My parked 2014 Toyota was hit by runaway car (no driver - they said it must have come out of park on its own?) and the insurance appraiser called and said the car is a total loss. I owe about $12k on it because I got it financed from a lease with low payments, and KBB says it would have been valued around $8200 prior to the collision. I'm assuming I'm only going to get that $8200 from the insurance company, which leaves me with nearly $4000 I would still owe toward the car, and that doesn't even factor in me getting a replacement. I don't have any sort of gap insurance because I simply didn't expect something like this to happen - I'm a safe, defensive driver.
What should I do? I don't have a bunch in savings, and I personally feel I shouldn't have to pay for someone else's negligence. (I know not having gap insurance is already negligent - the irony is not lost.)
Edit: they came back with a value of ~$10.5k, so I’ll only owe 1.5k, which I have in a week or two (thank you earned time payback!). As far as getting a new-to-me vehicle, I don’t really WANT to lease a new car, but I also need a car ASAP as my earned time is gone due to starting a new job on 7/1. Any suggestions?
Submitted June 20, 2018 at 12:23PM by thegrailarbor https://ift.tt/2tkMr2I
