Got into an accident a couple weeks back and the other driver was found to be at fault. His insurance has accepted liability and am waiting to see if my car is totaled or not but just by looking at it, it most likely is.
I currently owe just under 10,000 on it (9,800) and have looked up the ACV of the car on KBB and Edmund’s which looks to be at around 6-7K. I don’t have GAP insurance (I know, learning the hard way). Assuming it is totaled and I still owe 3-4K, would it be more advisable to roll it over into a new loan with the same dealership I got it from, pay a bit of a Dow payment on it and roll with that? Or would it be better to get a personal loan that I start making payments to and put a down payment towards a new used vehicle?
How does the interest rate work with a loan w rolled over negative equity?