GinuwineEvo8

iTrader: (7)

Hey everyone. I've been an owner of a TB evo since 2004. It was recently stolen from me in front of my house. I still owe $$$ on the car and I have gap insurance and loan/lease payoff from my insurance.

Heres my question. My credit was much greater in 2004 then it is now in 2008. How does it work if the car is considered a total loss? Will they to help me get into another car and run my credit or ?

Anyone else who's experienced any of this have some input? I've googled and searched here on the boards but to no adue- seems to me everyone has some stellar credit . I think mine is down in the 500's due to a divorce (lots can happen in 4 years).

Any input? I wouldnt want my car to be totalled, only to end up in a honda fit or something lol ... a X would be nice, but another 8 or perhaps a 9 would be ideal ..

haLP

Chemwarrior

iTrader: (14)

My advice to you would be to call your insurance company and ask them those questions. They will be the ones that can give you actual data.

Import Junky

iTrader: (7)

That's a tough situation to be in. Your credit may be bad but can you put any money down on a new loan? If you're considered "High Risk" they may work with you if you've got the cash. If you're gonna get stuck with a high interest rate then do yourself a favor and pay extra each month. What I mean is if your car payment is $500 a month then try to pay 550-600 to pay more of the principal off. It'll be payed off sooner and negate some of that interest.

Thegame

iTrader: (26)

Your 04 must be worth at least $22,000 under KBB retail value. That is the value the insurance co will give you for the car. I highly doubt you could owe that much money on the car still. If you do somehow owe more than the car is worth, the gap insurance will cover the difference. But in the end you're left with nothing. Go to KBB and find the value of your car. Call your lien holder and find out what the payoff amount is for the loan. Compare and go from there.

heavens turbo

no. the payoff and getting a new car are 2 seperate things. they will a)payoff the loan or b)not payoff the loan. you're on your own about getting a new one. even if they did run your credit, it would drop due to being checked. then at the dealer, they would check again. you would be in the 400's before you know it. LOL.

GinuwineEvo8

iTrader: (7)

Thnx for the answers ... P.S. your credit can be checked on multiple items and wont lower if they are of the same inquery within 14 days. i.e. car loans x2, house loans x3, etc ...

And no I dont owe 22k- but hopefully they will give me somewhere north of 20k- It'll help me get into another vehicle.

krazirob

iTrader: (12)

how does a car get stolen from somones house.....?? thats crazy man....

good luck though on your next buy

tjordan06

iTrader: (2)

I work with this situation on a regular basis at my dealership. what you need to do is NOT get information off of a forum.......... you will get more missinfomation and half truths than you will ever know..... these are sensitive situations that must be handled carefully you must find a trustworthy secondary finance dealership or bank and have them guide you through the process

This can go one of two ways... either your new car loan can become the dominate item on your credit and you will soon have much improved credit.... or if done improperly will damage your credit and situation even more!!!!!

Please find someone knowledgeable in your area and get the help of a PROFESSIONAL!!!

I am a professional and would be happy to answer any questions
Tim

gsrboi80

iTrader: (38)

Your gap insurance will cover any difference between what they will give you for the car as a total loss and what you actually owe.

Getting into a new car however is a different thing and they will run your credit as of now

Import Junky

iTrader: (7)

I know you mean well and I'm not knocking what you're saying. The problem is that there is no one out there that's willing to lend a helping hand without compensation. I consider any and all people dealing with finance a snake until proven otherwise. Everyone wants their cut and it's a shame he might have to pay for it.

GinuwineEvo8

iTrader: (7)

^ I'm just taking the advice on here with a grain of salt. By no means intarweb = teh LAW lol ... perhaps other people were in my situation and wanted to shed there .02 ... That is all

Yodobashi

iTrader: (5)

Buy something cheap and get your credit cleaned up. Sounds like you aren't in a position to be driving an Evo right now.