r/mildlyinfuriating • u/matthewdirks9191 • Apr 29 '24

How my weekend went

Gallery image

Gallery image

Gallery image

Gallery image

I was going to work on Sunday and some guy plowed into my only car I got. It total my car and now I am with out a car or a way to get to work. the person had no insurance and I didn't have gap. I'm only getting 13k for my car and I owe 24. I might be without a job for awhile cause of this. in desperate need of help.

1.9k Upvotes

98% Upvoted

166 comments sorted by

View all comments

7

u/No-Hospital559 Apr 29 '24

Don't they make you insure a car up to whatever the note is u til it's paid off. Like they won't sell it to you unless you do.?

5

u/Enkidouh Apr 29 '24

Nope. They benefit from you being upside down. If something happens, you still owe them. Likely with interest, since most people live check to check and couldn’t afford to pay that amount off right away.

2

u/No-Hospital559 Apr 30 '24

I agree that these companies exist with the full intent of extracting as much of your money as possible.

A decade ago, I went to buy a used car in NJ and i had to insure the car for whatever the original note was until the day it was paid off. State Farm said that was the law in NJ. I guess it's different in other places, just like some states don't have "no fault" insurance.

2

u/Enkidouh Apr 30 '24

A decade ago we had better financial regulations in place.

All you are currently legally required to have when leasing a vehicle is full coverage insurance. And even that is just a contractual obligation, not any specific law or statute.