do you still have to make pymt on totaled car?
- EdnaLv 72 months ago
Yes; you do, if the car is financed and there is still a balance owing on the car note. If you carry GAP insurance, GAP will pay the difference between what insurance pays for your totaled car and the amount you still owe the finance company.
- Anonymous2 months ago
IF YOU WEREN'T CARRYING ADEQUATE INSURANCE TO COVER THE LOSS, THEN YES, then you are responsible for paying off the balance. If you have adequate insurance then coordinate with the insurance company and lender about how to handle it.
- ScottLv 62 months ago
Yes, until the insurance company pays the loan off for you.
- MayLv 52 months ago
No, Not if the lien holder has been paid for the full amount of the loan balance. amount.
However....If you owed say $10,000. and the amount that the insurance company paid for the totaled vehicle was $8,000. then you would still have to make payments until the remaining $2,000. has been satisfied. UNLESS..... You have GAP insurance. If you do, then the GAP insurance would pay the $2,000.
How is it that you have no clue as to how this works?
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- curtisports2Lv 72 months ago
If your insurance settlement didn't pay off the loan, you owe the difference.
- StephenWeinsteinLv 72 months ago
Yes. You don't have to pay as much -- because whatever insurance pays will go to the loan company, but you'll at least have to pay as much as your insurance deductible, and possibly a lot more.
- BillLv 62 months ago
You have to pay your debts. If the insurance settlement won’t cover the loan, you need to pay the difference. Yes is the answer.