Can I sue for negative equity on totaled used car?

I financed a used car about 2 and a half weeks ago. This Saturday someone ran a red light and hit my car, sending it into a telephone pole. I'm pretty sure that the car will be a total loss/ write off and I'm worried that the insurance company will give me the blue book value of my car and I'll be left to pay the remaining amount owing on my loan which will probably be around $2000.



My question is, can I sue the other driver for the remaining amount that I will owe on my loan? He has admitted fault and also was charged for wreckless driving/ running red light.



It just doesn't seem fair that I could be doing everything right, just driving down the road and this guy can drop a large debt on my lap.Can I sue for negative equity on totaled used car?
First if you're afraid you're going to owe on your car, 2 things: you either overfinanced your vehicle OR you didn't buy GAP insurance. Either way that's your fault. Second, you are due the actual cash value of your vehicle which is NOT blue book.

Can you sue? Nope....a judge is going to tell you what I just told ya---the dirtbag owes for your damages, the dirtbag is not responsible for your large debt, that is over financing OR your failure to obtain proper coverage, which in this case is GAP insurance.
You should already know this, but the answer to your question depends on whether you borrowed more than the car is worth or not.



You didn't mention that, and it's going to be important. A lot of people, buying a $2000 car with $3000 book value and a good bank, might borrow extra money and blow it on something like polyester pants or Barry Manilow records. If you did that, you'll have to pay for it.Can I sue for negative equity on totaled used car?
How much you owe on the car is your problem. The other driver or their insurance company is only liable for the fair market value of the vehicle. You should have bought gap insurance to cover the negative equity. It isn't the other drivers fault you made a bad deal and got in over your head.
1st off, if your car is totaled, they will only pay ACV, (actual cash value) pre-accident; so if you bought this car for 2k and it was only worth 1500 pre accident, then that is what they will pay you; you will then owe 500 more for the loan; go to nada.com or edmunds.com and find out what the value of your car was pre-accident; that should be the amount they will pay for your totaled car; (remember that the dealer does not sell you a car at "true value" or they would not make money)



you cant sue for the unpaid loan amount; you can only be paid ACV for your auto; this person owes for what the value was, not the loan amount; unless you have gap insurance or paid a substantial amount for a down payment prior to the 2k loan, you will most likely get only the ACV;



also a lawyer will not take an property case (auto); if so, he will take either 1/3 or charge you an hourly fee; so as an example; say you are paid 1500, the lawyer takes 500 and you get 1000; you are now 1k down on the loan and from the lawyer; attorneys are interested in injury cases; look in the yellow pages and what do you see? are you injured? call us;



i know that you are unhappy about being in the wrong place at the wrong time, but be happy he has insurance; otherwise, your company will pay you ACV and you will pay your deductible which most likely is 500;Can I sue for negative equity on totaled used car?
You can try. But in the future, always buy gap insurance.
The other guys insurance should pay off your car.
YES YOU CAN AT THE CIVIL COURT AND AFTER YOU WIN ASK THE JUDGE THAT YOU WOULD LIKE TO HAVE THE OTHER PARTIES WAGES GARNISHED AS WELL.



IF YOU GET NOWHERE WITH THE GARNISHMENT THEN YOU WILL NEED TO PUT A LIEN ON THEIR PERSONAL AND PRIVATE PROPERTY AND THAT WAY THEY WILL HAVE TO SATISFY THE LIEN BEFORE THEY SELL OR PURCHASE ANYTHING LARGE IN VALUE THAT REQUIRES A CREDIT CHECK.



GOOD LUCK.
Get a good lawyer, you should be able to recover the excess cost, plus enough to pay the lawyer and maybe a little extra to put a down payment on another car. It could take several years, tho. My husband was hit by a car that ran a red light in 2002 - April. We just got a settlement to cover expenses this month...Oct. 2007. expenses were not a new car...we bought it in 2002 and just paid it off in Aug. the settlement came nowhere near close to do that. we are able now to pay off the Dr's bills and such...and we might have $1000 to put in a savings acct. when it's all said and done. but with a good lawyer, all your expenses should be covered.