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If you owe more money on your loan than your insurance settlement, you are still responsible for paying the difference. Most insurers offer "gap" coverage, I was in a car accident, and although I walked away untouched, my carmy car was totaled. So here's the financial lessons you
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Here's the bad news: if you have a loan or lease out on a totaled car, you're still responsible for paying off the remaining balance. Usually, the insurer pays If your car is totaled and you don't have gap insurance, you are responsible for paying the lender the full amount owed on your Car totaled, I owe more than the total value of car, I do not have GAP
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Totaled Vehicle | Who Gets Paid? | You Or Lienholder? What Happens If My Older Car Is Totaled? When your older car gets into an accident and is deemed a total loss, it can be a That's a question I've heard many times over the years in representing people injured in car wrecks
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I Totaled My Car and Still Owe Money on the Loan. What Now? What can I do if I still owe money and my car is totaled? A borrower can have multiple concurrent loans (if they qualify). But a lender will not allow a car loan to remain open if the car is totaled,
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Can I Still Keep My Car If It Is Totaled After An Accident Many people assume their insurance will cover everything after a car accident, but that's not always the case. If your car is totaled The adjuster says the car was now worth $3000 but the driver still owes $4000.
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What happens if I still owe money on the vehicle but it is classified as a "total loss"? What happens when your car is totaled and you still owe money?