Timeline for Oh, hail. Totaled car, confused about buy-back options
Current License: CC BY-SA 3.0
6 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Jul 12, 2018 at 19:21 | comment | added | Shorlan | The only thing to be aware of for the salvage title is that some insurance companies will not provide coverage for it. Be in contact with your insurance co to ensure they will continue coverage or if they will have increased premiums or reduced coverage. Also, there would be more headache trying to re-sell the vehicle later, but it sounds like that is not in the plans, so no problem there. | |
| Apr 25, 2016 at 14:31 | vote | accept | 3Dave | ||
| Apr 18, 2016 at 14:38 | comment | added | 3Dave | Okay, got it. Not sure if it makes a difference, but we haven't signed any paperwork on this yet. | |
| Apr 18, 2016 at 14:37 | comment | added | user32479 | I didn't think you were trying to swindle them. Just commenting on how this transaction looks from their side. Also mentioning a potential miscommunication between you and adjuster about "keeping" the car as relates to the loan. | |
| Apr 18, 2016 at 14:36 | comment | added | 3Dave | Clarification: I am NOT trying to swindle the bank out of it's money, or keep the loan active. My thinking was that I would use the difference between the payoff (direct from insurance company to lien holder) to buy back the vehicle. I realize it would then have a salvage title, and that's fine with me. Aside from broken glass, and a bunch of dings all over the place, the vehicle is fine. I really don't want to get another multi-kilobuck loan if we could buy back this one. | |
| Apr 18, 2016 at 13:54 | history | answered | user32479 | CC BY-SA 3.0 |