Join Date: Jan 2012
Location: Alberta, Canada
Re: Advice dealing with auto insurance....
Just some background, I owe about $16,000 on the car loan. When I purchased it in June 2014 I had a 0% interest rate..now the interest rates are not 0% primarily because the 2017's are the bulk of inventory. The sales price I paid at that time was $28,000.00 minus my trade in at the time, which was $3,000.00 so I financed $25,000.00.
So to me in fairness, if I have to buy a comparable vehicle, I do not want to be financing more than $16,000.00 plus add in some extra to cover the interest (which depending on the rate say 2%, etc. can add up to at least $1,000.00 over the period of the loan amortization.
Regardless, if it is written off I am going to have to pay VW the loan balance and if all I am given is say that amount to cover the loan, then I have nothing to put down toward another vehicle.