how does buying a car back work?

[ImpalaSlayer]

im wanting to know exactly how buying a car back works. im just wondering should anything happen to my car, i dont wana loose everything i have in it. especially since i owe what its worth (about 12k).

[Glockafella]

What are you about to do to that car?

[ImpalaSlayer]

What are you about to do to that car?

im not worried about what I might do to it more like other idiots on the road

[Glockafella]

Just get it insured for 20K

[FordNut]

If you still owe on it you may not have a choice. Most insurance settlement checks are made out to the owner AND the leinholder. The leinholder has to be paid off or has to have proof their collateral is repaired.

Some states have specific rules, but what I have done here in TN is file the claim, then get the settlement offer. Assuming it's a fair and reasonable offer for a total, I tell them I want to keep the car and ask what the settlement would be then. Usually they will let you keep it for 20% of the settlement offer. Here's where it gets sticky, some states will then require the car to be titled as a total, others you can just keep the title and have it repaired yourself so the car isn't titled as a reconstructed vehicle.

[LANDY]

well Dave, tey gave me 13,800 for my ride in mint condition with 84k miles, i owed 4500 they paid the car to the lien holder. they offered me 2k to buy back.
im sure your car is worth more than 12k. i have 21st century as in comany

[Joe Walsh]

I did this in April when my stepson totalled our very clean '95 GM.
We had bought the GM from my mom when she upgraded to a new Lincoln MKZ.
(the Lincoln dealer wouldn't give her squat for a trade-in because it was just over 100K miles.)
I asked my insurance company (State Farm) what the buy back value was on the totalled GM.
They quoted a ridiculously low amount, so I bought it back to part it out.
I've got to check the title to see if it is 'salvage only'...:dunno:, as I never had any intents to put it back on the road.

[Glockafella]

Do yourself a favor and take lots of pictures of your ride, inside, outside, motor, underneath, take good pics of all mods and keep copys of receipts. I do this every 6 months or so around my house, if it burns down I have something to show the insurance company if they try to rape me.

Explain to them how rare the car is, have some other examples printed "FOR SALE" that are supercharged. They wont know the difference between a Trilogy and Homemade Eaton...So this website might be helpful in regards to this.

Fight! fight! fight! for a fair payoff, get a lawyer if you feel like your getting railroaded.

I had a custom painted S-10 Lowrider in high school that was simply backed into. It had minor damage, but had to be painted at a custom paint shop that was more expensive. The insurance company wouldn't do it at first, but I insisted. evenually they caved and wrote me a check worth nearly as much as the car IMO. Needless to say, it was never fixed at that shop. But thats my choice, not theres!