Quote:
Originally Posted by JARblue
If you are upside down on the car and have gap insurance, you shouldn't be paying anymore monthly payments on the car.
You can figure out what the insurance company will charge you for buy back. Then calculate the repairs and deduct the buy back from the insurance payment and see if the numbers are workable for you.
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Welp. I suppose this situation could be more of a blessing than a curse then, if that's the case...
Okay. So looks like my best option if I want to keep the car is to:
1) Make use of GAP insurance
2) Take the insurance payout of 18k
3) Eliminate my loan altogether.
4) Keep the car as it is right now (damaged but difference is I own the entire vehicle now, and no loan is needed so I pretty much expedited the 54 months left I had to pay on it in one day at the tradeoff to keep the car in its damaged condition)
Disadvantages:
1) Need to find a place to store the broken car until I have the money to repair it which I will most likely need to pay rent for the space every day it's there (could be hella costly too)
2) I won't have a working car until I rack up the money to pay for reparations (I save X amount more than i am every month now because the whole loan is paid off so any monthly payment I was preivously doing goes to my pockets)
3) Find one place that can reliably fix the airbag damage properly + any body work as well for a reasonable price.
Do I have the process pretty understood now? xD