I still owe on my car but I got into a real bad accident and the repairs cost more than the value of the car. What's the best option?

19 Answers

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  • 1 month ago

     Sell your car for spares or repair , pay off your debts and when you save up enough for your next car get it insured fully comprehensively.

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  • car253
    Lv 7
    1 month ago

    Do you have Collision coverage?   if you don't you are out of luck.  If you do your auto insurance company will total your car and pay off your car loan. 

    You should be asking your claims rep.   Did you put in the Claim?    How did the accident happen?   Was it your fault?    Do you have collision coverage?

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  • 1 month ago

    There isn't an option--you have to finish paying for the car loan even if the vehicle is totaled. You can sell what's left for parts or scrap, but you will owe the balance. Paying it off as soon as you can is your best bet--then you can buy another car. Didn't your insurance cover damages and collision?  

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  • Anonymous
    1 month ago

    You're sort of screwed.  Your insurance, if you had full insurance, will pay what the car is considered worth and that will go to the loan company.  You still owe any remaining balance.

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  • 1 month ago

    Pay off the balance you owe on the car and find another one to purchase.

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  • 1 month ago

    Discuss the settlement with your insurance agent. It's possible the settlement will pay off the car and if any money is left over, that remainder comes to you. Often, that provides a nice down payment for a new car.

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  • 1 month ago

    Short answer: You still owe for the car, regardless of what happens to it.

    If you (or the at-fault party) have insurance, it'll pay the replacement value of the car. If that amount is not enough to cover your loan balance, you still owe the difference.

    • STEVEN F
      Lv 7
      1 month agoReport

      Insurance pays the value of the car immediately before the collision. Replacement value costs extra.

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  • 1 month ago

    If you have insurance, settle your claim and pay what you owe on the cadrf.

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  • 1 month ago

    If you owe on the car, then you have to have collision insurance.  The insurance company will pay off the car.  You get to start over.

    • Bill
      Lv 4
      1 month agoReport

      Not totally correct, the insurer will pay the value of the car not the amount of the loan.

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  • geezer
    Lv 7
    1 month ago

    Are you insured ?

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