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upside down on car loan after accident

This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Instead, take control of the situation yourself and do what’s right for you now and in the long run. This small omission of explanation causes more customer lawsuits against car dealers than any other reason. Keep in mind that determining the value of your car isn’t an exact science. Do the math. I m going to be upside down on my car after an accident that was not my fault can I get out of the car I receantly got a 1997 plymouth voyger from ray skillman for 8grand including intrest I was taken advantage of at car dealership already now two weeks later I got rearended and the insrace company only wants to give total loss and I feel Im being screwed agian and I need some advice. However, many people don’t understand how it works and become upset when they learn. After an accident, the insurer pays out the current value of your car (based on their estimate). NerdWallet strives to keep its information accurate and up to date. You might have to pay a higher interest rate, but it’s a good alternative given that you would not be able to get approved at all at a bank or credit union. When evaluating offers, please review the financial institution’s Terms and Conditions. The best way to get out of an upside down car loan with negative equity is to simply keep the vehicle until enough payments have been made that the remaining loan amount is less than the resale or trade value of the car — until some positive ownership equity has been built up. the only problem is i will be left without a car and i really have to have one. What happens to the negative equity? Only buy it if you are not making a large down payment or have a high-value trade in — such that you will not be “upside down” during any part of your loan. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, We want to hear from you and encourage a lively discussion among our users. It’s also common for many car loans to be upside down simply because monthly payments during the first months of a loan, which are largely finance charges, often do not keep pace with a car’s rate of depreciation. Rolling over negative loan balance into another vehicle loan, even a less expensive vehicle, will likely result in a worse upside-down loan situation and higher payments. The negative equity is simply added to the cost of the new car, which almost certainly places the new car into a new negative equity situation, but worse than before.

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