What can you do if your car was totaled but the insurance didn’t pay the accomplish amount and you can’t pay the rest because you needed a fresh car and now it’s considered repossessed on your credit?

What can you do if your car was totaled but the insurance didn

What can you do if your car was totaled but the insurance didn't pay the accomplish amount and you can't pay the rest because you needed a fresh car and now it's considered repossessed on your credit?If you were not at fault in the accident, you can sue the insurance company for the balance on your loan. If you accepted the payment from the insurance company and signed a waiver from future litigation, you cannot do anything but pay the debt yourself.

If you stored a guys car for 6 months and now he will not pay his bill because the car is going to get repossessed can you place a lien to stop repo?

SK, the normal procedure in most states for storage charges is to notify the proprietor and leinholder by certified mail comeback reciept within Five days of possession. My state has a maximum of 70 days storage you can collect. You better look up your state laws and get to mailing something. You cant expect the leinholder to pay you storage if they dont know you have it. Ive never did a payout to an individual, only reair shops, towing co., Legitimate businessses,ect. Good Luck

Can you stop paying car insurance on a car with deep-throated motor and proceed to pay off loan to avoid voluntary repossession in Fresh York?

If your loan agreement requires you to carry ins (most do) and you drop it, then you will be in default of the contract. You better make SURE the payments get to the lender PROMPTLY so they dont take a 2nd look at your record when the ins. co. tells them you dropped the ins.

If your car is repossessed and they auction it do you have to pay the amount that they tell you is leftover on the loan?

Melissa, what does your contract say?? It also depends on what state you are in. Usually, YES, you do have to pay.

Are you likely to have to pay the balance if the finance company cannot get utter amount for the repossessed car and how much does it hurt your credit?

The lilelihood is very good, almost certain, you will have a balance due after the sale. The only way they could get the total amount due is IF you had made a Hefty downpayment. You will have a repo and a judgment on your CR IF you don’t pay any deficiency balance.

If your car is repossessed and you pay to get it back does it stay on your credit as a repo?

It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.

If your car was stolen and totaled can the bank list it as a repossession and make you proceed to pay insurance on it?

IF the car was stolen, reported as stolen to the cops, the ins. should be paying the loan off. IF the ins. co. does not think the car is stolen, they wont pay and its as if the car was NOT stolen. So, you have to pay notes and insurance on the collateral. Bottom line??? HELP the ins. prove it was stolen and the problem will go away. MERRY CHRISTMAS.

If a car is repossessed and you pay the balance after they sell the car do they liquidate the Repo in your credit report?

Do they? NOT usually. CAN they?? yes, if you coax them to. reporting a repo is reporting a fact. The repo DID happen. They report the payoff. That is a fact also.

If your car is repossessed and sold for less than the amount owed do you have to pay the difference?

Yes. The borrower is responsible for the entire loan amount. The car is considered collateral for the loan. This does not imply that the loan value cannot exceed the collateral value. In fact this happens on almost every car loan, especially with fresh cars. The lender can repossess the car and sell it. They are required to apply the proceeds from the sale to the loan principal, but any remaining balance is the borrower’s responsibility.

What do you do if the insurance for a totaled car does not pay off the car loan?

I faced the same thing about a year ago. The insurance company did not want to give me what was needed. I got on-line and found many cars that were just like mine and displayed them that my car was worth more than they were wanting to give me. They still did not want to give me what the car was worth. So I went to puny claims court and filed suit on the driver of the other car. The person’s insurance has to represent them. Also go and look at the comps that the insurance company are using for your car to see if you can substitute the car for what they want to give you. ResponseUltimately it is your responsibility that you either made low payments, took out a very long loan, or picked a car with high depreciation. The insurance company is not liable for the inflated amount you owe–only what the car is worth. ResponseThe insurance company will only give you the value of the vehicle, as per the “Kelly Blue Book”. They will also send an appraiser out to see what the condition of the car was, as in mileage, any previous harm. If the accident was another driver’s fault, you have to sue him and/or his insurance company for the remaining balance.Whatever you borrowed to obtain the vehicle wil always be more than the car is worth. You have already lost money on it as soon as you drove it off the car lot. But do your research. Go online for “Kelly Blue Book”, and get the estimate of the car’s value. If it is more, then dispute it with the insurance company. Print the page out. ResponseWhen you bought the car fresh or used from the dealer you had the option to purchase something called GAP INSURANCE from them (the Dealer, not the insurance company) for your exact situation. If you did not have enough equity in your car for the insurance pay off to cover it AND did not have gap insurance. basically you are screwed and responsible for the rest of the loan amount car or no car. Some people believe Gap insurance is a rip off so they do not suggest it to you and some just don’t know what it is. They do not need to be selling cars. Not fair but the way of life. Father is an insurance sales man. I also had a chick hit me I had GAP insurance and she did not. She still had to pay off the balance on the loan even however she did not have the car. The courts won’t do much because you had the option to purchase gap insurance and you did not, it does not matter that you did not know.

Can your car get repossessed for not paying your insurance?

Reaction .
IF your loan contract specifies that you must maintain insurance covering the vehicle, the reaction is YES..
Response .
Just an echo of the previous reaction, most major lenders require that the vehicle maintain utter coverage insurance. It states in your finance agreement that the vehicle must remain insured or it can be repossessed.

Who pays the loan if a car is repossessed?

Response .

Related video:

The one who BORROWED the money and/or the on who COSIGNED the loan.

If you had a car repossessed do you have to pay anything?

Response .
depends on your state laws and your loan agreement. In my state you are responsible for what ever you still owe on the car and any fee I charge. If your car is sold that amount will be deducted from what you owe. In other words, I repoed a car and the fellow owed $2000, I bought it for $600 plus my fee. He still owes the bank. $1400

What can you do if your car was totaled but the insurance didn't pay the accomplish amount and you can't pay the rest because you needed a fresh car and now it's considered repossessed on your credit?

What can you do if you and your hubby co-signed for a car and you’re now divorced and he was responsible for debt but didn’t pay and the car was repossessed and sold and now he’s menacing to sue?

Response .
If the responsibility for the debt belonging to your hubby was a part of your documented divorce paperwork, you can basically tell your ex-husband he doesn’t have a gam to stand on. If you don’t have anything in writing that says your ex-husband, and NOT you, was responsible for the debt, you may be partly responsible financially.

If you don’t have a job and your car gets repossessed do you still have to pay for it when you didn’t have a job when you very first got the car and no credit was checked?

Reaction .
Read your loan agreement.Yes you will have to pay for balance of the loanafter your vehicle is sold or auctioned.Your current or past job status makesno difference to the bank.

If your car is repossessed in Montana and you pay the finance company the total amount you owe in total plus whatever fees are they required to comeback the car?

Reaction .
If they take the money then yes however they have the right to reject the paymentsince you are in disturbance of the loan agreement.

After your car gets repossessed and you pay the outstanding amount how long do you need to wait before they give you your auto back?

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Reaction .
Depends on your state. In AZ, they cannot liquidate the collateral for ten days after repo. If it has been longer than Ten days, they can sell it and you would still be liable for the amount due (minus what they made off of the sale of the vehicle).

Will car insurance pay for a car totaled in a DUI accident?

Reaction .
It should. If the “at fault” vehicle is insured, it’s supposed to cover the victim’s vehicle 100%. If the “at fault” vehicle has comprehensive and collision insurance that insurance is supposed to cover the at fault vehicle up to the deductable amount.Note that the toasted driver will liberate his insurance and be required to get the VERY expensive DUI “insurance endorsment” since he/she is now in the highest risk bracket..
BTW, when a tipsy driver causes a collision it’s not called an “accident”. Accident is when things just happen. Driving buzzed is the CAUSE of the collision and as such the collision is not called an accident. Call it a wreck, crash or just about anything else that takes away the implication of a random act.

What should you do if your car was repossessed and you arranged a payment plan with the company and have paid them on time but now they say you need to pay in utter in 30 days?

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Response .
If you arranged a payment plan with the company, you should have that plan in writing. If you do, they cannot arbitrarily switch the agreement unless you have defaulted by not making payments on time. If this is the case, you can sue them or ask the court for free arbitration, as this would fall under contract law and they would be in breach of the agreement..
However, if you arranged the payment plan vocally and have no paperwork to display for it, it’s your word against theirs. Since you’ve already had the car repossessed, it would not look good for you to go to court with them..
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If the original loan was not reaffirmed then it would still be considered in default, and any act on the lender’s part would be legal..
The lender accepting a different payment plan than was originally established and then requiring payment in utter within 30 days is also legal, and breach of contract would not apply..
All lenders/lending institutions will have a clause in the original contract that states the loan terms can be accelerated if the agreement is defaulted in any manner.

When a car is repossessed do you still have to pay for that car?

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Yes. If there is a difference inbetween the value of the vehicle and the balance still owed on the loan, plus applicable fees and interest, it must be paid by the borrower..
However, the actual value of the vehicle may not be the amount that it is sold for even tho’ the lender/seller is legally required to make a reasonable attempt to get the market value.

Do you have to pay off the total amount of a car when it has been reposessed?

Response .

Related video:

In my experiance. The dealers repo the car, a few weeks go by they auction it off. Then charge you for any repairs and cleaning costs plus the amount they didnt make back while auctioning your car. If your fortunate you can make a deal and get it returned but its very unlikley.

If you have the money to pay overdue amount plus fines and costs on a repossessed car can you get it back?

Reaction .
You are still legally obligated to pay those things but you must look on the original agreementwith whom you owe the monies to. If on there it states that if you default and get the car repo’ed, you may not be able to. Call the company you intend on paying and ask them.

Can a car get repossess because of no insurance?

Reaction .
No.Most (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by.If you fail to do this the lender can, and in most cases, will put this Ins. on the vehicle and you will be charged. The charge for Ins. placed on the vehicle by the lender will be fairly high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle.

If your car is repossessed do you still have to pay for it?

Reaction .
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.

What should you do if a co-signer on a car loan totaled car with no insurance now you are paying the loan?

You should sue the co-signer. Even tho’ you may be the primary person obligated to pay the loan, he is responsible to you for totalling your car. You still have to pay the loan company because you took out the loan; but the co-signer caused the loss. You won’t be able to force the loan company to take payments from him however. Getting him to reimburse you will be your problem.

Can car be repossessed if pay on the past due amount?

Reaction .
“Pay on” – sure – your still in breach of the payment agreement and owe the debt – just by a lesser amount. (The lender has the obligation to do everything to mitigate (that means lessen) his damages…that would seem to include accepting partial payments which act to do so. “Pay off” all amounts due – then no repossession should occur – there is no debt to be in default of not not paying.

What can you do if your car was totaled but the insurance didn't pay the accomplish amount and you can't pay the rest because you needed a fresh car and now it's considered repossessed on your credit?

If your car is repossessed do you have to pay the balance?

Repo balance .
you’ll owe what’s left on the contract after the vehicle is sold (very likely through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you’d pay a certain amount, that’s what the creditor is after.

Do you have to pay for a car if it is repossessed?

Reaction .
The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.

If my car is totaled and not paid for will your insurance pay for it?

Car Loans .
In most cases, insurance companies are only required to pay up to the book value of your car. What this means is that if you owe $15,000 on a car loan and the car is only worth $12,000, you will still be held responsible for the remaining balance which in this case would be $Three,000. This is also known as being upside down. If you purchase GAP, a.k.a a debt cancellation contract, then you would not be held liable for the remaining $Three,000. This is why it pays to purchase a car that has good residual value meaning it shouldn’t depreciate much quicker than you are able to pay off your loan.

Can they repossess your fresh car if you have the car in your name but your fiance is the primary driver and pays for it and you drive it sometimes if he is on the insurance and has a valid license?

Reaction .
If the loan or lease is in default, the car can be repossessed, regardless of who has it or drives it.

Will car insurance pay if totaled car?

If you have total coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out

What if you get in a wreck but have failed to pay the insurance the past month the car is fresh and has gap insurance but the insurance is inactive because of failure to pay?

Your Not covered for anything at all..
If the auto insurance is inactive, then so is the GAP coverage..
“GAP Insurance” is Not “Auto Insurance”, it is Finance Company Insurance. it will only pay the difference after your required Auto Insurance policy has paid it’s maximum thresholds..
If your auto insurance lapsed, then your GAP insurance has also lapsed automatically and concurrently..
The GAP Insurance is Void in the absense of an auto insurance policy..
Your on the hook for all monies owed to all parties involved with your finance note..
Take Care

Why would you have to pay the utter amount for a repossessed car that was sold at auction?

You do not pay the total amount, you pay the deficiency..
When you finance or lease a vehicle, your creditor holds significant rights on the vehicle until you’ve made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car..
Talking with Your CreditorIt is lighter to attempt to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you’ll be late with a payment. Many creditors will work with you if they believe you’ll be able to pay soon, even if slightly late..
Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may deny to accept late payments or make other switches in your contract and may request that you come back the car. By voluntarily agreeing to a repossession, you may reduce your creditor’s expenses, which you would be responsible for paying..
Recall that even if you comeback the car voluntarily, you’re responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report..
Seizing the CarIn many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a “default.” In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are permitted on your property to seize your car without letting you know in advance..
But creditors aren’t usually permitted to “breach the peace” in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace..
Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property..
A creditor usually can’t keep or sell any private property found inwards. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can’t account for articles left in your car, talk to an attorney about whether your state offers a right to compensation..

Related video:

Selling the CarOnce your creditor has repossessed your car, they may determine to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold..
In either of these circumstances, you may be entitled to buy back the vehicle by paying the utter amount you owe, plus any expenses connected with its repossession (such as storage and prep for sale)..
In some states, the law permits you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession..
The creditor must sell a repossessed car in a “commercially reasonable manner” – according to standard custom-built in a particular business or an established market. The sale price might not be the highest possible price – or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable..
Paying the DeficiencyA deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $Two,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. .
In most states, a creditor who has followed the decent procedures for repossession and sale is permitted to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract..
Depending on your state’s law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only chance to present any legal defense..
If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment..
Reminisce this repossession will stay on your credit for 7 years.

I had no car insurance and the car is now totaled and I still owe on the loan do I have to repay the total amount or can I set up arrangements to pay a lesser amount?

When you got the loan, the company which you took out the loan with paid the total sum to the car dealer. They need to be repaid that sum. Your arrangement was that you would pay a certain amount each month/week, and they would most likely see no reason why you should pay them less. They entered into an agreement with you, and will most likely expect you to keep to the terms of it. Depending on how long is left until the loan, at present rates, would be repaid – they might agree to lodge for lower payments for a longer period…. but I would be sceptical that they would lodge for lower payments for the same period. The best thing to do is – using a phone which they would not be able to connect to your name, ring them and ask. Make a note of any person’s name that you speak to, especially if they make an suggest which you think might be acceptable. They will very likely be ready to talk about extending the period, and you have nothing to lose by asking anonymously.

Do you have to pay for a car that was repossessed?

NO because if l/15=07.75936 then the total of your car payment must me less than that so u get your total of -6.973333 so u cannot

If a car is considered a total loss after an accident and the insurance company pays you for what the car is worth do you still have coverage on that vehicle if you contnue to drive it?

Usually if the car is a total loss, the insurance company will pay you and take the car. They then sell it for parts/salvage. If they let you keep the car, all you have to do is check on the current status of your policy and see if it is listed.

I wrecked my friends car they didn’t have insurance do i have to pay?

Yes. If you caused harm to somebody’s property you are responsible. The definition of insurance is a transfer of risk. If your friend had insurance on the car then the risk would have been transferred from you to the insurance company, but would still make you at fault.

You had a car repossessed you have now just finished paying for another car but the bank is refusing to give you the car title till you pay the old repossessed car can they do this?

There may be more to it. Call the banks legal department and ask them for cause.

What can you do if your car was totaled but the insurance didn't pay the accomplish amount and you can't pay the rest because you needed a fresh car and now it's considered repossessed on your credit?

Insurance does not want to pay me the amount my car is worth afte rthey sateted the car is totaled. What should I do?

I was in an accident that was not my fault. My car was in the shop for three month for repairs, only to find out today that the insurance wants to TOTAL the car. Which is okay with me, but they are telling that the car is worth $12,000 and that the repairs were $8000, and that they are only going to give me $4000. HOW is this possible, I did not make that decision for the car to be rapaired then to be claimed TOTAL loss. What should I do? Please help me.

When car repossessed can you pay the cars value?

Yes. And the payoff, will usually be less than the amount owed on the loan. Work with the bank. They do not want the car, only their money.

Will at fault insurance buy you a fresh car after paying your car totaled?

No. They will give you the money for the value of the vehicle and then you are on your own. However, check with your state’s Department of Insurance. You might have recourse against the insurance company if you are incapable to find a comparable vehicle with the amount they gave you.

When insurance pays for a stolen rental car and the car was found who now possesses the car?

All salvage rights would belong to the Insurance Company because they have already bought and paid for the car. It would now belong to the Insurance Company. If the Rental Car company attempted to keep the vehicle without very first negotiating a purchase or buy back from the Insurance company it would be considered Grand Theft. They would be subject to criminal and civil charges.

Do you need to still pay insurance when your car is totaled?

Assuming that you had collision coverage on your car, when it is totalled, the insurer pays the “actual cash value” of the car, less the collision deductible. This represents the market value of the car instantly before the collision. It takes into account make, model, mileage, condition, and other features. When the car is totalled, you will be given the option of keeping the salvage or letting the insurer keep it. If you keep it, the amount paid to you will be diminished by the value of the salvage. If you keep it the salvage and have the car repaired, sometimes you are permitted to obtain a “salvage title” from the motor vehicle authorities. If the vehicle, as rebuilt, is roadworthy, you will need to insure it as you would any other vehicle.

What am I obligated to pay for when getting my car back after it’s been repossessed?

Pretty much whatever the agency that repossessed your car says you have to. Minimally, you can expect to have to bring any missed payments current, and to pay the actual expenses the loan agency incurred in having your car repossessed. This will include the fees charged by the repo agency, storage fees, and so forward. If there’s a particular fee you don’t think you should have to pay, you can attempt asking about it specifically, but in general the lender has the right to pass along “reasonable and customary” (this means “not out of line with industry standards”, not necessarily what you personally might consider “reasonable”) charges to you.

Do you need to pay for any fee to DMV if car repossessed?

It indeed depends on your state. I would check the dmv.gov extension for your state and search repossesion in the search field box to get a definite reaction.

Do you need insurance to pay a no car insurance ticket?

No, you don’t need insurance to pay the ticket. However, Since almost all U.S. states these days will suspend your drivers license for having been found guilty of driving without insurance. You will need to buy insurance before you can get the drivers license suspension lifted.

Is there any way to get a repossessed car back without paying the car insurance?

Not Unless you can prove that you already had the required insurance. ResponseNo. as soon as you have no insurance on a leased vehicle, the lein holder has the legal right to repo it.

Do you have to pay on a repossessed car if not sold?

If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could determine to keep the vehicle but should they do that than they waive their right to a deficiency.

What authority does the insurance comp have to determine a car is a total loss just because the cost to fix the car is more than they want to pay doesn’t mean the car is a total loss and can’t be repa?

If you read the ‘puny print’ in your agreement you will very likely find you have granted them this authority. – In many cases, you can negotiate with them and get a payment, but keep the remains of the vehicle.

Can you pay half of your car insurance and then pay the rest off monthly?

Generally insurance companies don’t truly mind how you pay as long as you pay. That’s a little of a joke. I own an independent agency and from my practice you very likely would be better off setting up a monthly payment plan and then pay whatever amount you want when you wish. Each month they will bill you for a minimum payment but also list the balance and you will save the service charges if you pay it off early.

Will insurance pay for a repossessed car?

Of course not! Itwasn’tstolen or wrecked, it was takenfrom you for failure to pay on the loan! Be sure to cancel the insurance.

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