Brief Explanation of a Total Loss Vehicle

Although it can vary from state to state, a car is deemed totaled if it meets one or more of the following circumstances: 1) the cost to repair it exceeds the actual cash value (ACV), 2) repairing it would be dangerous, or 3) it meets the state’s total loss guidelines. So, you know your car is totaled, but you still owe on the car loan. What do you do? Well, you have at least 3 viable options. The course you choose will depend on your current economic condition, state regulation, and the discretion of the insurance company.

► Pay Off the Remaining Auto Loan Balance

An auto loan or financing agreement does not disappear when a car is totaled. Unfortunately, you are still legally obligated to pay. Sure, paying off the remaining auto loan balance is easier said than done, but nonetheless, a viable option worth mentioning. By satisfying the remainder of the loan or financing plan, you can avoid any future financing problems or approvals. You can either pay the balance in full or continue making your regular scheduled payments.

► Negotiate a Deal With the Insurance Company

If you cannot afford to pay off the auto loan or have barely made any payments as of yet due to it being a brand new car, you might be able to strike a deal with the insurance company. Do your research to see how much your car’s actual cash value is using trusted, certified sources like KBB or Autotrader, then use this data to prove that your vehicle is worth more than what the insurance company is willing to pay.

What NOT To Do

The above two options are what you can do after totaling a vehicle you still owe on, but there is one thing you should not do. It is strongly discouraged to roll the remaining auto loan balance into a new loan. This will only increase your interest payments, making it harder to pay it off in a reasonable time frame. Keep your auto loan and other loans separate.

If you are not happy with the insurance company offer for your totaled vehicle, sell it for cash on the spot to a trusted Ohio auto salvage yard! Contact GC’s Junk Cars at 513-991-4776 for professional cash for totaled cars in Cincinnati Ohio. We provide free junk car removal and instant offers! Request a free offer today!

Related Posts:

A blown car engine is a serious fiscal undertaking. On average, a replacement or rebuilt car engine will cost you at least $3000 or $4000 just for a 4-Cylinder engine, or an upwards of $7000 or $8000 for a V6 or V8. It really just depends on the make and model of your vehicle. To make matters worse, car engine replacement is so expensive that oftentimes it exceeds the current market value of the vehicle itself. This means that the insurance company will deem the vehicle totaled. If you have just blown your car engine but you cannot afford to replace it, you still have some viable options to choose from.

Continue reading to learn what to do if you cannot pay $5000 to replace the blown car engine in central Ohio.

Cash for Junk Cars Cincinnati Ohio 513-991-4776

Sell Your Car to an Auto Salvage Yard in Indianapolis

Blowing a car engine while covered under automotive insurance is one thing but blown a car engine without having and active car insurance policy can really leave you in the dust. Fortunately, in either case, insurance or not, you can always sell your junk car to an auto salvage yard in Indianapolis.

So long as you choose a reputable and experienced Cincinnati cash for cars company, you can expect to get paid cash on the spot for your junk vehicle. Regardless of its condition, age, make, or model, an Ohio auto salvage professional will buy your junk vehicle and pay you its market worth in scrap. You can then take this easy profit and put it towards a new car purchase.

Covered By Auto insurance?

In the case that you blow a car engine, but you do have an active insurance policy, and auto salvage yard in. Cincinnati can still benefit you. Although your insurance deductible will go towards repairing your car engine by replacing it altogether, you can inquire about keeping your blown car engine. If the insurance company allows you to keep your blown car engine, you can sell your junk motor to a Cincinnati junk car buyer for cash on the spot. In fact, this year, engines are one of the most sought-after automotive parts by auto salvage yards in Ohio.

How Much is a Scrap Engine Block Worth?

Current market values for junk cars and motors are constantly changing. Generally, motors are valued between $0.37 and $1 per pound. The most sought-after scrap metals in junked engine blocks include aluminum, copper, and steel. All of these materials can be recycled and repurposed.

Is your vehicle totaled because the car engine blew? Contact GC’s Junk Cars at 513-991-4776 for professional cash for cars service in Cincinnati Ohio. Our junk car buyers only pay in cash and provide free junk car removal service. We also pay cash for used and junked auto parts!

GC’s Junk Cars – Cash for Cars

Monthly Archives: April 2022

Did You Total a Car With an Unpaid Loan?