Car shopping

[Woolfman]

So its been about 11 days now , since I walked out to go to work and found out my car was stolen out of my driveway .   I only had 5 payments left on the thing!!

Anyways after passing the smell test with the insurance co. ( I guess they apparently start out with the thought that you have stolen your own car) They called us and said they are moving forward with closing out our claim and not waiting the full 30 days (should find out what they are going to give us for the car in the next few days.) 

Anyone have any idea how they determine the worth of a car? (2004 toyo rav4 )

Does the insurance co send the remaining balance to the current title holder and then send us the rest?

What happens when we go into start shopping for a car and we still show that open loan for the old car?

Do we just explain what has happened?

Just trying to figure out what the steps are as it wont be much longer and I wont have the rental car and will be needing to immediately get a car.

And IM assuming here but

My current scores low 700s

aaoa 2.1 years

oldest account 14yrs

35k income

no baddies at all

wife's

high 600's

aaoa 2 yrs

oldest account 14yrs

55k income.

A few medical collections

one Co 3+yrs old

2 paid off autoloans

we have two current autoloans (the stolen one and one other)

should have 5k down payment

Im thinking we should have no problems with getting another loan . Any other input would be appreciated!!

[Anonymous]

First off, sorry to here that your car has been stolen. I've been in your shoes in more ways than one. Lemme explain...First, I've had my car stolen in Jan,12 2004 (what a way to start off the year, right!) In less than a week I was able to be financed for another vehicle for appr. $10,500. I did explain to them my situation, and that I only owed 7 more months of payments and didn't wanna report the incidence to my insurance company and that I was fully capable of paying the stolen car off.  Approval on my new car took less than an hour.(And it was through the same company that financed the stolen car). I might add, I HATED to sell my self as a product, but I had to get transportation to get to work!

It was a tough road for the next 7 months, but hey, it is what it is!(And the LORD IS GOOD!)

Few years prior to that, I had just gotten a  new 1998 Ford Taurus, and 9 months later it was totaled in an accident; however after my insurance company paid what the car was worth I still had close to $3500 left to pay out of pocket.(very small monthly payments for 3 years).

I then went to a dealer to purchase a brand new car and explained my story and was approved for the $24K vehicle I wanted... Long story short there is hope.

As far as your questions, from my experience...Your ins. co. will give you the lowest price they can find for your vehicle in your area.

With only 5 months left to go on your loan, YES your insurer will send payment to your lien holder first, and any difference will be sent to you.

And if you are hounded for an exesting auto loan, simply state your case as I did, that your reports will be updated with the new info., SOON.  An upside is that in each incident I've had, your scores are 40-50 points higher than mines were.

Stay strong,Good Luck and keep us posted!!

ETA: grammer edit