If you find yourself in the unfortunate situation of owning a totaled car be it from an accident or as a result of car theft you are in a pickle on how to get the best from your situation. If you walked away scot free from an accident consider yourself lucky and just write the car off. The only issue is if you are still stuck with some payments on it. If you find yourself in this situation here are some tips to help you.
Speak to your Lender
Before you head on to call the junk car towing company, speak to your lender first. They will understand that there is no longer a vehicle they can repossess for non-payment and therefore all they want now is your money. While it is true that most lenders will initiate collection efforts on you, they are most likely smart enough to know that you could file for bankruptcy instead which in that scenario they will not receive a single dime. Given the situation the best approach would be in the form of a loan-refinancing plan. Take note that they still want your money but want to ensure that you are still going to pay them by giving you options to do so.
Talk to aDebt Restructuring Consultant
Another option for you would be to speak with a debt management specialist. Doing so will provide you with several options on how to clear your debt. For instance, they might speak to your lender to iron out a restructuring plan that would benefit all concerned. They will also look at ways to minimize your debt.
Speak with a Salvage Company
Totaled vehicles are no good to anyone except the junk heap. Junk car providers will pay you top dollar for your totaled car, the amount you can use to pay off some of your debt. Owning a totaled vehicle is quite stressful but rest assured there are options available for you.