Originally Posted by
F22B Prelude
She bought a 2007 Chevy Cobalt in 07 for $14500...list was $20k...she's been trying to tell me she is driving around a 20k dollar car..Im telling her, her car is worth what she paid for it...
Now argument #2...If you buy a car, loan was for 12k..you total the car and its valude at 14k...do you get a check for 14k pay off the 12k and then get to pocket the extra 2k?
It was my impression they cover the loan and thats that and any extra goes to the bank, or if its less you pay off the rest....
It's a 14K car...it's a cobalt, and it's almost a two year old one at that.
If the insurance company pays you 14K and you only owe 12K you get the difference. If it pays you less than the car is worth you owe the difference.