Overhaulin'

What are my options for carrying over a car loan onto a new car loan if my car is damaged?

I'm paying on a car that I can't drive. What can I do about carrying over the amount I owe on it to a new car loan?

Public Comments

1. dig a deeper hole.. the dealer will help. what happened. no insurance?
2. In the true sense of an auto loan, this cannot be done. A refinance would need to be considered under a personal loan and it's doubtful a lender would finance a damaged car. I'm wondering how your car came to be damaged without adequate insurance coverage as there is usually an insurance requirement on all auto loans. ?? If you own property with equity, you could apply for an equity line/loan and use these funds to payoff your existing and purchase your next vehicle. What do you plan to do with your damaged car? Part it out, sell it? In doing so would it be sufficient to pay off the remaining balance? The best thing would be to sit down with a loan officer at your bank and explore financing options.
3. most dealers will let you move the remaining amount when you do a trade in. possibly you can find a dealership that will give you a few bucks for the damaged car and you sign the title over to them and put the remaing amount on to the next vechicle loan. may depend on the amount still owing on the damaged vechicle
4. Sounds like a tough situation. Go to a dealer though and see if they can help make it work. http://www.refinancingyourvehicle.com/
5. How much $$$ are we talking about? What do you owe, and what's the book value of the car in it's current condition? If you're withing a couple of grand, the dealer may take it in trade. If you have a $15k note and a wreak worth $1k, you're SOL on that one.
6. Yes you can carry SOME of the moneys on to a new car loan depending on your bank and the amount they will lend you on the new vehicle you are buying. If you lease a vehicle, most leasing banks will allow you atleast 110% of the value of the new vehicle your buying. so let say your buying a 30k vehicle and you've got the dealer to sell it to you for 28k, you can lease for 33k, so you are rolling up 5k on your old loan.