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Originally Posted by Ghunger
Why wouldn't the insurance pay for a replacement bimmer?
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If totaled, insurance will only cover up to the book value of the car at the time the claim is settled. If that value covers at least what you owe, you're ok. If not, then you're screwed and have to immediately pay the balance of the loan out of pocket since most lenders will call in the note at that point since their collateral no longer exists. For most people that have to do that, that would have been their DP money and they have save up more money and "downgrade" to get into something. Unless you purchased 3rd party insurance at the time of purchase that covers the balance difference in those scenarios.
It's a crappy situation to be in. Good luck with everything.