Totaled Car

[txcara]

Bought a 2015 Honda Odyssey in late February and was in an accident Mid-May and the insurance has now decided to to total the car. Insurance (not my fault, so other parties insurance) is cutting the rental off tomorrow, 2 days after letting me know the car was totaled. So I'd like to get a replacement fast but have a few questions:

Do I have to wait until my current loan shows paid off? Seeing as I had made 2 payments on the car, it is still a $33K car loan. I was advised the payoff could take 5-7 business days to complete...and then longer to report to the credit agencies?

My insurance contact mentioned giving me documentation that the car was a total loss and would be paid off, does this hold any weight to a CU or financer? 

Will the high loan amount effect the interest rate I'll be given if I try and do something now? Is it worth a call to one of the CU's to explain the situation? 

Thanks in Advance for any advice! 

[Anonymous]

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@txcara wrote:

Bought a 2015 Honda Odyssey in late February and was in an accident Mid-May and the insurance has now decided to to total the car. Insurance (not my fault, so other parties insurance) is cutting the rental off tomorrow, 2 days after letting me know the car was totaled. So I'd like to get a replacement fast but have a few questions:

Do I have to wait until my current loan shows paid off? Seeing as I had made 2 payments on the car, it is still a $33K car loan. I was advised the payoff could take 5-7 business days to complete...and then longer to report to the credit agencies?

My insurance contact mentioned giving me documentation that the car was a total loss and would be paid off, does this hold any weight to a CU or financer? 

Will the high loan amount effect the interest rate I'll be given if I try and do something now? Is it worth a call to one of the CU's to explain the situation? 

Thanks in Advance for any advice! 

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You don't have to wait.  Just explain that your car has been totalled.  Auto finance companies are used to those types of new loans,  It won't be a problem

[Anonymous]

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@txcara wrote:

Bought a 2015 Honda Odyssey in late February and was in an accident Mid-May and the insurance has now decided to to total the car. Insurance (not my fault, so other parties insurance) is cutting the rental off tomorrow, 2 days after letting me know the car was totaled. So I'd like to get a replacement fast but have a few questions:

Do I have to wait until my current loan shows paid off? Seeing as I had made 2 payments on the car, it is still a $33K car loan. I was advised the payoff could take 5-7 business days to complete...and then longer to report to the credit agencies?

My insurance contact mentioned giving me documentation that the car was a total loss and would be paid off, does this hold any weight to a CU or financer? 

Will the high loan amount effect the interest rate I'll be given if I try and do something now? Is it worth a call to one of the CU's to explain the situation? 

Thanks in Advance for any advice! 

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Sorry for the lost. How much did u lost on car?? Hope u have gap cause if u borrowed whole amount insurance won't cover it all and will have a balance

[txcara]

Called and it was no problem, thank you! 

I had enough money down on the car, and GAP but didn't need to use it since I wasn't upside down. 

[Anonymous]

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@txcara wrote:

Called and it was no problem, thank you! 

I had enough money down on the car, and GAP but didn't need to use it since I wasn't upside down. 

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So u lost the money u putted down?? So this I am example why it's best to put nothing down and get gap instead