| 03-02-2024, 07:57 PM | #1 |
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Downpayment on financed car
What happens if you put a large down payment on a loan and the car is totaled ? I know it advised not to do for a lease but for a regular loan, wouldn’t you be in the same situation and insurance would most likely not pay you back your large down payment and just pay the remainder of the loan or am I missing something ?
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| 03-02-2024, 08:08 PM | #2 |
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Insurance will pay you actual cash value for the vehicle not the remaining balance of the loan.
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| 03-02-2024, 11:24 PM | #3 |
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Insurance will pay, current car value as per rhe insurance policy terms. That goes first to pay for the loan, if there's any money left, it goes to you. If it is less than your car loan balance, you have to cover, pay, the difference.
In the event that you did pay a larger down-payment, more than 30%, it is most likely that there will be some money left for you. |
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