I was recently in an accident and my car as of right now is at acura.. Had 3750 worth of damage to my front end. I have a 1000 deductable, they started the work on the car as the insurance company cut them a check for 2750 dollars.. Now what options might i have if i cant come up with the whole 1000 by the time the car is finished..Is there any deal i can work out with acura, like a pay half now , get billed the other half..I know it sounds stupid but its a serious question.

Im sure ill come up with the money, but its a just in case type of question, cuz its gunna be hard

 

My only suggestion would be to ask the dealer.

 

Well I guess with the amount it depreciates by it makes sense, but how do people drive semi-expensive luxury cars and not have $1000 to spare?

 

It's entirely between you and the dealer. Make an appointment to see the finance manager and then go visit in person. THE SOONER, THE BETTER.

They certainly do not want to hold your car -- and they certainly do not want to forgive $1,000.00. Show that you are responsible, and credit worthy, and some type of arrangement might be possible. Otherwise, they might have a car that they will have to store and you might be without transportation.

The dealer should not have begin any repair work without your authorization. A signed work order, with estimated cost of repairs shown, is best -- but at least verbal approval via phone ought to be required. And, perhaps you did authorized the work -- I don't know.

 

well, um... have a lower deductable.

what's the point of insurance if you can't afford the deductable?

oh wait, there isn't one.

be smart when you pay for insurance.
if you can't afford the deductable at any given time, lower it.

my deductables on both cars are $250 and $100.

you've basically screwed yourself.
go to a credit union and take out a smaller personal loan.
then adjust your insurance so it actually does something good for you.

 

Not sure for your case, but lowering the deductables will actually increase your Monthly Insurance payment. Some people who rarely got into accident (our family has clean record for the past 10 yrs until last yr) has enjoyed a great discount on our insurance.

 

True, you can either decide to pay a higher monthly amount so that you can have a lower deductible, or you can save the money and then pay for a higher deductible when needed. The former case is for those that use insurance regularly, and the latter is for those who don't use it often.

As for the OP, you should check with the dealer. My dealer is part of a string of dealerships (same company, different car dealerships like lexus, acura, etc.), so they use a central body shop. Last time I was there, they had signs posted that they won't release vehicles until the balance is paid in full. Otherwise, you can pay a storage fee while you get the money.

 

i pay 360 a month for my car and im 22 years old..You dont have to be rich to be driving an acura..No i just dont have 1000 to spare..I hate how people assume that cuz you drive a car thats semi expensive it means your rich.. If you make 350 a week, you can afford an acura no problem

 

Wow...well looks like at 22 you have a lot to learn about saving and spending. Right now put the learning on hold and work on digging yourself out of this last hole you got into. Oh and that last statement sizes you up pretty bad... might want to delete that post....just and FYI.

 

:ibwackacura:

Although I'll probably agree with what he'll have to say. If you don't have 1k lying around you probably shouldn't be driving a car period. Much less a near 30K car.

Just because you can, it doesn't mean you should have.

 

Holy crap, you declared bankruptcy?

 

You don't have to be rich to be driving an acura, true....

Why do some young people in Detroit drive H2's and put 24 inch bling-bling rims on it, but live in a crap shack with drive-by bullet holes in their siding?

Are they rich?

No.

But hey, easy on the guy.

I think you should take out a loan if you can't find the money, but get your priorities straight, and only spend money on essentials and getting the car fixed.

 

Wow.....

Declared bankcuptcy, but still want to drive an expensive car.....

More power to you.

 

ask your parents

 

declared bankruptcy before 22?

Thanks for contributing to the downfall of our economy.

Honestly, you can call me an asshole, but I'm glad you are in more financial trouble. Maybe you'll you learn a lesson (then people like you usually don't).

Good luck taking the bus!

 

I have the same year as your car (unless you've recently replaced it with an 08). I got navi and the extended warranty, and I pay over $200 more than you every month. I didn't put much of a down payment, so my monthly payment is what someone would be paying if they can afford the car but don't have money up front. Oh, and I chose the longest term of 60 months (Since my annual salary is more than the car, I figure I'll get it paid off sooner anyway).

According to https://acurazine.com/forums/showthread.php?t=42170 , you are LEASING your car. A lease is for someone who wants to drive a car that they can't afford to buy, or they like to swap cars every 2 or so years. Of course your payment is low, you're just "renting". Most of us actually bought our cars so we can mod them.

Also, if you say acura to an insurance company, you get higher rates. So not only do you have to pay much more than your monthly premium, there are insurance premiums to pay as well.

Not everyone gives acura a 2nd look. Acura is to Honda like Lexus is to Toyota and Infiniti is to Nissan. If you're having problems, you might as well switch to a Honda.

And having to declare bankruptcy at a young age shows how much you know about finances and credit. I have had excellent credit for a few years now...once they see my credit, people will bend over backwards for me.

It looks like you'll need to borrow from your parents. $1,000 is easy to come by. It seems like you're living paycheck to paycheck, and you hardly have anything left after paying your bills.

 

I hate people like you. Your a straight up DICK. Way to help the guy out...

 

And way to blow up his spot SON!

 

Clearly you are proof of this as you can easily afford the associated costs of owning a.... oh wait.

Try living within your means next time.

 

You know what? F**k you too. I can't believe people stick up for people like the OP. At this rate, he'll be asking for help the rest of his life as he continues to screw up.

Oh, an I am helping him out... by telling him to stop being an immature irresponsible drain on society.

But if you really want me to stay on topic and give him some advice... I say get a personal loan. He probably won't mind the high interest rate.... But hey, atleast he'll get to keep his Acura that he can obviously afford...

 

If you don't pay or can't come to an arrangement with the dealer, the dealer may decide to put a mechanic's lien on your car and have the right to sell it to recoup the $1,000 owed to them. Seeing the comments about having filed for bankrupcy and the immature comments about being able to afford the car, when you can't even afford the deductible, I won't be surprised to see a lien sale here. Assuming the $350/week income comment is accurate about your situation, you realistically can't afford this car and should be driving a 10 year old Integra instead. Sorry, but I call it as I see it.

 

If you can't afford the deductible on your insurance, I think it is time to start re-evaluating your spending habits. Just because you can afford to drive an Acura does not mean you should.

 

Fixed.

 

Get a second job and bust your ass to make some cash. You'll be surprised how little you spend when you are constantly at work. No one's going to just give you the money you need, you have to go out and get it.

The last thing you want to do is go into debt to pay your deductible. If you do that, you can make a car payment every month, an insurance payment every month, and a payment on the personal loan that you took out to pay your deductible. That scenario is going to stretch $350 a week pretty thin.

 

Check with the dealer to see if they can perform the repair up to or under what the insurance has paid. Then bring the car back to complete the repair once you have the remaining balance. Keep in mind even if they agree to such term, you most likely have to pay for storage fee if the car is not drivable.

 

That is if you do not have any other expenses. $350.00 a week is not really that much with today's economy. NYC is not cheap, if that is where you live.

 

im 19 years old.. soon to be 20 in august.. got a daughter [ just turned 1]... i have a 2004 tsx and pay 350 and my fiance has a 05 tl and we pay 350 for that too.. the ONE thing i knew i had to do was get atleast a deductible that i can afford.. NO i am not spoiled.. i have my own apartment with my fiance and daughter and pay all my own bills.. parents arent rich or anything..

its just common sense man.. u pay on one end but u end up saving at the end.

 

I'm with black label on this. You dug yourself into a hole. Get a second job and come up with the money.

Take this as a learning lesson (assuming the bankruptcy thing didn't teach you anything). Lower your deductible. The difference between $1000 and $500 deductibles may only be a $200/year or less.

As with the general consensus here, you have some growing up to do. Just because you make enough to squeeze out the monthly payment doesn't mean you can afford the car, particular since you lease.

 

$350 a week = $18,200 a year. So many things come before cars when you're working with so little money.

 

sorry to hear about your TSX but you're living beyond your means (and that is a problem with majority of americans today). i know if i was at less then $20k/year salary, i would not even bother with a TSX period, even living at home.

if i was in your shoes, i get the $1000 deductible paid off (borrow from family, friend, credit union, etc. - screw dealing with the stealership). then sell the car and get a used honda, and stick with the subway.

 

I think your best suggestions so far is to talk to the dealer like others have said, or see if you can borrow the money. If you are that stuck, you can see if you can refinance the car for +1K more. You might be able to pull that off and not raise the payment, but you'll likely add more payments than you're in for right now.

Once you get past this situation though, you should really never have a deductable higher than you have cash on hand - for this exact reason. At your age - and it sounds like you single - you are in the most expensive category for insurance. IIRC, things should get a bit better at age 25. But really compare the rates between a 1K and 500 deductable and see if it's that big a stretch. I have 500 deductables on both my cars - mosty because the 1K deductable amounts to something like $5-10 a month difference.

 

shit better start lookin' for a night job !!!

 

italiannyc

Sorry to hear of your misfortune and I assume you now know where NOT to ask for advice when you have problems. Also, I hate to lay this on you but you may have long-range problems you are not yet aware of. At your age and having had an accident that I assume was your fault, your insurance company may drop you or will almost certainly raise your annual premium.

You may want to talk to your bank or whoever is financing your car to see if they can help you find a way out of this. There are also public institutions that offer counsel in financial matters and you may find them in the phone book.

 

ItalianNYC, going to try NOT to rain on your parade even more ... it's all been said. Making $350 a week (I'll assume that's take-home, not gross), and spending > 25% of your income on your lease payment, is stretching it by most people's definitions. (For comparison, a while ago, financial advisors were suggesting to spend no more than 35% of gross income on housing.) Lots of responses are raggin' on you, must not feel good, but you are responsible for your situation (claimed bankruptcy at 20(?), leased expensive car, insured it with high deductible, crashed it), so some sober examination of your financial condition is in order. I'll trust you to do that.

Answer: no, the dealership will NOT let you drive the car off only paying for a portion of your repair costs. Maybe they'll let you finance it ... maybe they'll charge you storage fees if you don't pay in full and pick up the car on time. (You DID authorize the repairs. I can't see how they started without that. You must've signed a paper saying, "Yeah, I'm liable for the cost, and I'll pay for it" in some words or another. Contracts like that, that people ask you to sign, assign accountability to you to pay for the services. You need to understand that.) Bottom line ... you need to come up with that money, either on credit, or by resourcefulness.

By all indications, the economy is headed into a dark hole, so I'd raise the money legitimately for the deductible, pay it, and try to ride out the lease without any more disasters. Save money as best you can (public transit, carpooling, economizing, extra income), and when the lease is up, consider a more reasonable, affordable ride (a 2008 TL or a 2009 TSX would not be my first picks). When you look at cars, look at the TCO (total cost of ownership), not just the monthly payment and insurance (easy oversight to make, and salespeople love to lead you down that garden path).

For the future.... You're 22, you've got puh-lenty of time ahead to have swank cars AND afford them, trust me. I was quite happy with a 10, 15 year old Jeep Wrangler that was paid for and only cost (on average) $500 for annual maintenance, and about $400 a year to insure throughout my late 20s, 30s. Wasn't swank, girls still swooned over it from time to time, but I had cash left for other stuff. Only recently did I get back into a "comfy car." You've got decades to catch up with where I am, believe me that's a long, long time. A few years in an affordable, economical ride won't kill ya.

 

Simple..

Don't live beyond your means. Otherwise, be prepared to max out a few credit cards and screw up your credit.

Just speaking from the experience of others I know. I've never been the type that goes beyond what my finances are capable of.

 

some of you guys are ridiculous with your comments.. a little harsh.

But Lets be serious he does have a problem your crtiicism is ill warranted.

Anyways, my 2 cents are that obviously youve goofed but the way out is simple and some have mentioned it. Get a small loan and pay it off, that or if you can get outside help (ie.. parents, friends) do taht. Im 22 and im just finishing up school at Embry Riddle witha 46K per year tuition plus my 403.30 per month car payment.. thank god my dad pays my insurance till December beaacause thats when the 1200 per month school loands hit! My point is that i have made a mistake, buying the acura was not cost efficent for me,

I learned however, that if i pay off the principal earlier than the 5 year loan then i wont have to pay for my car + school. Life is lessons learn from them... Good luck!

 

If you cannot afford your deductible, then your in a bad spot.

I pretty much agree with everyone elses comments. You make less than 20k a yr for petes sake. And on top of that went bankrupt before your 21st birthday? YOu really should not be driving this car. a late 90's civic or accord is more fit for you. Seriously.

Sorry if thats not something you want to hear, but its the truth.

 

Well, the OP asked for a contingency in case he can't scrap together the $1000 deductible by the time repairs are done. I'm not sure there's much hope other than an emergency signature loan (unsecured, if he can't used the leased vehicle; and with a bad credit record), or putting it on credit, which means a significant bite to pay the interest while paying off the $1000 charge. Either way is reckless, since it adds additional payments/debt to his equation, which sounds like it's stretched to the max already (i.e. doesn't have a cash reserve for these situations).

Is it mean to point out the mistakes? No. It's mean to do it without any sympathy or sensitivity. But I've been in bad shape before, too. I was 22, too. I'm not judging without first-hand experience.
I have been penniless (AND out of work) a couple of times in my life, very scary. I got myself out of it. It can be done. But the lessons have to be learned.

It's not ridiculous to answer the OP's question with some bad-tasting medicine. It's a discussion forum, fer cryin' out loud, not group therapy for feel-good reassurance. :shakehead

 

italiannyc

Are you going to tell us how you worked your way out of this situation? We all benefit from learning how others resolve situations they find themselves in and good or bad, you should share the latest. Include any advice you may have for the rest of us. I'm sure you have noticed that we do that fairly often here.

 

What he did do isn't as important as what he should have done; get a short term loan to pay off the $1,000 to get his car back, then immediately sell it and ride a bike.