Totaled Vehicle! :(

[iamdetermined]

Thanks Jatro91, I'm embarrassed to say I'm in the insurance industry but have minimal knowledge about the total loss process. I should've took out gap but being cheap at the time is now costing me thousand's. LESSON LEARNED!

[iamdetermined]

Thanks gettingbusy. I spoke with a dealer that can roll the loan over, so that is a great option for me right now.

The car is officially totaled, it was going to be too much of a hassle to try to keep/repair. It was front end damage, and undercarriage, etc. I negotiated and got a few hundred more. Honestly, when doing the comparison prices locally, they did not low ball me by much with the initial offer, which is quite surprising.

[iamdetermined]

Thanks so much Rememeber0.

My car front end, undercarriage, etc was done - car kept cutting off every time it stopped - I'm not investing any money into a car that's doing that. I've been down that road already years ago, and don't want to look back.

I was able to negotiate and get a few extra hundred.
My interest rate was about 6%? (I'll check to be sure). I'm going to try to negotiate the balance & interest rate down if I can't get the loan rolled over.

[iamdetermined]

One car loss. Negotiated and settled with you all's assistance (sorry I didn not reply sooner!)

[babbles]

what if you think you have equity in your car, how does the insurance company value your car, kbb TMV, NADA?

[Anonymous]

Won't USAA pay the entire lien off and you will have to pay them back?  How can you transfer the ownership of a car without clear title (no lien)...you can't sign over the title with a lien on it...

[iamdetermined]

Nope. They took the car. The balance that I owed stayed with the lender, I refi’d the balance and currently have a lower interest rate loan.

[Anonymous]

I really can't imagine you being $7500 upside down. I carry insurance through GEICO, and I'm aware each insurance company has a different method, but GEICO literally averaged out the retail value of 3 similar vehicles from Autotrader and that's what they valued my car totaled vehicle at. First and foremost, check to see if you have any cancellables (extended warranty coverage) to lower that pay off balance. Secondly, contact USAA, explain the situation and express you need more than $12,500. Lastly, it is possible for a dealer to cut you back a check to cover that remaining balance and they would simply tack it onto the loan (I had the dealer cut me back a $2500 check to pay off the remainder of my totaled vehicle)... the issue is finding a vehicle where they can tack on an additional $7500. You might need to focus on vehicles with huge rebates like a 2019 Jeep Grand Cherokee or a 2019 GMC Sierra where rebates are $9,000+