How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?

How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?Yes surely you can get another.

I was having the same query so I searched for it on net and came across the site AutoFinance-EZ.

Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan pro will explain these factors, and tell you exactly what your interest rate will be.

If you are not sated by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.

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 showcased 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. ReactionWhen 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 female hit me I had GAP insurance and she did not. She still had to pay off the balance on the loan even tho’ 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.

What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?

Response .
The loan must be paid out of the estate (sell of home, life insurance policy, etc…) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be compelled to pay the loan.

What can you do if your car is stolen and you still have a loan on the car but your insurance does not cover theft and they recover your car totaled?

Reaction .
YOU pay off the loan like you agreed to in the contract. You likely agreed to have ins. that covered theft also..
Response .
You should have had total coverage on a car with a loan on it. Sorry, you have to pay the loan off and now you own a totaled car! Comprehensive coverage isn’t that expensive and would have covered theft.

If the finance company thought your insurance was cancelled and put an add on policy to your loan and the car was totaled while both policies were in effect will both policies pay for the loss?

No, the finance company would simply refund any monies they charged you for coerced placed insurance and your primary insurance company would be responsible for footing the bill.

If you were involved in an accident and did not have utter coverage but the bank had put coerced insurance on the loan will that insurance cover the totaled car?

That insurance will most likely cover the BANKS interest in the vehicle and any liability that may be assigned to it, but little or nothing for you.

If your vehicle get stolen and the auto insurance pays the blue book value would the gap insurance cover the rest of the payment on your car loan and what is the limit?

Response .
When a car is under lien and stolen/wrecked, the very first payee is ALWAYS the lienholder. You will receive nothing, and the lienholder gets reimbursed for the value of the car. Any outstanding would be your debt. Most insurers make deals with Lienholders to indemnify and lodge up the loan. Not always however. MAKE sure to ask the Insurance company how much was paid to lienholder, and ask for proof too!

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 loan your car to a friend and they wreck your car is your insurance responsible?

Reaction .
yes. plain and ordinary. you lent the car and then they are a permisable driver. As long as they are not n excluded driver or a resident in your house..
Response .
It depends, if your policy is a named driver & the driver is not named, your policy will not react. If your policy is a standard auto policy then yes, your policy will react.

What are your options when your financed car was totaled and you are not at fault but your insurance isn’t suggesting you enough money to pay off the loan?

Response .
This is not an uncommon occurrence. You might be stuck with a loan balance on a car that you can’t drive. The next time you finance a car with little or no down payment you might consider getting “gap” insurance to cover the difference inbetween the vehicles “actual cash value” and the amount you owe on it. This is an especially big problem when dealers suggest to “pay off your trade no matter what you owe” when buying a fresh car from them. You can attempt to make your case by getting evidence that the car was indeed worth more than what the insurance company is suggesting or you can get a lawyer. Good luck.

What happens if you pay your car loan so it doesnt get repossessed but you dont have insurance?

Reaction .
Your car finance company will add their own insurance that covers their vehicle, but not your liability. ANd it will significantly increase your payments. It would be so much cheaper and better protection for you to find your own insurance..
Reaction .
Park it until you get insurance.

If car is repossessed do you have to pay the balance on the loan and if so how much?

Reaction .
Once they repo the car, the lender will sell the car for whatever it will bring. You will then be responsible for the difference in what the car brings and the balance on the note. You may even be responsible for repossession fees, and your credit will be ruined for 7 years.

If a friend wants to buy your car but doesn’t have the credit to get a loan and you keep the car loan and insurance and they pay you the car payment and insurance who is liable if there is an accident?

The person with the insurance. Never permit someone who isn’t on the policy to drive the car..
The person who has their name on the title is primarily responsible, so since there is a loan on the car in your name, the title must still be in your name. If your friend crashes the car YOU will be responsible for HIS injuries as well as any harm and injuries to others. If you do not have his name on the policy as the primary driver and the insurance company finds out he was buying the car from you and driving it on a regular basis, they may turn down the claim AND prosecute you for insurance fraud. .

How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?

Can you make your auto insurance pay you back for loan payments you made on a car they announced totaled?

Reaction .
Your insurance owes you the value of the vehicle minus your deductible. If you owed the bank more than this, you are responsible for the excess.

Do you have to pay the balance of your car loan after it is repossessed?

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Reaction .
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yes you do so the bank or dealer wont report it to creditors..
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More Opinions .
When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price..
The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees..
A repossession is almost always entered on a credit report.

If you are the co-buyer cosigner on a car loan and not the registered proprietor can the lender come after you if the registered holder let the insurance lapse and totaled the car?

Reaction .
Yes, they can make you pay for the vehicile, When you signed the finance note you promissed to pay for it if the other buyer did not. You are both identically and severally liable for the promise note you signed..
Reaction .
Absolutely. As addressed in many other questions here concerning co-signing..
The very next thing you should do is take that paperwork, you know the ones with your signatures and initials all over it, and read it. See what you agreed to and what the responsibilities of the signers are. .
The essence of which is, co-signing is virtually the same as signing for the loan. You have all the responsibilities of the primary signer (without the need for being on the title to the property) and stand in their place if they don’t perform. What exactly did you think the meaning and need for you signing was for?

When a car is totaled with a balance owed to the finance company and there is no car insurance is is possible the finance company will give another loan and consilidate the payments?

Yes on certain conditions. The very first is that the amount still owed to the financial institution is not greater than the maximum amount permitted on the fresh vehicle being purchased. what i mean is if you were to buy a 06 Taurus for Ten,990 and you still owed 26,000 on your previous vehicle the financing institution would not permit you to buy a Taurus for 37,000 plus, so if you don’t owe much and your credit is good enough you should be fine!

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 tho’. Getting him to reimburse you will be your problem.

What is a GAP policy for a car loan?

Reaction .
Gap Insurance will pay the difference inbetween the vehicle value and the loan pay off amount..
For example : you car is valued at $17,000 but the loan amount on the car is $20,000 – if your car is totaled your basic car insurance will only pay up to the car’s value. A GAP Policy will pick up the $Three,000 difference..
Therefore you aren’t making payments on a vehicle that is at atotal loss..
IMO- is a must have!

Do you have to pay for the car loan if it is reposessed?

Reaction .

Related video:

yes they will aucaution it off for pennys on the dollar and then they will sue you for the rest or garnish your wages

What happens when you default on your loan and the insurance company pays out on your loan?

In most places the money goes to the BANK! Their name is on the title of the vehicle until you make all your payments and they sign a “release of lein”.

Your car is a total loss and pay off is about half of the amount of your loan you carried some from a prior car will your GAP insurance cover the majority or all of the remaining balance of the loan?

You will need to read your GAP insurance information. Like car insurance each plan is different. Some GAP insurance plans state they will pay 100% of the “resale” value. Others state 125% (meaning the current resale value of your car plus 25% above that). Others state 100% of “trade-in” value..
Bottom line – read the insurance plan document you got from the company, or visit the car dealership you bought the car from and pick up a pamphlet..
Good luck to you!

What if you can’t pay your car loan?

Reaction .
Call the lender and see if you can work some type of agreement out with them. It’s better to call than to disregard it and not call at all.

My car loan is in brankruptcy and it is totaled now what?

Very first…it must be YOU in bankruptcy. You have a car loan as a liability. You have other liabilities. You have a car as an asset. You have other assets. They are all part of your assets and liabilities in YOUR bankruptcy. They are things…your things…so for example, they cannot show up in court or ask the court to do something. YOU have. Hopefully, you have insurance (as you promised you would and keep when you got the loan) to fix the car, that is the asset securing the loan you promised you would pay. Or bad, yes even “badder’ than now, things will happen. Seems like your kind of late in the process to be asking “what now” don’t you think? But if you think you’ve figured out how to hit the responsible system….by not doing as you legally swore you would, not paying as you legally swore you would, being totally irresponsible about maintaining the secured property (contrary to what you legally swore you would do), and expect that you alone will be permitted to benefit by using the bankruptcy law to let you escape and commence fresh, while others are to just accept the losses…be ready for a rude awakening… .
I still have no idea how a car loan could be totaled, (as you say). But considering how much you were able to say about yourself in the few words…I suspect it isn’t the only thing smashed. .

Related video:

Who pays the car loan after death?

The executor is required to resolve all loans and debts. If there are co-signers on the loan, they may be held accountable. If there are not enough assets to pay off the debts, they are not resolved.

Can you get a arrested for not paying a car loan?

No – while you are financially obligated, the United States does not have debtor’s prison. Any collection agency which menaces a debtor with arrest is in disturbance of the Fair Debt Collection Practices Act (FDCPA) and can be sued by the debtor for harm awards of up to $1k per disturbance. A judge may also award extra damages based upon the severity of the violations (a man was recently awarded a multi million dollar lawsuit against a collection agency which screamed racial obscenities to him – and he didn’t even owe them money).

How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?

Can your daughter be on your car insurance if you are not cosigner on her car loan?

Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.

If you are in a car accident and the car is totaled does your car loan get paid off through insurance?

Not unless you have the fresh option in insurance of the fresh car replacement. If your car is totaled, you will be paid the Blue Book price for your vehicle. This sum is the amount your vehicle is worth at this time. Any amount over this sum that is still owed to a car loan is still due.

After you’ve signed the papers at an auto dealership and driven the car off the lot the finance company wont cover you for the loan and the car gets totaled and its insured who pays for the vehicle?

Next time you post a question, read it over before hitting “save” (your question is a little hard to understand). Once you sign the papers for the car, it is yours. If you get in a car accident and the car gets totaled, the insurance company for the at fault driver is responsible to pay for the “fair market value” of the car. If you are at fault and you have collision, your insurance company will pay you fair market value less the deductable. Please be aware, if your loan was for Ten,000 but your car is truly only worth 8,000 then you will be stuck paying the extra Two,000 (unless you purchased gap insurance from the loan company)

What if I am incapable to pay a car loan?

a man comes in the middle of the night and takes it away and you get it back when you tally up what you owe or they auction it off if they feel they held it long enough for you to pay what you owe.

Can you be jailed for not paying for a car loan?

It depends on several other factors. If it’s a case of fraud, then yes. If it’s simply a case of not having the money, then no, but it can greatly influence your financial status and capabilities in the future. Also, it’s likely that your car will be repossessed.

I had no car insurance and the car is now totaled and I still owe on the loan do I have to repay the utter 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 utter 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 very 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 most likely be ready to talk about extending the period, and you have nothing to lose by asking anonymously.

Coverage on auto insurance when you have a car loan?

Yes, you should get auto insurance coverage when you have a car loan, and even when you don’t have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads..

Who pays remainder of loan when car is totaled?

It depends. if you have GAP insurance, the insurance company will pay the payoff amount. If you do not have GAP insurance, it is the holder of loan’s responsibility to pay off the finish open loan regardless of the amount paid by the insurance company.

What happen if you can not pay your car loan?

When you don’t make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.

Will gap insurance pay off the balance of your loan if your vehicle is totaled?

In California it is normally necessary for you to presently have comprehensive and collision coverage in place at the time of the accident for your gap insurance to take effect.

What happens if you Car title loan in default and car is totaled?

Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.

Car was wrecked no insurance still owe on loan does bank make you pay for fixing car on top of loan?

I am not a lawyer but any car loan I have ever signed, the following are true. The car is the collateral for the loan. The loan company a.ka.,the bank, is the proprietor of the car and holder of the title not you. I also make the promise that I will maintain what we call collision (accident loss) and comprehensive (theft, vandalism, weather etc. loss) which protects the bank from loss by insuring the vehicle is paid for in the event of a loss. The State mandates I carry my liability coverage. So I gather in some parts of the country this would be called utter coverage. The other significant issue is because the car is in fact possessed by the loan company they are listed on the insurance document as the 1rst loss payee. So if in fact you are insured the loan company will be paid very first. You promised to pay the loan company x dollars when you signed the note. Nothing will relieve from paying that amound plus accrued interest. If the settlement is not enough to cover the outstanding loan balance then you owe the remainder. If you cancelled your insurance or let it lapse for non-payment then you are already in default on the loan just has if you had missed payments. Per the terms you signed the loan company can request instantaneous payment for the entire outstanding balance on the loan and commence whatever processes it needs to collect that money including its legal fees to collect the money. All of this will affect your future insurance rates and your credit score. In most but not all states things like credit rating, insurance spectacle (cancellations, non payment, length of continuous insurance etc) will affect any insurance premium or loan interest in the future. You need to be upfront with everyone, take your financial hits and stir on. It will only get worse, You see a lot of this issue. The lesson here is don’t by more care than you can afford and insurance payments are every bit as significant as your car payment. They are not an option. Never buy a car that puts you under water. That is you owe more than the car is worth. Generally this means putting down some kind of reasonable downpayment (my individual guideline is at least 30% of the purchase price of then vehicle) , never finance a fresh car for more than Four years or used car for more than Three years unless it’s a vehicle that holds value utterly well like a fresh Mercedes. If you the find the payments plus the insurance are exceeding your budget, time to sell it and buy something with in your budget before trouble hits. Just because someone offers you a car loan with a 1000 down and finance the rest, doesn’t mean you should take it. In fact you should run. This stud cares more about his commission than your financial well being. Unlike buying a house which is usually an appreciating asset, a car is a depreciating asset or expense.

How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?

Is it legal for the insurance company not to pay the loan company on a totaled car?

Yes. The insurance policy is a contract. All it requires the insurance company to do is to pay the fair market value of the vehicle. You would need to get what is called gap insurance to pay the difference inbetween the market value and the loan value.

What are your options if your car is a total loss and you have a loan on it?

YOU PAY DIF Inbetween ‘BOOK VALUE’-usually Trade InValue/Wholesale-AND WHAT YOU OWE…did you think you’d ‘slide’ onrest? didn’t know ‘rest’ existed?

Gap insurance is from the auto loan or your insurance on the car?

GAP (assured asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease. It’s purpose is ordinary: If your car is totaled, gap insurance will cover the difference inbetween what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.

What do lenders do on a car loan with no car insurance?

The very first thing that they will do is to put coerced place coverage on the vehicle. This is a very expensive type of insurance that only protects the banks interest and only pays the bank. The premiums are added to your account and you are responsible for paying for the insurance. This insurance only provides physical harm coverage and will not pay for harm to your property or anyone Else’s. It does not provide liability and does not meet the state requirement to permit it to be driven on the street. The 2nd thing they will do is to repossess the vehicle because you have violated the contract that you signed with the lender to keep the required coverage on the vehicle. Oh yes, and the cost of impounding and storing the vehicle after it has been repossessed will also be charged to your account.

Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?

If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.

If car is totaled in accident will the bank substitute another car for the same loan that is substitute the car and proceed with the original loan?

That’s not how it works. You owe the bank the outstanding balance on the car loan. The only event that will save you from having to pay that balance is bankruptcy. Typically, a bank will insist you have comprehensive insurance on a car which is the subject of an auto loan. If the insurance company agrees that the car is a total loss, they will suggest you a settlement. The amount they give you will be less than the purchase cost of the car. (They will figure in depreciation based on the age of the vehicle.) Even if the accident is not your fault (i.e., if your parked car was hit by someone else), you can be sure of this: (1) the bank will not let you off the hook; (Two) you will be required to pay the remaining balance of the principle and applicable interest; (Three) the bank will not act to substitute your car; (Four) your only ease will come from insurance settlement or from suing the party responsible for the wreck.

What are the best loans to get for car insurance?

This depends on what is best for your financial situation. If you have more money at the time of purchase, you can make a thicker down payment and get a loan with lower payments. However, if needed, you can get a larger loan and pay more per payment.

Do car insurance companies check for unpaid car loans?

Absolutely. They also check to see that the vehicle is titled in the name of the person who purchased the insurance

How do you stop paying for you car loan?

firstly by filing the correct paperwork with the required government agencies, so as to become a secured party creditor. once that is done you can then offset or discharge the debt as provided by hjr 192 and public law 73-10

Can your insurance company takie loan car without paying you out all the money?

What an insurance company pays for a total loss vehicle has nothing to do with the amount owed on the car. Auto insurance is based on the actual cash value of the vehicle while the amount owed on the loan has nothing to do with the ACV of the vehicle. If a vehicle is totalled and you owe $5000 and the ACV is $8000 the company will issue a check for $5000 to the finance company and a check to the policyholder for $3000. If the numbers are in switch sides the insurance company pays the ACV of $5000 and you still owe $3000 to the finance company. It happens when you pay to much for the car, build up interest and fees, add other amount to the loan like if you were upside down in the last loan and they add the balance to this one. Anyone purchasing or leasing a fresh vehicle should ask their agent about GAP insurance. Because a fresh vehicle depreciates so swift at very first you need this coverage. The dealer finance department will sell it to you for a chunk of dollars and your insurance company will sell it to you for a duo of dollars a month. The difference is amazing. GAP pays the difference in what the ACV is and what is owed on the vehicle.

What if the cosigner does not pay the car loan?

The remaining co-borrower must pay. Otherwise the loan will showcase as a default and be reported against both parties. Both will have a negative entry on their credit record. When two people co-sign a loan they areeach fully responsible for paying the loan . If one does not pay the other has to pay or the loan will go into default. In that case the lender can sue the cosigners and obtain a judgment lien that can be recorded in the land records or be used to seize property to please the lien.

Do you have to pay off the car loan if you total the car?

Yes. Hopefully the car is insured, and the insurance money recieved will cover the loan of the car.

How do I get car insurance when I have taken over someone’s car loan?

You need to make sure you have a written contract buying thevehicle and that the finance company or bank has switched the nameon the contract or I would not recommend taking over a car payment.The reason is that the vehicle is not yours in any way or style.It belongs to the other person even if you are making the paymentsit still belongs to them. For this reason, you cannot insure avehicle you do not own. The insurance company cannot pay you if thecar is totaled and they cannot pay the other person because theydon’t have an insurance contract with the company. Sometimes thecompany will make an exception if you have a contract with theseller.

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