What happens if my car is Totalled and I owe more than it's worth?

If your vehicle is totaled and you still owe money on it, a payment will be made from your insurance company to your lender.

If you owe more on your vehicle than it is worth, you will most likely be responsible for paying the lender the remaining loan balance.

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What to do if you owe more than your car is worth?

Keep the car you've got until you're above water (until the car is worth more than you owe).Roll the negative balance into your new car loan — this costs you nothing out of pocket, but be aware that you'll likely be making higher monthly payments and you'll still have to pay off the negative bala...

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Can you trade in a car if you owe more than it's worth?

Trading In a Car When You Owe More than It's Worth.Trading in a car typically means you will earn back some cash to be put toward the down payment of a new vehicle.However, if you are upside down on your car loan, you will owe money at trade in.The value of your car is lower than the sum remainin...

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What happens if I total my car and it's my fault?

If the accident is YOUR FAULT, you carried collision coverage and your car is totaled, the insurance company is supposed to write you a check for its actual cash value, minus your policy's deductible.Obviously, the higher the ACV of your totaled car, the better it is for you.

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What to do when you owe more than your car is worth?

Keep the car you've got until you're above water (until the car is worth more than you owe).Roll the negative balance into your new car loan — this costs you nothing out of pocket, but be aware that you'll likely be making higher monthly payments and you'll still have to pay off the negative bala...

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What can you do when you owe more than your car is worth?

When you owe more on a car loan than the car is worth, there are many terms used to describe the situation.The condition is most often referred to as being upside down, underwater, or having negative equity.If it has a higher market value than the loan, you have positive equity.

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What happens if I total my financed car?

Totaling your car can ruin your year, but it's especially traumatic when you still owe money on the vehicle.If your vehicle is totaled and you still owe more than it's worth, your car insurance company will pay only actual cash value (ACV) for your vehicle.

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What if my trade in is worth more than the car I'm buying?

At the time of the actual trade transaction, your car dealer will pay you the difference between what your trade-in is worth and the price of the car you are purchasing.Some states only charge taxes on the net sales amount after the trade in.In this case, you would owe nothing.

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What happens when your car is totaled and you still owe money?

Totaling your car can ruin your year, but it's especially traumatic when you still owe money on the vehicle.If your vehicle is totaled and you still owe more than it's worth, your car insurance company will pay only actual cash value (ACV) for your vehicle.

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How much is your car worth if it is totalled?

It is worth how much of it can be re-used

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Can I keep my car if it is totaled?

Keeping a vehicle that your car insurance company has totaled.If you decide to accept the insurer's decision to total your car but you still want to keep it, your insurer will pay you the cash value of the vehicle, minus any deductible that is due and the amount your car could have been sold for ...

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What happens if you still owe money on a totaled car?

Totaling your car can ruin your year, but it's especially traumatic when you still owe money on the vehicle.If your vehicle is totaled and you still owe more than it's worth, your car insurance company will pay only actual cash value (ACV) for your vehicle.

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Does the vehicle have to be worth more than the amount owing in order to repossess it?

No. Vehicle can be resold, you still take the hit on your credit.

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What do I do if my car is totaled?

Contact your agent and initiate an insurance claim.Your insurer will determine whether the vehicle is a total loss, based on repair costs.Your insurer will issue payment for the actual cash value of the totaled vehicle, minus your deductible on your comprehensive or collision coverage.

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Can I scrap my car if I still owe finance?

Outstanding finance means you don't own your car There are some situations where you might be able to sell your car successfully, but you certainly won't be able to take it to a scrap yard and have it legally scrapped – they'll know it's on finance and will refuse there and then.

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What happens if I drive my car while its overheating?

If you are driving a car that is overheating but still has coolant, as in the case of having a faulty thermostat, the high temperatures can cause the antifreeze to boil, expand, and cause intense pressure within the radiator hoses.

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Can I use my car as collateral if I still owe on it?

If you own your car outright, you could use it as collateral.If you have a car loan, you might have enough equity.If you have enough equity, you may be able to use your car as collateral to get the loan you want, though you should check with your lender to make sure the loan terms will allow it.

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Can I junk my car if I still owe on it?

Unfortunately, it's not always possible to own your car outright.In many cases, you may owe money on your vehicle.And if you have negative equity in your car and need to sell it, the process can be a bit complicated.In fact, selling a car is never an easy thing to do.

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How much is your car worth if it is totaled 2004 Chevy cavaliar with 156000 miles?

That depends on how much damage has been done to the car.

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Car is totaled but still owe?

If you've got full coverage insurance, make a claim. They should take over payments. You'll be car-less, but won't owe anymore.

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What happens if you put more coolant than water?

Water has a much higher specific heat than coolant - meaning that water will transfer more heat from the engine than coolant.A mix of coolant and water will lower the freezing temperatures and slighly raise the boiling temperature.

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What happens if your car is stolen and you still owe money?

If your vehicle was stolen the insurance company will pay out the value of the vehicle.You can then take this money and pay off your loan.Keep in mind the insurance only pays what the car is worth so you may owe more on the loan that what insurance pays out.No one steals car loan.

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What happens if I leave my keys in the car and it gets stolen?

It is a common insurance myth that insurers will not cover a stolen car claim if the keys are left in the vehicle.This is not true.Whether you left your vehicle unlocked, have a spare key in your vehicle, or even left the keys in the ignition, in most cases, your claim will be settled.

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Will CarMax buy my car if I still owe money on it?

In some cases, the negative equity can be included in your financing when you buy a CarMax car.CarMax Car Buying Centers can accept cashier's or certified checks and certified funds.CarMax stores also accept cash and debit cards.If the amount you owe is less than $250, we will accept a personal c...

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How do you sell a car on which more is owed than what you could sell it for?

Talk to a loan officer at the lending institution and let them know what you're trying to do and make arrangments to pay the balance after the car is sold. If they know that you have plans to take care of the rest of the debt, they'll probably be willing to work with you. Unfortunately, if it's a...

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Will a dealership buy my car if I still owe?

Trading in a Car You Still Owe On One option is trading in your old car during the process of buying your next vehicle at a dealership.It's convenient, because the dealer can pay off the loan balance if you still owe, and, in an ideal scenario, it also reduces the purchase price of the vehicle y...

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What happens if a financed car is totaled?

If your vehicle is totaled and you still owe more than it's worth, your car insurance company will pay only actual cash value (ACV) for your vehicle.Your car insurance company would pay out $14,000 for your totaled vehicle.The money wouldn't come directly to you because your car is financed.

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What happens if insurance totals your car?

If the insurance company totals your car, it will pay you the car's actual cash value, minus your deductible, and your car is then sent to a salvage yard to be auctioned off to the highest bidder and usually chopped up for parts.The insurance company keeps whatever money it got for the car in sal...

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Is it worth it to use more than 85 octane fuel?

Check your owners manual for fuel recommendations. Unless the engine has a high compression ratio, it will not benefit from higher octane fuel.

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Can my car be repossessed if I have paid more than half?

The car can be repossessed if you break the terms of the agreement, for example, by missing payments.If you have paid more than one-third of the hire purchase price, a lender cannot repossess the car without taking legal action against you.

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If someone ran a stop sign and totaled my car will i get paid in full?

If the other party was at fault, you should get reimbursed. Now, if you still owed on your car, the total owed will be paid off. What ever is left over will be sent to you. You can also get compensated for any injuried you sustained, time off from work due to the injuries, the medical bills paid ...

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What if your car is worth less than the damage?

That is the true definition of totaled ...when the repair cost is more than the car is worth

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After a car is reposessed and sold for more than you owe on the loan who get the difference?

if your car is repoed,and sold for more than you owe, you get the extra. this is fed. law. if sold for less,you pay the diff.

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What happens if I break my lease and don't pay?

Depending on your reasons, your landlord may be sympathetic and not penalize you.At worst, however, breaking a rental contract could have serious consequences.If you break a lease without legal grounds to do so, you may: Be required to pay the rent for the remaining months on your lease.

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If my car is leased and it get stolen or writeoff. what happens to my payments and my downpayment?

That depends on a couple of things. Who is your lease with. Have you and your insurance company arrived at a value for the vehicle? When your car is totalled or stolen and not recovered your lease comes due, meaning it has to be paid in full remaining payments and residual value, the same way if ...

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What happens if my car is repossessed and I don't pay?

If you continue to miss payments, and do not reach an agreement with your lender, the car will likely be repossessed.If your car sells for less than your loan balance, you will owe the lender the difference, called the “deficiency balance”.

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Can I buy a new car if I still owe on my current car?

If you've paid off the entirety of your loan, you'll have no problem getting a new vehicle.However, if you're still making payments on your loan, there are a few more things to consider.The first is that your loan will not disappear once you trade in your vehicle — regardless of how much money yo...

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What if its been more than a year and they haven't repossed a truck?

They can repossess it at any time. Why not correct this and stop worrying about it. Here is a little information on repossessions. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligati...

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If my car is totaled do i get face value or a brand new car.?

You get actual cash value less deductible. So, if a comparable used car in your county sells for $4000, they'll pay you that but take off whatever your deductible is. So, do your homework and look at the local classified ads and nada.com to make sure you're getting a good price. Also, if you've g...

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Can I get a new car if my car is totaled?

If your car is very new -- say, less than three months old -- most major insurance companies will replace it with a new car.This means your company will pay you the actual cash value of the car -- what it was worth the minute before it was totaled -- minus the deductible for the collision coverag...

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What happens if you take a car strut totally off?

The car will fully sink/go down on the tire with out the strut. When the car sinks down, it will sit on the tire which will immobilize the car.

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What happens if you total a salvage title car?

A car may be issued a salvage title if it has damage that costs more to repair than its fair market value.Insurers then sell these cars at auction to salvage yards or rebuilders.The car will be issued a salvage title to warn future buyers that an insurance company has declared the car a total loss.

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What might happen if you go on buying more and more cars?

You will need a larger garage.

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Is my car worth more with a new engine?

Your car with a working engine will be worth more than your car with a non-working engine.But your car will not be worth more than blue book for a make and model like yours.The new engine does not increase the top value more than blue book.

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Can I keep my vehicle if the insurance company totals it?

Keeping a vehicle that your car insurance company has totaled.If you decide to accept the insurer's decision to total your car but you still want to keep it, your insurer will pay you the cash value of the vehicle, minus any deductible that is due and the amount your car could have been sold for ...

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Can I be sued for more than my insurance covers?

The short answer is yes, you can be sued for more than your coverage provides.

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What happens if I overfill my transmission?

Overfilling and What It Means It Does To Your Vehicle If you add too much transmission fluid, you will notice that it may foam, and that can bring about erratic gear shifting.When an automatic transmission is overfilled, the fluid foams, leading to gear shifting problems, oil starvation as well ...

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What happens if I let someone drive my car and they get in an accident?

Contrary to popular belief, in case of an accident, car insurance follows the car — not the driver.Even if your friend has great coverage with the highest limits and the lowest deductibles, your auto insurance would have to cover the damages if your friend got into an accident while driving your ...

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What happens if I overfill my oil?

Dangers of Overfilling When too much engine oil fills the crankshaft in your car, the oil becomes aerated and is whipped into foam.Foamy oil cannot lubricate your car well, and in many cases it will cause oil flow to halt completely, overheating your oil and causing loss of oil pressure.

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What happens if I overfill my Freon?

A: It is possible to overfill an air conditioner with refrigerant and, unfortunately, several problems can occur that could permanently damage the unit.Overcharging the unit can cause permanent failure of the compressor, which is the pump for the refrigerant.

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What happens if i hit telephone pole with my car?

Depends on the speed you are traveling, what kind of car you are in, where on the car you hit, what the telephone pole is made out of and how well it was anchored. If you hit a wooden, leaning telephone pole in a large SUV head-on at 50mph, you will probably be okay (but with injuries, total your...

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What happens if I don't renew my car insurance?

When an insurance lapse happens, this means you are no longer covered.A lapse can happen if you forget or don't renew your car insurance, if your car insurance provider cancels your insurance or if the insurance company goes out of business.

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What happens if I report my car stolen?

If your car is stolen, you need to contact law enforcement and file a stolen vehicle report first.Insurers won't honor an auto theft claim unless a police report has been filed.You should be prepared to tell the police everything you know about your stolen vehicle.

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What will happen if I can't pay my car finance?

If you owe less than the car's value, you've got equity.If you owe more money on the loan than the car's actual value, you have negative equity.You'll pay off your loan and that's that.There will be no danger of hurting your credit because of late or missed car payments.

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What happens if I run my car without a thermostat?

When driving without a thermostat, you may notice a decrease in gas mileage or performance.This is because driving without a thermostat "tricks" your engine into thinking it is cold outside, causing it to adjust the gas mixing valve and push more fuel to the engine.

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What happens if I get my car repossessed?

Even if your car is repossessed and later sold at auction, you might not be off the hook.If your car sold at auction for less than what you owed on the loan, you must still pay the remaining balance to your lender.The creditor will notify you of how much you owe and you will be responsible for ma...

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What happens if I hide my car from repo?

Answer: Whether you can hide or lock up the car to buy yourself time to pay off the loan depends on where you live.In most states this won't violate any laws, unless you do it with the intent to defraud the bank.In some states, however, deliberately hiding a car from the repossession company is a...

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What happens if I don't pay my full car payment?

If you continue to miss payments, and do not reach an agreement with your lender, the car will likely be repossessed.If your car sells for less than your loan balance, you will owe the lender the difference, called the “deficiency balance”.

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Why is my car using more gas than usual?

Symptoms of a clogged air filter are burning more gas than normal and poor acceleration.This reduces power, causing the vehicle to use more gas to do the same amount of work, lowering fuel efficiency.Worn spark plugs cause misfiring, reduced power, poor acceleration and reduced fuel economy.

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Why is my car using more petrol than normal?

Having bad fuel injectors can cause bad mileage.This is because the fuel injectors are responsible for putting fuel into the engine.This causes more fuel to be used, and will use up more gas than you need.Same goes for revving your engine.

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What happens if I don't pay for my car?

Your car will be repossessed and your credit ruined.Usually you can miss one payment and they will just tack it on to the next months bill with penalty and late charges. If you continue to miss payments they will take your vehicle away from you and it ruins your credit.

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What happens if I put wider tires on my car?

As with any change to a vehicle, if you change it too much you can negatively impact your car.If you go too wide the tires can wear unevenly.Tires that are too wide for the wheels tend to bulge in the middle of the tread causing them to wear excessively in the middle.Going too wide can also cause...

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What happens if you leave the scene of an accident with damages costing more than 50.00?

Varies per state and local and state laws need to be specifically looked at. Also Insurance can deny payment in certain instances. The person leaving usually ends up being cited for the accident unless other party admits. If it was not with another vehicle and was just being in a ditch or hitting...

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What would happen to my car if I hit a person with it?

well, besides going to jail if this even happened....which wouldn't, it would cause damage to your car cosmetically or genetically. and it would happen two different ways, if it you hit someone and it went underneath your car, it would tare p the "underbelly" of your car resulting in oil leak and...

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Is my car totaled If the frame is bent?

We hear horror stories about older, functioning automobiles being “totaled” simply because the frame is bent or other seemingly minor and hidden damage occurs.Insurance companies will typically consider such a vehicle to be a total loss, even though the repairs are only 75% of ACV.

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What happens if I double my car payment?

If you pay double each month, you cut down on the interest twice as fast and start paying on the principal much sooner.It is possible to pay back your car loan before the loan period expires.Doing so will save you a lot of money that you would otherwise pay in interest charges.

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What happens if I run my car without oil?

Any lack of engine oil in the system, or even dirty oil, will lead to extreme engine wear, and driving a car low on oil can lead to some pretty bad situations.If you run out of engine oil, your engine will fail.If the engine runs out of oil, it will start to grind, and then seize up, stalling the...

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What happens if I pay my car payment early?

The payoff amount includes your loan balance and any interest or fees you owe.You can also pay more than the minimum amount due each month.Making at least one extra payment on your loan every month, or adding more money to your monthly payment, may help you pay off your car loan early.

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What happens if I drive my car without oil?

Any lack of engine oil in the system, or even dirty oil, will lead to extreme engine wear, and driving a car low on oil can lead to some pretty bad situations.If you run out of engine oil, your engine will fail.If the engine runs out of oil, it will start to grind, and then seize up, stalling the...

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Why is my car burning more gas than usual?

Vacuum leaks would cause a car to burn more gas than it should by introducing excessive air into the engine, unbalancing the fuel to air mixture.Worn spark plugs reduce an engines ability to burn all of the gas in the combustion chamber.Some of the gas remains unburned and is expelled into the ex...

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Why is my car using more gas than normal?

Symptoms of a clogged air filter are burning more gas than normal and poor acceleration.This reduces power, causing the vehicle to use more gas to do the same amount of work, lowering fuel efficiency.Worn spark plugs cause misfiring, reduced power, poor acceleration and reduced fuel economy.

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What happens if you sell someone a car and you put a lien on it they owe you money for the vehicle and they porposly damage the vehicle?

You did not mention what type of damage, but i will assume body. Unless you requested for them to put full coverage on the car before the incident, then nothing happens.

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Is it more economic to idle a diesel than turn it off and restart it again?

I read a report maybe ten - fifteen years ago about an experiment conducted by Mercedes-Benz on heavy-duty truck Diesel engines. They found that switching the engines off and back on again thirty times per minute - i.e., about as fast as it is possible to do - used less fuel than leaving the engi...

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What determines if one car has more momentum than another?

Any object that is moving has momentum.In physics, momentum of an object is equal to the mass times the velocity.where p is the momentum, m is the mass, and v is the velocity.By the same token, if a car and bicycle are traveling down the street at the same velocity, the car will have more momentum.

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If your car has been totaled but you bought it back and had it repaired is it true that it can never be totaled again?

It can be totaled again but payout will be much less, typically 50% of the value of a comparabe clean-titled car plus credit for any upgrades you've done and can prove with receipts (keyless entry, new brakes, new alternator). It's subjective so make sure you know the value of your car with a cle...

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What would happen if more and more decided to buy automobiles?

you wanna know what would happen. the pollution crisis would never end and the environmentalists would get their panties in a bunch cuz nothing would be "green". and everyone would screw over Obama

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What happens if your car is not registered... and what if you've been driving it around?

someone will hit you on the head with a tack hammer, because you are a retard.

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What happens if I hit a car and run?

A hit and run accident is when a person collides with a person or another car (parked or in motion) and flees the accident scene.Leaving the scene is considered a criminal offense.Depending on the state, a hit and run may be a misdemeanor or felony punishable by fines, jail time, license points o...

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Is a car totaled if it goes underwater?

Everything is repairable, for a price, but your insurance company won't pay for repairs if they are past the threshold the insurer has established for totaling out a vehicle.In general, water that goes past the floorboards -- into the areas where electronics begin -- will mean the car could be de...

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What would it mean if a car was 'totalled'?

If a car is "totalled" then it means that the cost of repairing the vehicle makes no financial sense to spend money on it so the insurance company give cash for the vehicle.

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What causes my brand new mazda3's engine to almost stall after starting up the car but then regains the rpm and sometimes when i start the engine shakes more than usual. It all happens randomly?

sounds like the idle (the speed at which the pistons in the engine are moving when it is just sitting there) may be set too low.

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What happens when you have more torque than horsepower?

Again, depending on the overall gear ratio, horsepower is the most important measure.Because of the math, an engine that is tuned to have peak horsepower below 5252 RPM will ALWAYS have more torque than horsepower, and engines with peak horsepower above 5252 RPM will ALWAYS have more horsepower t...

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What happens if you dont pay parking tickets on a car that is totaled?

When violating a rule, it is important to pay the fines associated with it. If a person does not pay a parking ticket, they can end up with late fees and possible jail time.

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Is it worth it to fix my car?

It is almost always less expensive to repair a car than buy a new one.Although something as severe as a blown motor or a failed transmission will run you between $3,000 and $7,000 to replace at a dealership, such repairs still don't cost as much as buying a new car.You really need the car to last...

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What car is more expensive than Cadillac?

A Bugatti would be a bit pricier.

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What happens if my husband died and I am not on the mortgage?

Many spouses take out mortgage loans in joint names.If this is the case and your spouse dies, you are still a borrower on the mortgage and you are responsible for continuing to make the payments.However, federal law prohibits the lender from calling the entire mortgage due because one spouse has ...

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What happens if i drive with g1 in Ontario i have insurance and if i drive alone what happens?

if they catch you, they can take away your license for 30 days.

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Why does my car waste more gas than usual and turn off while im driving?

Could be many reasons, I would start with a complete tune up.

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What if I sell my car and the new owner never registers it?

in most states, as long as you have a bill of sale with the date of sell, signitures and driver liscense number of the person buying, you should be OK. if the new owner never registers the vehicle, and is driving the car with false or no plates, he will eventually get caught. If the new owner get...

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What will happen if electric cars get more popular?

The use of gasoline will decline, but the majority of our electricity is currently generated using fossil fuels, mostly coal, so I don't believe there will be any reduction in carbon dioxide.

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If someone borrowed my car and didnt return it can I have it repossessed?

Repossession would not be the correct procedure to get your car back. You should contact the person to say you are going to call the police if the car is not returned immediately. Then do it. If they are using your car beyond the period of the loan the use is now unauthorized.

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What happens if I turn my lease in early?

Everyone who leases their vehicle knows what happens if they return it before the end of the contract –you get hit with an early termination fee.That is, unless the manufacturer or dealer wants you to get out of that lease and into another.They generally take place about 90 days before the lease ...

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What happens if I get my cast wet?

Most casts shouldn't get wet.If you get a cast wet, irritation and infection of the skin could develop.If the cast does get wet, you may be able to dry out the inside padding with a hair dryer (use a low heat setting and blow the air through the outside of the cast).

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What happens if I spill oil on my engine?

Both the engine oil residue and degreaser may cause a foul odour as they heat up and burn off, so run the engine in a well-ventilated area.What Happens If You Don't Clean an Oil Spill? If you choose to ignore your oil spill, it's not just dirty and messy.It can be dangerous.

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What happens if I don't rotate my tires?

Not rotating your tires will void a manufacturer mileage warranty.That's what will happen in the paper side.As to the tire itself, it's worse, especially if you have a front wheel drive.Not rotating the tires will cause uneven wear on the tires and fair them to wear out faster on all vehicles.

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What happens if I pay my registration late?

Penalties for Late Registration If you pay it after one year but within two years, you are charged a late fine of $50, and if you take more than two years to pay the original vehicle registration fees, you will be charged $100 along with the actual registration charges.

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What happens if I have air in my cooling system?

If there isn't enough fluid in the tank, air is pushed into the cooling system instead of coolant.Some systems can trap air at high points in the system.They often have a bleeder valve to release the trapped air.Trapped air can cause hot spots in the engine, even if the coolant level doesn't appe...

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What happens if I fail my drivers test in PA?

Q: What Happens if I Fail the Pennsylvania Driving Test? If you do not pass the road test, you must wait at least seven days before retaking the exam.You are allowed three opportunities to pass the road test with a learner's permit.If you do not pass the test three times, you must reapply for yo...

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What happens if I put diesel in my gas tank?

Gasoline engines cannot combust diesel fuel, so the car would stop running.Once that happens, it has to be towed to a shop, and the fuel system needs to be drained.We start by emptying the gas tank.And because the car won't actually run on diesel fuel, there's little risk of damaging the catalyti...

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What happens if I don't replace my bushings?

When bushings wear, they allow more movement.The driver may feel a shimmy from the front of the vehicle, or hear clunking or rattling noises on rough roads, when turning the wheel or in hard braking.Worn control-arm bushings can allow the vehicle's front end to slip out of alignment and cause pre...

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What happens if I voluntarily surrender my vehicle?

In voluntary repossession, you return your vehicle to your lender when you are unable to make payments.You inform your lender that you will not make payments going forward and that you want to surrender the car.If the car sells for less than your balance, you'd still owe money to the lender.

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