I think I totalled the formy :(
03-02-2009, 04:34 PM
#1
Staging Lane
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I think I totalled the formy :( slid drivers side into a light pole friday night, car is at outlaw body and paint right now and i went to get my things out of it and they said it looks totalled. i have a 1000 deductable with state farm and i have gap, i financed the car obviously, if it is totalled i think theat state farm will pay KBB value and the rest will be paid by the GAP insurance.
so state farm will cut me a check 1,000 dollars less then what it is worth to them because of the deductable, and gap will take care of the rest.
there is no damage whatsoever to the rest of the car but the drivers door and seat is ripped open!!! my friend said that if i buy the car back for like 800 bucks he will give me 1,000 bucks for the engine and the tranny, dont you guys think i could get more than that for an engine and tranny with less than 48,000 miles????
i thought since i had gap, the gap would pay the car off and then state farm would cut me a check for like 6,000 bucks, (what the car would be worth) so i would come out ahead alot....guess thats not how it works...dang, i feel like i am getting screwed..
ANY SUGGESTIONS???
so state farm will cut me a check 1,000 dollars less then what it is worth to them because of the deductable, and gap will take care of the rest.
there is no damage whatsoever to the rest of the car but the drivers door and seat is ripped open!!! my friend said that if i buy the car back for like 800 bucks he will give me 1,000 bucks for the engine and the tranny, dont you guys think i could get more than that for an engine and tranny with less than 48,000 miles????
i thought since i had gap, the gap would pay the car off and then state farm would cut me a check for like 6,000 bucks, (what the car would be worth) so i would come out ahead alot....guess thats not how it works...dang, i feel like i am getting screwed..
ANY SUGGESTIONS???
03-02-2009, 04:48 PM
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Staging Lane
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thats what i thought too....whats bad is that i REALLY want the car to be fixable, that way i can keep her, whats weird is when i got out of the hospital i was deeply saddened for my car, i feel like i actually lost part of myself, dont know if thats weird or not, if it is totalled i want to buy it back and put the engine and trans in another f-body, i want it to live on, 50,000 miles isnt a full life....
03-02-2009, 04:53 PM
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so if i did that,SINCE it is financed, would i be able to have the insurance and gap pay the car off and STILL buy the car back from state farm/ i dont see why not...if state farm gives me 75% of what i owe on the car and gap pays the rest, I should be able to buy the car back from insurance right?
03-02-2009, 05:10 PM
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Unfortunately gap doesn't work that way, it only pays the differnence of what your car is worth to the bank not you. For instance if you financed the car and you owe 15000 to the bank but the insurance is only covering 12000. The gap insurance would payoff the remaining 3000.
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03-03-2009, 12:21 PM
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I dont know about your state but most make you surrender the title on a totaled buy back. So you would get certficate of destuction unless they let get a rebuilt title. Then would probally have to be inspected by dmv. I would check with your state before making decision to fix. In fla its a big pia. Sounds like your friend is sort of asking for a favor. I usally give my friends a break if they use themself and not sell for profit. Of coarse that depends on good friend.
03-03-2009, 12:29 PM
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Unfortunately gap doesn't work that way, it only pays the differnence of what your car is worth to the bank not you. For instance if you financed the car and you owe 15000 to the bank but the insurance is only covering 12000. The gap insurance would payoff the remaining 3000.
03-03-2009, 02:25 PM
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yeah if someone near me were offering $1k for that id buy it without hesitation as a backup, thats dirt cheap.
As for the car, if the suspension and steering is messed up you will probably never get it right. Might as well buy another imo.
As for the car, if the suspension and steering is messed up you will probably never get it right. Might as well buy another imo.
03-03-2009, 02:53 PM
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I have pics, but on a cell phone and i dont know how to get them to transfer onto here...but the auto shop guy said it looks pretty totalled, they ripped the door off and ripped the drivers seat out...i dont know why, it just looks like the drivers side is mashed in from the front wheel to back, no windows are broke except for the drivers door. the car looks perfect otherwise, only that the passenger side door wont close???????????? thats kinda got me thingking it messed with the frame, if it is fucked, i was thinking about doing a swap or get more than 1k for the engine and tranny...
