Some Car Questions. Please read...

[madtomic]

Hi,

I'm new to the forum. I'm here for some advices about trading in an used car for a new one. Any advices would be helpful for me.

I have a dodge neon 2002 with only 37000 miles. it's market value is about $5400. I still owe $8200 from finance. I bought it last May about a year ago.

Yesterday I got in a minor accidence. I rear into a hitch of a suv on highway. Probably would cost me $2000-3000 top to repair it. (new Hood, front bumper, front panel, etc.) no damage inside only outside is damage. no police was called because it was minor. no one was hurt. I have yet to call my insurance (geico) about claims.

What would be sound advice for me. I'm thinking of trading it in for a new car.

My questions are as following...

Should I repaired and keep it?
Should I repaired the damage first so I would get a fair market value when I go see a dealer for a new car?
I also have Gap Insurance cover. Would this cover the difference between market value and owe when I trade it in?
How much would the early termination pently be?
What is Amount Owing on Trade? Is this the amount I owe from my finance or the difference between the Trade-in Value and amount still owe?

I'll be checking back. Any advices would help. Thanks all...

Powen

[FiveFreshFish]

There shouldn't be a termination penalty on a car loan. This would only apply on a lease but laws could be different in Delaware.

[madtomic]

Thanks FiveFreshFish...

Anyone happen to know what Amount Owing on Trade, what is this? i haven't figure out this yet.

[BlueGoblin]

All collisions with damage over $1000 have to be reported to the police. An auto body shop will not fix damage in excess of that without a police damage sticker.

[BlueGoblin]

^Sorry - just noticed your location. What I said there is applicable only to Alberta. Your laws may differ...