Hit by uninsured driver - total loss?
04-02-2010, 07:13 AM
#16
Registered User
Join Date: Jun 2008
Location: Columbus
Posts: 521
Likes: 0
Received 0 Likes
on
0 Posts
I'm glad that you were't hurt. I am always nervous driving on Morse around there.
Take the $13,500. I think that it is a very fair offer.
You might want to test drive a WRX/STI, but you'll probaly come back to another S. This way you can either buy one for close to what they gave you, or use it as a down payment on a newer one with fewer miles.
Take the $13,500. I think that it is a very fair offer.
You might want to test drive a WRX/STI, but you'll probaly come back to another S. This way you can either buy one for close to what they gave you, or use it as a down payment on a newer one with fewer miles.
04-02-2010, 07:38 AM
#17
my plan was to buy a condo/house soon, since i'd be a first time buyer. does anyone know how taking out a car loan would affect interest rates on a mortgage?
per my insurance policy, i must buy a car within 30 days of accepting the 13.5K. if i want an AP2 with low mileage, i would probably have to take a loan. if i look for something around 13-14K, i'd probably be looking at an AP1 with med-high mileage. Any thoughts?
Thanks!
per my insurance policy, i must buy a car within 30 days of accepting the 13.5K. if i want an AP2 with low mileage, i would probably have to take a loan. if i look for something around 13-14K, i'd probably be looking at an AP1 with med-high mileage. Any thoughts?
Thanks!
04-02-2010, 07:51 AM
#18
you wouldn't have got $13.5 if you had sold the car in mint condition with the miles. take the money and buy a newer S with alot less miles
i don't have uninsured coverage but i'm rethinking that idea and i think i'll call and add it on
i don't have uninsured coverage but i'm rethinking that idea and i think i'll call and add it on
04-02-2010, 07:53 AM
#19
I'd be tempted to finance $3-5k and get a newer car with under 30k miles, but that's me. I would look for low mileage in any case since you have the option.
On the condo, go ask the bank.
The dollar amount of your car payment might be pretty important, depending on the circumstances. If I understand it right, a car note is subtracted from your 40% gross income or whatever the figure is they use to determine your finance amount--meaning if they say you can pay up to $1900/month on a mortgage due to your income / etc, they then subtract your car payment (and any CC / student loan / some other types of debt) from that figure. So if you had a $600/month car payment, you might only finance for $1900-$600=$1300/month worth of mortgage. To counter this, you can always finance the money over a longer term than you will to pay it off in to keep the payment dollars low, ie finance over 3-4 years so the bank sees a piddly $130/month note as your obligation. Then overpay and get it paid off fast anyway. But ask the bank; they can look at all the numbers and tell you.
On the condo, go ask the bank.
The dollar amount of your car payment might be pretty important, depending on the circumstances. If I understand it right, a car note is subtracted from your 40% gross income or whatever the figure is they use to determine your finance amount--meaning if they say you can pay up to $1900/month on a mortgage due to your income / etc, they then subtract your car payment (and any CC / student loan / some other types of debt) from that figure. So if you had a $600/month car payment, you might only finance for $1900-$600=$1300/month worth of mortgage. To counter this, you can always finance the money over a longer term than you will to pay it off in to keep the payment dollars low, ie finance over 3-4 years so the bank sees a piddly $130/month note as your obligation. Then overpay and get it paid off fast anyway. But ask the bank; they can look at all the numbers and tell you.
