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    blaze82's Avatar
    blaze82 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 7, 2010, 03:20 PM
    I totaled my car with no full coverage, and my car is financed
    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?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Feb 7, 2010, 03:31 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.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #3

    Feb 7, 2010, 03:31 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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Feb 7, 2010, 04:13 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
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