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imstock2's thread of fail and AIDS

imstock2

By imstock2
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imstock2 Newbie

imstock2

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But that's not what happened.

 

If gap insurance kicked in, that means you owed more than it was worth. The bank didn't give you anything. In fact, you still owed them money after your primary comp/collision paid fair market value minus deductible. This is where gap kicks in... They pay the rest.

 

So you put 13,500 down (out of pocket)

Then bought it back for 6,600 (more out of pocket, you didn't get the 13,5 back)

Then spent fuck tons fixing it (out of pocket)

And now even more modding (yeh... Out of pocket too)

 

By the time it's said and done, you will have 40k of money out of your pocket for a salvage title c6. Congrats.

 

Your an idiot. I got all my cash back. I didn't spend a fuck tons fixing it. I only had 10k into the car when it was stock before I started modding. You can call faul all you want but that's how it went down. I have 10k in the rebuilt salvage c6. Then I started modding. I really don't want to add up how much I have in parts n shit modding it. Regardless it's a corvette and still has a wicked wow factor. You mad bro?

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macpyro2 Rookie

macpyro2

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Your an idiot. I got all my cash back. I didn't spend a fuck tons fixing it. I only had 10k into the car when it was stock before I started modding. You can call faul all you want but that's how it went down. I have 10k in the rebuilt salvage c6. Then I started modding. I really don't want to add up how much I have in parts n shit modding it. Regardless it's a corvette and still has a wicked wow factor. You mad bro?

 

How much in total do you have in parts n shit modding it? Your car has a wicked wow factor though...bro.

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2highpsi Newbie

2highpsi

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Your an idiot. I got all my cash back. I didn't spend a fuck tons fixing it. I only had 10k into the car when it was stock before I started modding. You can call faul all you want but that's how it went down. I have 10k in the rebuilt salvage c6. Then I started modding. I really don't want to add up how much I have in parts n shit modding it. Regardless it's a corvette and still has a wicked wow factor. You mad bro?

 

You got me. I am an idiot, and I am indeed mad bro. I let my jealousy get the best of me and I apologize. I've just always wanted a C6 and can't afford one. Reading back through it, your story is completely believable and there are zero inconsistencies.

 

Carry on

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JuicedH22 Newbie

JuicedH22

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Here is the problem dipshit. Its really hard to follow along with what you are saying because it is completely non-nonsensical.

 

First off: Insurance companies dont give two fucks what the loan amount is. When a car is a total loss, they pay out the ACV (actual cash value) of hte vehicle, based on whatever standards they use to determine that... it is usually around KBB value or other...

 

GAP insurance: This only "kicks in" when the value of the vehicle is worth LESS than the loan VALUE (because you dont just owe the amount of the loan, you owe the INTEREST as well)

 

If you bought a car for $38k and put $13.5k down, then your loan amount was $24.5K, and the loan value was that plus the interest for the APR over the life of hte loan.

 

If the bank sold you GAP insurance when you put $13.5k down on a $38k car, then you either had the WORST APR ever known to man, or they completely took advantage of your ignorance and convinced you that you needed it. And considering they explain how it works... you were either completely too dumb to understand it, the APR is astronomical, or you're lying about how much you put down on the car.

 

 

So you total the car 2 months after buying it, before even having a chance to make a payment.... The insurance company writes a check for the ACV of the car. You take this to the bank. If less than the loan amount, GAP kicks in, and you get nothing back, but you dont have to pay off hte negative (often referred to as being upside down) amount of the loan. If this check is more than the loan amount, then there is no GAP used (and was a waste of your money, since they charge you for that as well), and yes you get the difference in that. But this is often for the loan VALUE not the amount loaned.

 

And oh by the way, you still owe your deductible.

 

So lets back up and discuss that.... Before the insurance has ever cut a check, they offer the buy-back. If you choose hte buy back, the check they cut is for the ACV of the vehicle, minus your deductible, minus the buy-back price it could be sold to a salvage yard for. (usually salvage yards will make bids on what they will pay, and the insurance will sell it to you for this price, and not a penny less).

 

This is how things work in the real world. And why your shit makes no sense.

 

Lets put pen to paper and make this as best case scenario as it can be:

 

Purchase price: $38k

Amount down: $13.5k

Loan amount: $24.5k (loan value is some % higher than this)

 

BOOM car is totaled.

 

Lets say in 2 months the value is the same, maybe you scored a huge deal from the seller, etc... so for the sake of argument, the insurance is ready to say the ACV is $38K

 

Check: $38K - Deductible (I will guess $500?) - salvage value ($6.6K) So lets say 0% APR to keep it simple stupid and help you out more. That check is now $31.9K - $24.5K leaves $7.4k back from that $13.5k you paid... so the total amount you have into that salvage title c6 is now: $6100 (difference of check paid from Down Payment) + 6.6K pulled to buy it back + $3k in parts and $1.8k in paint you paid to fix.... leaving you out of pocket $17,500... not $10k...

 

However... that whole scenario seems irrelevent as you said you broke even on what the insurance paid the bank.... basically none of your story follows logically what happens in the real world.... and just makes you look more and more and more and more like an idiot.

 

Furthermore, there is no fucking way you were going to sell a salvage title ls2 c6 for over $20k and even now with all the other shit you are dumping into it, you would be lucky to find someone who would pay that for a salvage title car... dont believe, just try.

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imstock2 Newbie

imstock2

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Here is the problem dipshit. Its really hard to follow along with what you are saying because it is completely non-nonsensical.

 

First off: Insurance companies dont give two fucks what the loan amount is. When a car is a total loss, they pay out the ACV (actual cash value) of hte vehicle, based on whatever standards they use to determine that... it is usually around KBB value or other...

 

GAP insurance: This only "kicks in" when the value of the vehicle is worth LESS than the loan VALUE (because you dont just owe the amount of the loan, you owe the INTEREST as well)

 

If you bought a car for $38k and put $13.5k down, then your loan amount was $24.5K, and the loan value was that plus the interest for the APR over the life of hte loan.

 

If the bank sold you GAP insurance when you put $13.5k down on a $38k car, then you either had the WORST APR ever known to man, or they completely took advantage of your ignorance and convinced you that you needed it. And considering they explain how it works... you were either completely too dumb to understand it, the APR is astronomical, or you're lying about how much you put down on the car.

 

 

So you total the car 2 months after buying it, before even having a chance to make a payment.... The insurance company writes a check for the ACV of the car. You take this to the bank. If less than the loan amount, GAP kicks in, and you get nothing back, but you dont have to pay off hte negative (often referred to as being upside down) amount of the loan. If this check is more than the loan amount, then there is no GAP used (and was a waste of your money, since they charge you for that as well), and yes you get the difference in that. But this is often for the loan VALUE not the amount loaned.

 

And oh by the way, you still owe your deductible.

 

So lets back up and discuss that.... Before the insurance has ever cut a check, they offer the buy-back. If you choose hte buy back, the check they cut is for the ACV of the vehicle, minus your deductible, minus the buy-back price it could be sold to a salvage yard for. (usually salvage yards will make bids on what they will pay, and the insurance will sell it to you for this price, and not a penny less).

 

This is how things work in the real world. And why your shit makes no sense.

 

Lets put pen to paper and make this as best case scenario as it can be:

 

Purchase price: $38k

Amount down: $13.5k

Loan amount: $24.5k (loan value is some % higher than this)

 

BOOM car is totaled.

 

Lets say in 2 months the value is the same, maybe you scored a huge deal from the seller, etc... so for the sake of argument, the insurance is ready to say the ACV is $38K

 

Check: $38K - Deductible (I will guess $500?) - salvage value ($6.6K) So lets say 0% APR to keep it simple stupid and help you out more. That check is now $31.9K - $24.5K leaves $7.4k back from that $13.5k you paid... so the total amount you have into that salvage title c6 is now: $6100 (difference of check paid from Down Payment) + 6.6K pulled toE buy it back + $3k in parts and $1.8k in paint you paid to fix.... leaving you out of pocket $17,500... not $10k...

 

However... that whole scenario seems irrelevent as you said you broke even on what the insurance paid the bank.... basically none of your story follows logically what happens in the real world.... and just makes you look more and more and more and more like an idiot.

 

Furthermore, there is no fucking way you were going to sell a salvage title ls2 c6 for over $20k and even now with all the other shit you are dumping into it, you would be lucky to find someone who would pay that for a salvage title car... dont believe, just try.

In 2009 the going rate for a low mileage rebuilt salvage 06 c6 was Around 21ishk$ I wouldn't sell the car as a whole.. You never do that with a heavily modded car especially a corvette. Some reason people like them stock. I would sell off all my aftermarket parts and part the car out.

I'm still confused how you added the salvage vehicle price twice and got like 17k. They only charged me once for it but for the most part your fairly close

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Geeesammy Newbie

Geeesammy

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Imstock, here is my advice (and likely a lot of CR's as well)

Just come clean about bullshitting this whole story, quit posting until summer rolls around and come back with a revamped attitude.

 

Or just keep going all out potato and looking like a fucking moron. Your choice

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pontiacfreak142 Newbie

pontiacfreak142

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In 2009 the going rate for a low mileage rebuilt salvage 06 c6 was Around 21ishk$ I wouldn't sell the car as a whole.. You never do that with a heavily modded car especially a corvette. Some reason people like them stock. I would sell off all my aftermarket parts and part the car out.

I'm still confused how you added the salvage vehicle price twice and got like 17k. They only charged me once for it but for the most part your fairly close

 

learn how to read you fucking twat, he didnt add it in twice.

 

in 2009? you do realize that cars drop in value over years with out even being driven right? 21k then might be 13k or less by now since it has been driven.

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Green Bastard Newbie

Green Bastard

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I've only read pages 1 and 12 so the only thing I've learned from this thread is that apparently someone invented a keyboard that's operated by drooling on it.

 

Anyone care to fill in some cliffs for those of us that can't understand potatoese?

 

Op is a moron. Not much more to say.

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