The banks, like casinos, have all run their numbers. They know the statistics, they know the odds. If you're determined to come out on top, then you must RUN THE NUMBERS.
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<br> is car totaled when airbags deploy Pre-payment penalties are penalties that you are charged if you pay your loan balance off in a shorter time than originally negotiated. So, if you make monthly payments greater than what you're charged, or if you refinance your car loan, you will be charged a certain amount that was determined when you signed your contract.
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<br>If you have to finance most of the value of your car purchase, you can probably figure you will have a higher total loan than the book value of your vehicle for some time. In this case, the extra policy will protect your investment in case you have a serious accident and your vehicle is declared a total loss.
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<br>Just to give you a little background information I was 19 when this happened. I have always been the type that has to have a car I enjoy and want to drive, not just a dull touring sedan. Well when I was 19 a driver totaled my car and after the months of fighting with the insurance I had managed to get $5800. I was looking to buy a car totaled and the 1st thing I had decided was to buy a used car and not get a loan for a new one.
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<br>When an insurance company totals out a vehicle for any reason they now own it and they will auction it off. I know what you are thinking, Why would you want a car that has been totaled?
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<br>"Upside down" or "underwater" - Terms that mean you owe thousands more than the value of the car. This often happens when a person trades in a car and owes more than the value of the car he's trading in. The finance company allows you to add the unpaid balance of the trade-in to the financed amount of your new car loan. But then is my car totaled calculator be "upside down" in the loan, and you'd be in deep financial trouble without Gap Insurance.