r/askcarsales • u/Old-Nectarine-4580 • 1d ago

US Sale Total Loss Neg Equity

Hello. Kinda in a situation. I got into a car accident and totaled my car. My gap coverage expired and now I have a $7000 balance I’m stuck with. Can I roll the negative equity into a new car loan without having a trade in due to the total loss?

0 Upvotes

45% Upvoted

34 comments sorted by

View all comments

Show parent comments

2

u/Old-Nectarine-4580 1d ago

Because the loan was extended past expiration date

7

u/kriswknight Lincoln GM 1d ago

Right but how long would it have to be extended to still owe $7000?

10

u/gganew Ford General Sales Manager 1d ago

Gap won't cover late payments or fee's either, probably more to this story.

1

u/JRGonzo89 Former Toyota and Scion Sales 1d ago

Yup