{"id":69,"date":"2019-06-14T15:58:21","date_gmt":"2019-06-14T15:58:21","guid":{"rendered":"https:\/\/www.gcsjunkcars.com\/blog\/?p=69"},"modified":"2019-06-14T15:58:21","modified_gmt":"2019-06-14T15:58:21","slug":"what-you-need-to-know-about-auto-loans-and-total-loss-cars","status":"publish","type":"post","link":"https:\/\/www.gcsjunkcars.com\/blog\/what-you-need-to-know-about-auto-loans-and-total-loss-cars\/","title":{"rendered":"What You Need to Know About Auto Loans and Total Loss Cars"},"content":{"rendered":"\n

If you are in the red with your car loan, you can add\nyourself to a long list of other car owners in Kentucky. It is not uncommon as\nyou think to receive a low settlement check from your insurance provider when\nyour auto loan vehicle is totaled. If you recently totaled your car, and you\nstill owe money on your car loan, you may be in for a rude awakening. Likewise,\nif you already made a claim with your insurance company, and received a check\nthat did not seem very fair, you may also be in for some bad news. <\/p>\n\n\n\n

Continue reading to learn the most important points about auto\nloans and total loss cars, including what your options might be if you still\nowe on your loan or got a low settlement.<\/h3>\n\n\n\n
\"Louisville
Louisville Junk Car Buyers 502-804-5605<\/figcaption><\/figure>\n\n\n\n

Actual Cash Value and GAP Coverage<\/h1>\n\n\n\n

When it comes to your automotive coverage, your vehicle is\nprobably insured at \u201cActual Cash Value\u201d, which estimates the value of your car\nat the time of loss. Such assessments consider depreciation, market value, and\nmore. So, if you were not able to make at least a 20% down payment on your car,\nyou should have been encouraged to opt for GAP insurance, which basically protects\nagainst the depreciation loss of a car that is more than the amount of money\nyou owe a creditor on that car. This means if you had a GAP policy, it would\npay the difference between what the car is worth and what you owe.<\/p>\n\n\n\n

For example:<\/em><\/strong> you purchase a car with a 5 year automotive loan. After one year, you total the car. Your car is now worth less than what you still owe, and the insurance check you receive for the accident claim will not cover the amount you have left on the loan because the majority of the payments you\u2019ve made over the last year went straight to interest, and the car depreciated significantly. <\/p>\n\n\n\n

This situation happens every day to millions of car owners\nacross the country. If this happens to you, your best option would be to\nforfeit your loss and consider GAP insurance coverage on your next vehicle\npurchase. If you have an old auto loan that you are still paying off after\ntotaling a car, avoid combining it with a new auto loan. This is a setup for\nmany problems. Furthermore, it is important to know that warranties are not\ncovered in a total loss situation, so you will be obligated to fulfill your financial\nduty even though you are no longer have the car.<\/p>\n\n\n\n

Where to Get Advice on Total Loss Cars<\/strong><\/h2>\n\n\n\n

Call GC\u2019s Junk Cars at 502-804-5605<\/strong> if you have a totaled car in Louisville<\/a> and its surrounding areas. Not only do we buy all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! No title? No problem! Contact us today to request a free estimate.<\/p>\n\n\n\n

\"Louisville
Louisville Junk Car Buyers 502-804-5605<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

If you are in the red with your car loan, you can add yourself to a long list of other car owners in Kentucky. It is not uncommon as you think to receive a low settlement check from your insurance … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":70,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[43,46,23,20,44,45],"class_list":["post-69","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sell-a-junk-car","tag-auto-loans-total-loss-cars","tag-sell-totaled-car-louisville","tag-total-loss-car-definition","tag-total-loss-vehicles","tag-totaled-car-auto-loans","tag-totaled-car-still-owe-loan"],"_links":{"self":[{"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/posts\/69","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/comments?post=69"}],"version-history":[{"count":1,"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/posts\/69\/revisions"}],"predecessor-version":[{"id":71,"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/posts\/69\/revisions\/71"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/media\/70"}],"wp:attachment":[{"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/media?parent=69"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/categories?post=69"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcsjunkcars.com\/blog\/wp-json\/wp\/v2\/tags?post=69"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}