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Total loss offer below 6k amount owed to bank
I was rear ended, my car is rendered a total loss. No GAP insurance. I owe $18k, the insurance co wants to give me $12k (BB value).
I'm stuck with $6k balance and no car. I realize I don’t have GAP insurance, but the accident was not my fault; is there anything more I can do to get them to pay for what I owe on the car? Especially because it wasnt my fault.
Not really, not without GAP insurance. Just about all you can do is try to increase the settlement value to $18K. There are ways to do that please see:
Also consider the following book. There are tips and techniques that will help your settlement
Being upside down in a loan puts consumers in a very bad situation (you were not at fault, but will continue making payments on a car you do not have). This is why we advocate for some change on the law soon.
We hope this helps, sorry we cannot give you a better answer.
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