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Old 10-25-2014, 06:23 PM
 
4,236 posts, read 8,078,191 times
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The term ghetto rich comes to mind esp if they have payment on said items that were going to strectch into years.
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Old 10-25-2014, 06:35 PM
 
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Always keep receipts for anything you purchase that is or may be covered by insurance. In the event of a loss if you can prove that your tires are recently purchased, new stereo, etc the insurance will/may change their settlement to reflect the true value of the loss.
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Old 10-25-2014, 07:37 PM
 
Location: sumter
12,931 posts, read 9,537,048 times
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Quote:
Originally Posted by Fargobound View Post
The term ghetto rich comes to mind esp if they have payment on said items that were going to strectch into years.
Not necessarily though, this could be a young person still living at home. Or, a person who just don't know how to make smart financial decisions. This don't have to be a ghetto fabulous thing. If his payments stretch into years, that will be because he is just making minimum payments on his credit card.
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Old 10-25-2014, 08:05 PM
 
419 posts, read 838,151 times
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Quote:
Originally Posted by ipaper View Post
Its possible that the truck can be totaled without damage to the wheels. Like stated above, he can always switch out the wheels with the stock wheels.
Tow company is going to haul that totaled truck and not wait for replacement wheels to be brought to the accident scene.
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Old 10-25-2014, 08:08 PM
 
Location: San Antonio, TX USA
5,251 posts, read 14,121,230 times
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Quote:
Originally Posted by MerriMAC View Post
Tow company is going to haul that totaled truck and not wait for replacement wheels to be brought to the accident scene.

You will still have access to the vehicle at either a repair facility or the salvage yard before the insurance company takes ownership
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Old 10-25-2014, 08:19 PM
 
Location: sumter
12,931 posts, read 9,537,048 times
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Quote:
Originally Posted by Me007gold View Post
You will still have access to the vehicle at either a repair facility or the salvage yard before the insurance company takes ownership
Absolutely, as the owner on the vehicle you will have access to it. My son totaled his car and I took him to the salvage yard to get his after market head lights off of it. Of course nobody is talking about swapping out wheels right at the scene of an accident.
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Old 10-25-2014, 08:20 PM
 
Location: Out there somewhere...a traveling man.
44,540 posts, read 61,201,075 times
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When my truck was stolen and totaled the insurance company paid for my $2000.00 wheels. All I had to do was show a receipt for them. They also paid for my new tonneau cover. Most insurance companies will do the same if you have proof of purchase.
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Old 10-25-2014, 08:23 PM
 
Location: Vancouver, B.C., Canada
11,153 posts, read 29,139,769 times
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Quote:
Originally Posted by Billy_J View Post
I have a friend who bought a new truck and is making payments. And also bought a few accessories separately and is making charge card payments for those...

So he comes over and shows me his new $3000 (set) wheels and tries - and he will be making separate payments for that - for 4 years!

Question: What happens if his truck gets totaled?

I imagine insurance is not going to pay what he owes for the truck. And I imagine they will pay zip for the accessories, wheels, and tires?
Wow since the time he pays of the tires the truck will be 4 years old that the tires will probably be near the end of the service life plus the normal costs to maintain it that still needs or should be done that will have 1-year left on the Factory powertrain warranty and Aftermarket rims with tires that will be in need of replacement.

If it does not get wrecked he will be paying alot of interest that since your friend could become upside down on his loan anyone aftermarket mods are thing you will always take a loss on when trading it in or selling it and everyone of us here that has put more money building, customizing or tuning vehicles since that is what we enjoy.

Now the warning is the new car market is overheated from the low interest loans and easy credit it is looking like the housing bubble in 2008 and would let him know that it is up to him but before he goes any further on modifying his truck that getting out of debt or saving up for a emergency fund if the market collapses and interest rates go up.

He may of got into a vehicle he cannot not afford till the payments street coming in and having years of them take a huge chunk your income lots of people are in the same boat that is a worrisome trend that is happening in the auto industry.
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Old 10-25-2014, 08:32 PM
 
1,002 posts, read 1,951,635 times
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And remember when you take out a loan for a vehicle of anything else,the insurance is for the value of the vehicle; not the loan. My dad took out a 6 year loan on a car, an uninsured driver totaled it for him a few months later, and my dad ended up owing GM money to pay off the loan after insurance had settled. Since I have worked for an insurance company I have always told people never to take out a loan for more than 3-4 years. Otherwise you may end up owing for a car you can no longer drive. Some insurance companies realize this and offer "like kind" replacement, but the owner may not like the color or options on the vehicle available that the insurance is willing to replace the original.

My husband had restored a Mustang several years ago and a hit & run drunk driver totaled it for him. Our insurance company was pretty good at looking at comparables online to settle the claim. He didn't get probably even 50% of what he had in it (and he had every receipt) but at least they gave him significantly more than street vallue or KBB.
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Old 10-25-2014, 08:36 PM
 
48,505 posts, read 96,476,720 times
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The truck is insured for what he reports to have insured. Those aftermarket wheels and tires tho are not much above many stock wheels and tires depreciate.
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