In the State of Illinois, an auto insurance carrier is not required to pay off the remaining of your car loan when the vehicle has been totaled. Most auto insurance coverages will only require your insurer to pay off the actual cash value (ACV) of the vehicle at the time of the accident. This means, if your insurer offers you a cash settlement less than the value of your loan, you’ll have to pay the difference.
Should this scenario apply to you, you may ask your financier or bank for a substitution of collateral. A substitution of collateral means that instead of using the cash settlement to pay your loan and cover the difference out of pocket or using your gap coverage, you’ll be using the cash to buy a comparable car and substitute the title for the one the lender currently has. Keep in mind that lenders aren’t required to accommodate this arrangement but some will allow it if you’ve paid your loans timely.
We see you as a person, not just a client – and that makes us better at what we do. We listen. We learn your story. And, as we help you get the money you deserve, we go above and beyond in a way most law firms never could and never would. Because we’re not just lawyers. And you’re not just a client. We’re friends, neighbors, family. We’re all people and here at America’s Consumer Lawyer, we put people first.
A lot of personal injury lawyers raise their contingency fee throughout the process, charging 1/3 if the case is settled pre-suit, charging 40% if the case is filed after a lawsuit is filed, and charging 50% if the case goes to trial. We don’t. At America’s Consumer Lawyer, our personal injury contingency fee is always 1/3 and that’s not changing. We will handle your property damage claim FOR FREE. We will never change our contingency fee throughout the process. You will not owe us a penny unless you get money. Our unique formula has earned us over 1,000 outstanding client reviews on our website, an A+ BBB rating, and over 145 five-star reviews on Google. Call 888-572-0176, e-mail us at michael@agrusslawfirm.com, or schedule a meeting with us here. We’re here 24/7.
