brand new Finance Car being totaled after 3 months

Submitted by Strike_Emergency t3_ydlf5k in personalfinance

hello guys! i just want to ask regarding my case. We bought a new car last July 2022 (Finance with 6.2 apr), sadly we had an accident ( Rear ended) last week and ended up my car being totaled. I just want to ask if what will be the scenario of this one, Do I need to pay my totaled car in full or will the insurance pay my remaining finance balance?I did avail the GAP insurance from the finance company. sorry for asking this guys,I am new to car insurance since I am new immigrant. Thank you

1

Comments

You must log in or register to comment.

wolfysalone t1_itsvm15 wrote

Gap insurance will pay the remainder. This is why it's called gap insurance

7

Strike_Emergency OP t1_itva924 wrote

Replying to wolfysalone (#230,777)

Thanks for replying, How about the APR for these because this was supposedly to be paid for 6 yrs. Do I still need to pay the APR or interest even if the insurance paid the acutal car price?Thanks

1

Strike_Emergency OP t1_itva9j4 wrote

Replying to [deleted] (#231,323)

Thanks for replying, How about the APR for these because this was supposedly to be paid for 6 yrs. Do I still need to pay the APR or interest even if the insurance paid the acutal car price?Thanks

1