My car settlement is 500-800 lower than what I owe my bank

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My car settlement is 500-800 lower than what I owe my bank

I am negotiating a fair amount of
14,500 which they are only paying me
14 k. I asked for 15,000 before but
the adjuster explained with various
resources how much is the fair price of
my car. I just want them to pay the
whole amount of my car. I hope you
can give me a sound advice regarding
this matter. A good letter to close my
deal. Thank you.

Asked on June 30, 2017 under Accident Law, Washington

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You would have to pay the balance out of pocket, since the full remaining balance of the loan must be paid regardless of how much you received in settlement. Therefore, unless you had GAP insurance to pay any shortfall for you, you will have to pay that shortfall yourself. You can try to negotiate more, but at the end of the day, they do not have to pay more than the then-current fair market value of the car (what it was worth), even if thati is less than owe.


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