I was in a wreck that was the other person's fault yesterday night. I haven't talked to insurance yet since it's Sunday, but I'm trying to prepare for the worst.
I had an 05 Honda Pilot that was in really good condition, and on KBB they estimated my car to be worth $8.7k. When I bought the car last year, I bought it with my grandmother because her credit was better, and she, unbeknownst to me, tacked a $2k warranty onto my loan and I wasn't notified until after it was already on there. So my loan is about $2k more than what my car's worth.
Everyone's telling me that the at fault person's insurance will probably only pay for the value of the car (so around $8.7k), and I'll be left to pay the remaining balance of my loan myself. Problem is, I don't have that money, and I'm pregnant with two children. I have enough to possibly pay for a down payment on a new car, but not enough for the balance of the loan + down payment of a new car. I won't have enough money to do that until tax return time.
Is there any assistance I can get in getting that remaining portion of the loan paid off? We're also a low-income family, my husband only makes about $22k net a year.