Rough Day

MattP725 · 06-23-2012, 08:38 PM

Did you have gap insurance? Might be a good thing in this case since the car was brandy new. Any idea if you owe more than the value?

I'm thinking there is a chance it's not totaled. Car has to be valued at least in the high 20s. Even if the block is cracked you are probably looking at 15-20k to repair max IMO.

Let us know how it turns out. You're pretty lucky.

Z34Driver · 06-23-2012, 09:02 PM

Quote:

Originally Posted by MattP725

Did you have gap insurance? Might be a good thing in this case since the car was brandy new. Any idea if you owe more than the value?

I'm thinking there is a chance it's not totaled. Car has to be valued at least in the high 20s. Even if the block is cracked you are probably looking at 15-20k to repair max IMO.

Let us know how it turns out. You're pretty lucky.

Yes I have Gap Insurance, and yes I owe more than it is worth. This is something that worries me, but I guess that's what it's for right? Also the fact that it's an '09...

MattP725 · 06-23-2012, 11:37 PM

Quote:

Originally Posted by Z34Driver

Yes I have Gap Insurance, and yes I owe more than it is worth. This is something that worries me, but I guess that's what it's for right? Also the fact that it's an '09...

Absolutely... otherwise you would get FMV and still be responsible for the rest of the amount due to the bank...

I didn't get it on my 370z because I am outpacing the devaluation, but I've purchased it on two other cars that were either brand new or almost brand new... that is when they decline much quicker.

I didn't see that it was an 09 though... not sure what they consider fair market but you might end up with a wash on this one.

Either way at least you won't owe money on it.

Thechidz · 06-24-2012, 05:14 PM

Quote:

Originally Posted by MattP725

Did you have gap insurance? Might be a good thing in this case since the car was brandy new. Any idea if you owe more than the value?

I'm thinking there is a chance it's not totaled. Car has to be valued at least in the high 20s. Even if the block is cracked you are probably looking at 15-20k to repair max IMO.

Let us know how it turns out. You're pretty lucky.

I think its 50% percent of fmv is a loss they total it. It's definitely totalled after engine and all body work this thing is totalled. If they try to fix it and it keeps having to go in for repairs the insurance company would have a huge headache on their hands. Totalled

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06-23-2012, 08:38 PM	#1 (permalink)
MattP725 A True Z Fanatic Join Date: May 2011 Location: Toms River, NJ Posts: 1,904 Drives: 2010 40th Rep Power: 18	Did you have gap insurance? Might be a good thing in this case since the car was brandy new. Any idea if you owe more than the value? I'm thinking there is a chance it's not totaled. Car has to be valued at least in the high 20s. Even if the block is cracked you are probably looking at 15-20k to repair max IMO. Let us know how it turns out. You're pretty lucky.