{"id":127014,"date":"2025-03-11T20:30:05","date_gmt":"2025-03-11T20:30:05","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/can-i-recover-the-amount-my-auto-loan-balance-exceeds-my-cars-fair-market-value-from-the-person-who-totaled-my-car\/"},"modified":"2025-03-11T20:30:05","modified_gmt":"2025-03-11T20:30:05","slug":"can-i-recover-the-amount-my-auto-loan-balance-exceeds-my-cars-fair-market-value-from-the-person-who-totaled-my-car","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=127014","title":{"rendered":"Can I Recover the Amount My Auto Loan Balance Exceeds My Car’s Fair Market Value from the Person Who Totaled My Car?"},"content":{"rendered":"


\n<\/p>\n

\nYour insured negligently totals the claimant’s auto.<\/p>\n
What’s the measure of plaintiff’s damages in New York?<\/p>\n

\u201cWhere [an] automobile is totally destroyed [,] the measure of damages is its reasonable market value immediately before destruction<\/b>\u201d (Gass v. Agate Ice Cream, Inc.<\/a><\/i>, 264 N.Y. 141, 144 [1934]; see also<\/i> Aurnou v. Craig<\/a><\/i>, 184 A.D.2d 1048, 1049 [4th Dept.1992]; Babbitt v. Maraia<\/a><\/i>, 157 A.D.2d 691 [2nd Dept. 1990]; Owens v. State of New York<\/a><\/i>, 96 A.D.2d 630, 631 [3rd Dept. 1983]; Senatore v. Wellington<\/a><\/i>, 47 Misc.3d 145[A], 2015 N.Y. Slip Op 50700 [U] [App Term, 2d Dept, 9th & 10th Jud Dists 2015]).<\/p><\/blockquote>\n

What if the claimant’s auto was overfinanced (i.e., the loan payoff exceeds its fair market value)?\u00a0<\/p>\n

Can the claimant recover the difference between the loan payoff amount and the vehicle’s pre-loss FMV?<\/p>\n

No.\u00a0 Not under New York law, even in small claims court where the standard is substantial justice between the parties according to the rules and principles of substantive law.\u00a0 See:<\/p>\n

\n