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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

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Old 07-09-2018, 09:27 PM   #211 (permalink)
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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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Old 07-09-2018, 09:42 PM   #212 (permalink)
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Originally Posted by JARblue View Post
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.

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
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Old 07-09-2018, 11:16 PM   #213 (permalink)
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It doesn't work that way. You can only use the GAP if your car get's totaled. They will pay off the remainder of the loan. Be prepared for a wait of about 2-3 months before GAP pays up. If your car is totaled and you buy it back. GAP won't pay. The only way to get a new title is to have it inspected after it is fixed. You will then get a Salvage title if it passes the inspection. Not good for resale in the future and you won't pass with the A2A setup in California. So you have a couple of options.

1.) Let them total the car and they keep it. GAP insurance will pay off the amount left on the loan. (2-3 month process) You don't get to buy the car back.

2.) Let them total your car and you buy it back at a set dollar amount. GAP will not pay off the loan. You have it repaired and inspected, then apply for a Salvage title.

3.)Let them total your car and you buy it back at a set dollar amount. GAP will not pay off the loan. You part out the car and hope for the best.

You don't get to double dip so to speak. This is my understanding of it.
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Old 07-10-2018, 12:34 AM   #214 (permalink)
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Dude, let it get totalled, gap pay it off and walk away debt free. You can always find another Z project.

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Old 07-10-2018, 02:13 AM   #215 (permalink)
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I left off this avenue.

4), Let them total your car and you buy it back at a set dollar amount. GAP will not pay off the loan. You transfer all the parts over to a newer Z and part out the rest.


Reality is you really need someone to help you that has a greater knowledge of the California laws or the insurance company will take full advantage of that lack of knowledge. If something happens to my car I will take #4.
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Old 07-10-2018, 02:41 AM   #216 (permalink)
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Super shitty.
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Old 07-10-2018, 02:42 AM   #217 (permalink)
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Part it out and let it go. Even if you fix it that car is never going to drive the same.
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Old 07-10-2018, 12:22 PM   #218 (permalink)
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Part it out and let it go. Even if you fix it that car is never going to drive the same.
Why's that?
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Old 07-10-2018, 01:22 PM   #219 (permalink)
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Yeah I should have been clear, you use gap if you are upside down on the car and walk away free and clear. If you choose to take the payment, you'll have to use it to buy the wrecked car as well as pay off the balance of the loan (they won't let you continue the loan on a totaled vehicle).
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Old 07-10-2018, 02:09 PM   #220 (permalink)
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Had a similar situation happen to a friend a long time ago. His car was a Civic, but this was his process for a totaled car with aftermarket parts, including motor work:

- Car is in potential 'total' accident

- During negotiations with insurance company about what to do, how much they would pay, he gutted the ride. Craigslist replacements for EVERYTHING: he replaced the aftermarket seats, took out everything that wasn't bolted down to be used as resale and even dropped in a disconnected blown motor

- Car gets totaled by insurance and goes to crusher/junkyard

-Owner left with all parts worth something, to be sold or transferred to the replacement vehicle

Two different vehicles, but I am seeing similar circumstances. So what's stopping you from taking off your wheels and putting on some cheap 350z wheels, etc.?
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Old 07-11-2018, 03:46 PM   #221 (permalink)
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Update:
Totaling company asked me for my aftermarket parts receipts.

Not sure if good or not lol.
I think that's bad!

I Sent them receipts lol thankfully a lot of them were digital
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Old 07-12-2018, 04:10 PM   #222 (permalink)
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Update On Status of Car

So. Here's a quick update on what I did today and some information I found out about my car.

I called the financial institution in charge of my GAP insurance and they told me:
- The aftermarket parts will likely increase the value of the car on top of the initial estimate that the adjuster gave me of 18k. So depending on that, I may not even have to use GAP insurance which is good for them as a business lol.

- I also emailed my insurance company telling them that a majority of the aftermarket parts I have on the car at the moment is only 875 miles which hopefully should increase the value of the car as 875 is still brand new

- I guess i purchased an extended warranty on the car for like $2800, and since I only had the car for like 11 months so far, they will cancel that extended warranty and give me that money back, so I could come out with more cash than initially thought because of the things I purchased on the car initially (Extended Warranty & Aftermarket parts)

- They said that they received the emails I sent about the receipts and get back to me after he gets a chance to look at them

- My insurance company said there will definitely be a buy back option if I so choose to after the total loss is deemed on the car, and that I can either buy it back at salvage value which would then be deducted from the Insurance payout and then I pay the difference between that and the car value or just let them take the car and take the face value cash for it, which I'm not going to do, since I want the car back.

The only way I'm going to let them keep it is if they gave me a hefty amount for the car since the car has so many after market parts in it which probably wont happen but if it does, then I'll say keep it and I buy a different car

- Any money I pay for payments on the car starting from July 3rd (Date of accident and date it was reported) is going to be refunded back to me after all is said and done.

- GAP insurance takes 30 - 45 days to take effect and since I already notified them today, those 30 - 45 days start today.
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Old 07-19-2018, 01:16 PM   #223 (permalink)
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GOOD NEWS & BAD NEWS FOLKS
-----------------------------------------------------
Good news: Insurance called me and said they increased the value of the car by 3k due to finding out how many miles is on the car. They had forgotten to factor that in, so now the entire value of the car increased to 23.4k versus the initial estimate of 20.4k.

Bad News: I am highly likely going to cancel all reservations on the aftermarket parts and keep the car, transfer it all the a different body Z and continue on with my journey to 700 whp as originally planned. I just can't do anything stupid or risky again or this will happen again. (IE: Put different tires on front and back with a huge size difference + go boost = caused my accident in the first place)

I hope you guys are happy for me, it's really great news for me.
After all is said and done (refunds from A, B, C etc.) I come out on top of about +600 dollars, whole car is paid off, and I get to keep the car (after buy back price and still on top with 600)

Just waiting for insurance to give the green light.

Please don't flame me for this T_T


I will be back in action in 2019 lol.
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Old 07-19-2018, 04:39 PM   #224 (permalink)
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Pretty good outcome and good luck with the rebuild!
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Old 07-19-2018, 05:24 PM   #225 (permalink)
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Pretty good outcome and good luck with the rebuild!
Thanks man!
I am definitely excited haha
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