Ask Experts Questions for FREE Help !
Ask

I totaled my car with no full coverage, and my car is financed

Asked Feb 7, 2010, 02:20 PM — 3 Answers
I totaled my car with out full coverage, and my car is financed, I have no problem on continuing making the payments, does any one know what the bank will do?

Search this Thread
Share |
3 Answers
JudyKayTee's Avatar
JudyKayTee Posts: 45,437, Reputation: 23563
Uber Member
  
#2

Feb 7, 2010, 02:31 PM
As long as you pay the loan back, nothing BUT the contract MIGHT require you to pay in full instead of with installments if the car is totaled.

Take a look at your contract.

Also, if the contract required you to carry insurance and you did not the bank is not going to be warm and wonderful toward you and may move for an immediate judgment against you.
Helpful
twinkiedooter's Avatar
twinkiedooter Posts: 12,172, Reputation: 6046
Uber Member
  
#3

Feb 7, 2010, 02:31 PM
If you keep paying the payments the bank won't do anything. It's only when you stop making payments on your wrecked car does the bank start wondering where their money is.

Why would you ever consider NOT having full coverage for a financed vehicle is beyond me. Now you'll be stuck paying for a car you can no longer drive.

And as JKT pointed out above, you just might have the loan accellerated and have to somehow come up with the entire amount as the bank's collateral (the car) cannot be repoed or sold as it is wrecked.
Helpful
Fr_Chuck's Avatar
Fr_Chuck Posts: 72,607, Reputation: 37031
Expert
  
#4

Feb 7, 2010, 03:13 PM


The bank will not really ever know unless you tell them as long as you keep paying there is no problem, or should not be
Helpful
Not your question? Ask your question View similar questions
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting
 

Undo
Redo
  
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

How to get rid of a financed new car with over 15% interest [ 5 Answers ]

HI, My name is janine and I just purchased a 2006 chysler 300 base model about a year ago. It has about 12,000miles and I cannot afford to pay for the car anymore.When I first bought the car I was miss informed by the dealer ship about how much I would be paying monthly.When I realized the payments...

Rear-ended NOT at fault- totaled car [ 4 Answers ]

I was rear ended at a red light. My 3 year old son and my parents were also with me while I was driving. The at fault driver takes full responsibility. The problem I am having... I drive a 94 Mazda Protege DX. It was in great driving condition. It has never needed major work,great exterior and...

Full coverage on financed car? [ 5 Answers ]

I had 3 points on my driving record, but 2 recently were added so now I currently have 5 points on my record. I'm financing my car through Toyota Motor Credit and have 3 1/2 yrs. Left to pay on it. I can't afford full coverage insurance any longer because of the DUI I just got last month. ...

Financed car and bankruptcy [ 1 Answers ]

If I am financing a car and go nto bankruptcy do I lose the car? Please advise

Financed car now to expensive [ 3 Answers ]

Hello, First before anyone says it I am a fool. A huge one. I purchased a 2006 jeep wrangler in dec. Of 06. I now owe 25000 on it. However my life style has changed and I want a more conservative and gas saving vechile. What should I do? Someone told me to buy a used car that is worth...

View more Insurance questions Search