Need car fixed and i'm still paying it off?
My name is Ashley, I'm currently paying on my 2009 Ford Escape and still owe just under $8,000 for it. I was in a wreck although it was not totaled I've got an estimated $3,600 to $4,000 in damages that my Insurance Company is not willing to fix due to police report. I've tried talking to the people that I'm carrying my Loan with but they just keep telling me that they can't put a loan against a loan that I already have or Refinance because my credit isn't good enough.
Damages Included: All located on the Front driver's side… Corner panel, cracked tire rim, bumper, axle is bent and we also noticed their was something leaking from under the vehicle which be believe it to be from the transmission. Other then a few other dings and scrapes I think that is about all. But, we'd have to talk to the Office that currently is holding it.
I currently owe around $7,900 still. But, I can assure you that I always make my payments in a timely manor every month. I don't have the greatest credit at this time. How ever, I'm working on repairing that as well. To Re-build my credit. Hopefully you can either help me with my situation or lead me in the direction that I need to go.
My guess is that based on the estimate of damages you have, that the body shop/appraiser suspects "hidden" damages, which means that after they tear down your car, will they find more that needs repairs.
As a general rule, if the repairs exceeds 75 to 80% of the fair market value, then the insurance MUST total it and NOT fix the car.
IF, they total it, then they pay fair market value minus your deductible. Now, if the value is LESS than your loan, then, you will still owe on the balance of the loan.
IE; $6,500 value of Ford Escape
-500 deductible
Insurance pays loan company $6,000, leaving a balance of $2000 you owe to the loan company, plus addtl $500 deductible.
You should have full coverage on this vehicle since it is being financed.
If your vehicle was financed you probably have full coverage since most lenders require you to carry it.
It also seems your insurance has found you at fault in the accident, but regardless your collision will pay for your repairs and all you will have to do is pay whatever deductible amount you signed up for when you got your policy.
Get out your insurance rider and read it to make sure you have collision coverage, and make the claim.
The key is what you say---"Insurance company is not willing to fix due to police report." There's something missing here. If you have valid insurance with collision coverage the insurance company is obligated to pay regardless of fault---police report has nothing to do with it. Either you do NOT have collision coverage which means your insurance company is not obligated to fix your car regardless of fault OR, if you do have collision coverage, the insurance company is saying the car is totalled. If you had no collision insurance you are out of luck. If the insurance company is saying the car is totalled but you do have collision insurance they will pay you the car value minus your deductible and you can do what you want with the money. So what is the real situation here?
Sounds like the car was wrecked and you are responsible either way I believe the insurance company should pay for the damage. Unless you where not driving it
I would question why the insurance is not paying for the damages. Usually when you have an auto loan they require you to have full insurance coverage. That is the direction I would go.
My Insurance Company is not willing to fix due to police report.
they should pay if you were covered.
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