Buying new car after total loss

Janjua8

Have a general question about total loss. Now from what I know if you total a car, you gotta wait for insurance and gap to pay it off. In order for it to be off your name. In order also, for banks to give you a fair apr. My friend and I were arguing about this. His claim is, that you do not have to wait and can go to a dealership and show proof of total loss (from insurance). Once that proof is shown, they run the credit as if the loan is off your name, thus, giving you a fair apr. How true is this? I just dont want him getting his credit ran and getting 2628282% apr. Imo waiting is the best. Hes also eyeing a car he thinks will get sold asap so I understand his impatience. If not possible and waiting is the best way, is there a way to safely (safe from loopholes dealers use to screw you) give a deposite and have them hold the car till you're ready to buy??

Thanks.

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jchammond

1st off, I hope everyone is ok...pending who was at fault & who’s insurance it will go against could make significant impact on the cost of insurance.
If he has great credit & a big down payment,he could probably get financed anyway.
I had to wait because of injuries substained in accident & then (because driver at fault left scene) had to wait on witness information to be validated before police could write up accurate report.
I’m physically not healed enough to drive another Z yet,,,so purchased a good riding & fuel mileage DD.
Every situation is different & car dealerships want to sell cars,,,so whatever works for him.
Insurance rates rates can vary,,,as they would be the first people I’d speak with before purchasing.
I plan to boost my next one,,,so waiting to see what happens with insurance payout before I pursue another Z.

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Janjua8

Yeah hes okay. And it was black ice that caused the accident so it was ruled as "natural conditions". So in terms of health etc and insurance he's okay. But does something like showing total loss paper work exist? I couldn't even find a link of it on google, yet he presists...

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jchammond

The insurance adjuster determines total loss or not.
That’s good nobody was hurt & I’m sure he has some kinda paperwork showing (black ice) was the cause,,,though he could see an insurance hike.

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God-Speed

I would wait, just to make sure there are no surprises. Just tell him to take him time.

SouthArk370Z

Call your insurer and/or lender and ask them.

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Spooler

Well, I bought my current 2013 Nismo before my car was completely totaled. Just be aware, you are on the hook for the totaled car and new car payment. I got a great interest rate, No issues their. It took 3 months for my Gap to finally pay off my 2012 Nismo. If he is just getting by with his current financial situation, he needs to wait.

Quicksilvers

+1,000,000 Only the insurer and/or lender will be able to give you the correct information of how it will work out.