any idea what the value of the 05 LS hatch is?

[AveoBlack]

while my Girlfriend was out driving my car, some old man in a huge land yacht blew through a red light and tore the front end off my car. i had to call his insurance company to figure out what was going on, and when i finally got a phone call from them, it was actually from an auto auction facility. apparently insurance companies haul your car off to an auction where they have an appraiser look at your car?? it doesnt sound good. they explained to me how the process works and it doesnt even sound legal. first off, let me establish they already admitted he was completely to blame. with that said, they are going to take the value of the car, and subtract that from what i owe GMAC. if the remainder excedes what i owe GMAC, then im written a check for that amount. and if it doesnt, then i have to pay the balance off. we all know our cars arent worth that much. it doesnt even sound legal that i have to continue to pay for a car i dont even own, because of someone elses negligence. correct me if im wrong, but shouldnt they have to cut me a check for the cars value, then pay off my balance to GMAC? i owe GMAC $6,000, and i just know they wont say the car was worth anything near so much as 5K. this leaves me very pissed. this all happened right after i got the body kit, rims, lowering springs, projectors, altezza's, and cold air intake on too.

[Fighting Irish]

The insurance company can do that. They base your insurance on what kind of car you have and how old it is, and unless you have GAP coverage, they'll only pay you what it is worth.

You might be able to take the other driver to small claims court though to make up for any extra that you might owe GMAC. I doubt it would work, but it might.

You can always look up on http://www.kbb.com/ what the retail value of your car is. Chances are it is around $6000 or so. Depends on miles, condition, options, etc. And if your insurance company quotes it lower than what the website states, you can always argue it with that as your source.

[petrified.rabbit]

Do you still have the receipts for the stuff you just bought and put on. They need to consider that too... at least in my state.

[AveoBlack]

Do you still have the receipts for the stuff you just bought and put on. They need to consider that too... at least in my state.

i may have some, but off the top of my head im not sure. the parts are still on the car, but my projectors are completely smashed, and are now part of the hood/radiater/engine

[Wolfman AK907]

Damn dude, that's messed up. I'm sorry to hear it. Now you should get an 09' like mine lol.

[subachad]

How is what you owe on the car the insurance companies problem? They are there to make you whole, not make you whole and kick down extra. If that was the case we would all be upside down since all we have to do is have an 'accident' and the car will be fully paid off. They will give you what the car is worth, make sure you not only check kbb but also the local newspaper and autotrader as it could be worth more or less in your area.

In the future, don't borrow so much, if you do, get GAP.

[Wolfman AK907]

GAP is almost a must with so many stupid drivers out these days. It's worth the investment when you need it. "WHEN" you need it, there's no if in this world anymore.

[khan4rtist]

you may have to consult an attorney, insurance companies are here to **** you over, not help you.

[AveoBlack]

How is what you owe on the car the insurance companies problem? They are there to make you whole, not make you whole and kick down extra. If that was the case we would all be upside down since all we have to do is have an 'accident' and the car will be fully paid off. They will give you what the car is worth, make sure you not only check kbb but also the local newspaper and autotrader as it could be worth more or less in your area.

In the future, don't borrow so much, if you do, get GAP.

its the companies problem by virtue of their client being completely at fault. she didnt drive out in front of him, he hit the gas and blew through a red light.

[AveoRob]

Here are some more considerations...OK, lets just say the value of that particular car/miles/options is 5K and you owe 6K. If they give you a check for 5K you should be able to buy another car outright with that, and carry the same note on it, you are not out anything, you still have a similar car and you are still 1K upside down. Now if you have to pay tax and tags, etc. on the 5K for the new car, then you are out that money and I would try to recover that too. Like said before make sure you justify the value in KBB or edmunds, who knows in this market you may end up out ahead.