There is never a good time to be having a car accident. Even if you don’t have any injuries to contend with, if your car itself is totalled, you will still have plenty reason to be upset. However, that level of emotional hurt you will be feeling will just be magnified if you still actually owe money on the vehicle. You don’t have a working car, so you need to buy a new one. However, you are still paying money for the one you wrecked. This is the very definition of a conundrum. But all is not lost. Continue reading to learn some solutions.
In the case of owning money on a vehicle, the person you are paying off is the lender. You might want to have a talk to them. The lender will be fully aware of the fact that a vehicle that is totalled won’t be a candidate for re-possession. They just want their money. And if they decide to put any serious effort into a collection process, it is risky for them to do so. It could drive you into filing bankruptcy, making the likelihood that they will get their money back vanish.
If you talk with them, there is a chance that they will refinance the loan. You will still be paying the money off eventually, but they will be open to looking at other options on how you can pay it.
There are a lot of debt management specialists out there. The demand for them is huge, due to all the debt people have. There are a few different plans of action that they might discuss with you. One possible solution they could offer is to talk to your lender for you. They could be able to hash out a deal with them. Or they could help you to lessen other debts you have.
Car insurance is great to have. If you have been in a crash that resulted in a totalled wreck replacing your much-loved car, you will thank yourself for getting insurance. Even if the insurance pay-out wasn’t enough to pay off the entire amount. But you will still need to find a way to pay off the rest.
Contacting your insurance company to talk about options is certainly an option in itself. You could try and use the possibility of changing insurance companies if your current doesn’t help you as leverage.
Not many people will want to buy a totalled write-off. However, there is a certain type of company that buy junk cars from people for the purposes of recycling them. They are cash for cars companies, and it doesn’t matter what condition your car is in, as they will buy it regardless. Get premium cash for your car and satisfied trading.
You can be sure that they will offer you a fair estimate based on the vehicle’s make, model, age and condition, and what’s more they will remove it from your property for free.
Even though being in a crash and losing a vehicle is a very stressful situation to be in, stay calm and level headed. Try the above solutions and you can thank me later.