How to Get Rid of a Totaled Car
Verify that your insurance provider has declared your car a total loss.. Figure out the actual cash value of the car.. Compare your insurer's settlement figure with your own estimate.
Steps
Verify that your insurance provider has declared your car a total loss.
Verify that your insurance provider has declared your car a total loss.
Figure out the actual cash value of the car.
Figure out the actual cash value of the car.
Compare your insurer's settlement figure with your own estimate.
Compare your insurer's settlement figure with your own estimate.
Sign over the title of your car to the insurance company.
Sign over the title of your car to the insurance company.
Consider selling your car to a dealership or junkyard.
Consider selling your car to a dealership or junkyard.
Obtain a salvage certificate for the vehicle.
Obtain a salvage certificate for the vehicle.
Take your car to a dealership.
Take your car to a dealership.
Contact junkyards in your area for offers.
Contact junkyards in your area for offers.
Arrange for the junkyard to take possession of your vehicle.
Arrange for the junkyard to take possession of your vehicle.
Sign over the title of your car to the junkyard.
Sign over the title of your car to the junkyard.
Check with your local motor vehicle agency to follow up with the sale.
Check with your local motor vehicle agency to follow up with the sale.
Identify the charity to which you want to donate.
Identify the charity to which you want to donate.
Call or sign up online for a pick-up.
Call or sign up online for a pick-up.
Determine the fair market value of your car.
Determine the fair market value of your car.
Wait for the charity to send you a written acknowledgement of your donation.
Wait for the charity to send you a written acknowledgement of your donation.
Claim a deduction of up to $500 on your 1040EZ.
Claim a deduction of up to $500 on your 1040EZ.
Itemize your tax return if you want to maximize your deduction.
Itemize your tax return if you want to maximize your deduction.
Attach the appropriate forms to your tax return.
Attach the appropriate forms to your tax return.
Save all your paperwork in case of an audit.
Save all your paperwork in case of an audit.
Follow up with the motor vehicle agency.
Follow up with the motor vehicle agency.
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