    Thanks for the info.
     
  7. Chris

    Sandbar..anywhere better?

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    I'll sell you my civic...:D.. for the same price your paying for the Sunfire... (and I live in summerside as well... )
     
  8. DJQ

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    Your saying your smashed car should get paid for, + you should get a new one for free?? Are you serious? If that was the case then everyone would be driving around looking for accidents so they could get free cars with no payments..
     
  9. Cupid

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    That and poeple think insurance is high now... imagine what your premium would be if that's how it worked...
     
  10. Omerta

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    Buy the cavy back with the money you get from the payment part than part it out. You sould be able to be more money parting it out what what the buyback was if you wrote it off.


    OT:
    Who does the determines what the car is worth? Say if I got my car apprased by someone that is qualified would they use that value instead of the black book wholesale value? Assuming the accident is the same situation as this one.
     
  11. Gooch

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    ??? You deserve nothing more than what the car is worth. Accidents happen and you got insurance to pay for it, What more do you fucking want. You just said the car was only worth $7500 and your getting $9000. How do you think your worse off now than before? Your better off getting rid of the cav anyways and this way you don't have to go through the hassel of selling it.
     
  12. Omerta

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    Ah, you might want to re-read that, he said that he has $7500 left to pay the bank. He has to pay the bank $7500 to break even, than uses the left over ($1500, not much) as a DP on another car. So instead of having the car he was paying off he has a car loan to finish paying of to a vehicle he cant drive and than has little money left to get another vehicle. A shitty situation, sucks that your suffering financially because of someone else.
     
  13. tunedforester

    bring a towel

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    Well said Gooch...but is a Sunfire really better off than a Cavalier?
     
  14. Gooch

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    haha yeah your right.
     
  15. PirateSteve

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    YEah I agree with this here. Shitty situation for sure. Insurance should guarentee that he is in atleast as good of shape as he was before the accident. I'd say pay off the bank, go replace the car with something of the same age, condition, not a new car. and hopefully you can finance it over just three years, so you won't really be any further behind. talk to the bank BEFORE you pay the old loan off too, see if you can work a deal to get the financing for the replacement at the same time.
     
  16. Gooch

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    ???? I'm trying to understand your point here.
    Point 1. The car is worth $7500
    Point 2. Hes getting $9000
    Point 3. Hes has $1500 profit

    Conclusion...Hes better off than before. I don't give a shit if he only had 3 years left to pay the loan off. If he goes out and buys a $9000 car he will be exactly where he left off. Only now he will have a better car.
    You can pay off a loan in less than 6 years if you so decide.
    My dad just bought a 2003 cav 4 door with 34,000 km for $7000. This guy should consider him self lucky
     
  17. Cupid

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    He no longer has the vehicle.. his loan is paid off. Once you pay off your loan you are left with a vehicle that is all yours. He is left with 1500. Not exactly "profit".
     
  18. Gooch

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    Yeah i understand he does not have the car but he has $9000 to pay off the loan. So he owes nothing then on top of that he has an extra $1500. He goes out and buys another car for $7500. This $7500 car that hes buys will be better than the original no question. He had his loan over 6 years which is stupid, but anyway all he has to do is put the new car over 3 years and his payments are exactly the same and he has a better car.

    I don't understand how people are disagreeing with these facts.
    HE IS BETTER OFF NOW!
    he is lucky the insurance gave him enough to cover a 6 year loan. The reason yuo take a six year loan is beacuse you never made enough money in the first place to buy the car.
    If you can't pay a car loan off with a 4 year monthly payment plan you should not be buying the car.
    He still owed $7500 on the car, but i know for a fact that car is not worth any more than $6000.
     
  19. BlindmenRacing

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    Hey you need to read closer, the 6 year is on the new Sunfire, not the Cav, as I read it anyway. Sometimes buying a new car is cheaper because of the interest saving incentives.

    Good luck with your situation
     
  20. Gooch

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    He says its putting him back six years?
    OK you fucking lost me
    Your getting $9000 from insurance? yes or no
    Your car was appraised at $7500? yes or no
    The car is really worth $5000 (this is not a question its fact) yes!
    The only way this puts you back for six is if you buy a car worth twice as much as the first one and put the loan over six years. If thats the case your just a fucking idiot and you are too stupid to own a car.
    It looks like i'm going to have to walk through this and spell it out
    STEP 1.
    take the $9000 pay off your loan for $7500. You now owe no money to the bank and you have $1500 in your bank account.
    STEP 2
    Go buy a 2003 cav for $8000. (This is easy to do because those cars are a dime a dozen)
    STEP 3
    take the $1500 that is in your bank account and drop it on the car.
    You now need a loan for $6500 from the bank that you put over 3 years. Just like where you were before.

    Now you have a car that is two years newer, it has half the kms, and your paying less per month than you were on the other car, and your loan is paid off on exactly the same date.
     
  21. vero

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    his car was appraised at $9000. He had $7500 left on the bank loan that he had already been paying on the car.
     
  22. Omerta

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    He has $7500 left to PAY THE BANK on his auto loan. This has NOTHING to do with the VALUE of the CAR. He is PAYING the bank $7500 on a vehicle he CANNOT drive. Thus, once he does that he is not in debt for something he CAN'T drive, than he can proceed with his wopping $1500 to buy a new car.

    Understand?



    CRXChick:
     
  23. doublezed

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    gooch: You have a point to what your saying. But i dont think you understand what he is saying. No, YOU, make the decision to buy a car, weather a cavalier, or bmw. Thats not the point. The point is that over time cars depreciate, alot! So if your 2001, or what ever year it is, is worth 9000.00 your doing good. I have a 2003 cavalier that i could probably replace for 10000.00(in the z24 trim loaded) and i owe more than that on the car. That doesnt mean that its worth that. If you make the decision to drivek, you make the decision to take the chance of an accident. Unfortunatly if i wrecked my car tomorrow the appraiser would probably come in under what my car is actually worth, it would be my loss and i would have to eat the cost of the remainder of the loan on the car! Just the way it is bud.
     
  24. Lowvez

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    Yah, the "$1500" profit that you claim he is getting is actually $1500 that he already paid on the loan. So really he's about breaking even.
     
  25. Lowvez

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    this makes sense to me. You are pretty much breaking even except now you have $1500 in the bank, no loan and no car. So do what he said already! Or buy a Malibu cause they are 10,000 times the car a Cavalier is!
     
  26. ChristopherClarke

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    do not buy a malibu...they are not a very good car in my opinion
     
  27. Gooch

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    Your way out in left feild dude.
    I totally agree in what your saying about if he owed more than what the car was appraised for, than yes his life sucks...BUT THATS NOT THE CASE
    hes making money on this.
    If your then going to say that in three years he would be done paying off the car and what the car is worth then is his "profit" your on crack! Because he could do the exact same thing if he followed my Three easy steps. Only with my three easy steps the car would be worth more after the three years.

    fuck he is in a good situation. The only reason this thread came about was because this dude was getting greedy and was thinking he could sue someone then maybe fucking retire at a young age.
    If this happened to me and my insurance did not go up I would be happy as a clam. I'd pay off the loan on my truck and go right back out the next day and buy a brand new one and continu paying the same amount every month.
     
  28. Lowvez

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    Actually you'd be surprised. They are very reliable. Way better then anything like a Cavalier or Sunflower. I'm basing this on the fact that the one my mother has, never has let us down and we only have ever had to do routine maintenance on it. (Oil change, brakes, undercoat) That and the fact that i work at a parts store and i get call after call after call for sunfires and cavaliers, but nother for malibu's besides brake pads.

    Why don't you think they are good cars?
     
  29. Mr.X

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    it isn't a good situation. he had a car worth $9000. he has been paying the bank X amount of money every month so he can be standing now with no car and $1500. so he has to use the $1500 as a down-payment on his next vehicle, and start into another 4 years of debt. while some would prefer a new vehicle and continue making similar payments, many people would rather pay off their loan and have a vehicle that they do not need to make payments on. it frees up money for other important things, like rent.
     
  30. Lowvez

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    If he goes with Gooch's plan, he'll have his loan paid off sooner then if he didn't get into an accident and still had his vehicle. No where does it say his car was worth $9000. That's just what the insurance company said they would give him.
     
  31. doublezed

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    Um bud, i think you should re-think that statement. Cavaliers, and sunfires, are much more plentiful, than the malibu. Most people that buy cavaliers, sunfires, civics, protejes, and cars of the such buy them because they are not as expensive and really nice cars. If you were to take a cavalier and a malibu and beat them just the same for just as long, you would end up with the same result, two heaps of junk not worth re selling. And that is a fact, cause i have customers with both lines of cars, and both are built the same way, CHEAP! I know i own 4 cavaliers and all have the same issue.
     
  32. Hornblower

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    MmmM a malibu ehh I suppose it would be good lots of room to store your high heels and plenty of places to sit your purse while you drive :kekeke:
     
  33. John Doe

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    I'll say you're lucky to get $9000 for a cavalier and an idiot for owing $7500 on a 4 year old car that you could get NEW for $12,000
     
  34. nbwicker

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    the way I see things (and i could be wrong) he's pretty much running even.

    he had a car valued at 9000$ and owed 7500$ on it. the money he is getting for the wrecked car is to "replace" his loss right? Relace it with a similar car of similar value. For the sake of conversation lets say he had a year 18 monhts left to pay @ say 325$ (I'm just putting numbers out there.) He gets 9000$ for the wreck, pays off the 7500$ loan to the bank and is left with 1500$

    you go out, get a 9000$ car (because that was the value of the old car) meaning you should have a "similar" car (style/mileage/condition etc) and you drop 1500$ on the 9000$ value of the car. That leaves you with a blance of how much? 7500. Meaning you have to make a loan with the bank for that amount. This amount is equal to what you owed on the wrecked car before you received insurance money. Meaning, you can make the same payments over the same period of time (perhaps even a lower interest rate if you're lucky)

    ...and the end of the day if you replace the car with something equal to what you had you can have the same payments at before.
     
  35. Gooch

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    Forget it dude...Your not understanding my 3 simple steps. I'm done explaining.
     

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